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Mar 5, 2020 7:00 PM ET

Esoteric Testing Market is Projected to Reach $35.24 billion by 2023




iCrowd Newswire - Mar 5, 2020

MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%. The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.

esoteric-testing-market2

By type, infectious diseases testing segment is expected to dominate the market during the forecast period

Among the type segment, the infectious diseases testing segment is expected to account for the largest share of the market during the forecast period. The large share of this segment is primarily attributed to the rising incidence/prevalence of target diseases (chronic, infectious, & lifestyle related diseases), the increasing adoption of advanced technologies, and the growing healthcare expenditure across the globe.

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Driver: Growing awareness of personalized medicine

Growing patient awareness about the benefits of personalized medicine is one of the key factors resulting in the increased use of molecular diagnostics and genomics & proteomics technologies. Esoteric tests, which involve the analysis of ‘rare’ molecules or substances, are an essential part of individualized treatment regimens for many chronic diseases and conditions. These tests enable healthcare providers to make an informed clinical decision and reduce the likelihood of unnecessary adverse events. Some of the most widely used personalized treatment regimens include chemotherapy selection for breast cancer using gene expression profiles; therapeutic drug monitoring tests to select drugs for resistant HIV strains; and drugs selection based on the genetics and molecular profile of patients with autoimmune diseases.

North America to account for the largest market size during the forecast period.

North America is expected to account for the largest share of the market followed by Europe. However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, development in healthcare infrastructure, and significant rise in the disposable income in the region.

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Key Players:

LabCorp (US), Quest Diagnostics (US), OPKO Health (US), Miraca Holdings (US), ARUP Laboratories (US), Myriad Genetics (US), Genomic Health (US), American Medical Laboratories (US), Foundation Medicines (US), Mayo Medical Laboratories (US), Primary Healthcare (Australia), Healthscope (Australia), Sonic Healthcare (UK), Fulgent Genetics (US), Spectra Laboratories (US), Nordic Lifesciences (US), InVitae (US), Unilabs (Switzerland), and SYNLAB (Germany).



Contact Information:

Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441






Keywords:    Esoteric Testing Market, Esoteric Testing Market Size, Esoteric Testing Market Share, Esoteric Testing Market Analysis

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