Esoteric Testing Market size was valued over USD 20 billion in 2018 and is expected to witness around 10.1% CAGR from 2019 to 2025
Selbyville, United States - August 6, 2019 /MarketersMedia/ —
Esoteric Testing Market size is set to exceed USD 39 billion by 2025; according to a new research report by Global Market Insights. IDbyDNA’s recent collaboration with Arup Laboratories marks the continuity of the successful growth path carved out by esoteric testing market over the last few years. With this partnership, both the companies aim to collectively develop and commercialize next-generation sequencing infectious disease tests that are relatively more accurate and comprehensive than their conventional counterparts. The initiative is also expected to combine laboratory medication with sophisticated science and genomics and bring forth the advantages of precision medicine to infectious diseases, thereby eventually strengthening the position of both companies in global esoteric testing industry.
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A vital sub-sphere of the clinical testing spectrum, esoteric testing market has been gaining massive prominence of late. This is evidenced by the valuation of this business space in 2017 – the industry stood at an appreciable USD 19 billion then. Basically inclusive of molecular analysis that is not carried out in routine clinical testing, esoteric tests are often outsourced by large commercial labs to reference labs, for the sake of clarity and convenience. Lately, a massive surge has been observed in the outsourcing framework, which is a positive indicator of esoteric testing industry expansion.
It needs to be noted that these tests are customized and are ordered only in the event when a patient or the physician feels the requirement of additional information related to the disease, perhaps to diagnose a disease, decide the course of treatment, monitor a therapeutic regime, or decide a prognosis. Esoteric testing market is characterized by the requirement of a highly skilled workforce and sophisticated instruments, owing to which these tests are outsourced to specialized laboratories. With the increased prevalence of diseases related to the fields of immunology, genetics, oncology, toxicology, endocrinology, microbiology, serology, and molecular diagnostics, the demand for esoteric testing has shot up by quite a few notches lately.
Genomics is forecast to be a prominent segment of esoteric testing market demonstrating heavy growth potential over 2018-2024 and is heavily dependent on regulatory approval. Recently, the FDA approved Merck’s Keytruda drug to treat gene-based cancer, which has been possible only due to esoteric tests.
Another recent instance demonstrating the importance of approval norms in esoteric testing industry is that of Strand Life Sciences receiving regulatory sanction. The genomic profiling company’s Next-Generation Sequencing laboratory, called the Strand Center for Genomics & Personalized Medicine, has received accreditation certificates from the National Accreditation Board for Testing & Calibration Laboratories (NABL) and the College of American Pathologists (CAP). The regulatory approval will strengthen the position of the firm in global esoteric testing market, given that this facility is the first and only one of its kind in India that can boast of receiving two prestigious approvals.
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In the future, the rapid rise in the demand for esoteric tests may lead to the requirement of qualified staff. This may act as a possible hindrance for the growth of esoteric testing industry, as experts predict that the total number of available clinical laboratory technicians may not be able to fulfill the demand for skilled staff. However, the restraint may be overcome with regulatory bodies and educational institutions taking initiatives to train the required employee pool.
Report Content
Chapter 1. Methodology
1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary
Chapter 2. Executive Summary
2.1. Esoteric testing industry 3600 synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Test type trends
2.1.3. Technology trends
2.1.4. Regional trends
Chapter 3. Esoteric Testing Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 - 2025
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By test type
3.4.2. By technology
3.5. Types of business models
3.5.1. Mobile lab services
3.5.2. Full service diagnostics
3.5.3. Reference/ Consulting Services
3.6. Regulatory landscape
3.6.1. U.S.
3.6.2. Europe
3.6.3. China
3.7. Porter's analysis
3.8. Competitive landscape, 2017
3.8.1. Company market share analysis
3.8.2. Strategy dashboard
3.9. PESTEL analysis
All in all, two prime factors that can be considered as major drivers of esoteric testing market are the growing trends toward personalized medicine and the plethora of norms enforced by governmental bodies. The former especially, has penetrated across major geographies, especially the United States, and is expected to substantially influence the dynamics of esoteric testing industry. Additionally, huge investments are being made across the globe in the proteomics and genomics sectors to conduct high-tech research & development activities, which will eventually accelerate the business growth. As per Global Market Insights, Inc., esoteric testing market size will cross USD 35 billion by 2024.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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