Press release
Esoteric Testing Market on growth track| $35 bn by 2024 - Key Players: Genomic Health, ARUP Laboratories, ACM Global Laboratories, American Esoteric Laboratories
Esoteric Testing Market
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Increasing incidences of rare and complex diseases coupled with growing awareness about early disease diagnosis and treatment will drive esoteric testing market over the forecast period. According to European Commission, nearly 27 to 36 million people suffer from rare disease in European region.
Rapidly improving healthcare sector in developing countries along with rising number of sophisticated laboratories offering advanced services will favour industry growth. Growing number of baby boomers prone to suffer from several chronic conditions will act as high impacting factor for industry growth.
Regional Analysis:
U.S. esoteric testing market accounted for around 35% of the global industry share in 2017. Increasing prevalence of rare and complex diseases along with advancements in medical research will drive U.S. esoteric testing market over the coming years. Government initiated programs such as Obama Precision Medicine Initiative should positively impact industry growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Myriad Genetics
• Litholink / Laboratory Corporation of America
• Mayo Medical Laboratories
• Miraca Holdings Inc.
• Nordic
• Immunological laboratories BV
• Quest Diagnostics
• Genomic Health
• ARUP Laboratories
• ACM Global Laboratories
• American
• Esoteric Laboratories
• Fulgent Genetics
• OPKO Health, Inc.
Germany esoteric testing market should grow with more than 8.5% CAGR growth rate owing to increasing incidences of rare and complex diseases and high cutting edge technological adoption. Germany has well developed National Rare Disease Plan with centralized core programs for neonatal screening, national funding, access to treatments, robust research plans, coordinated networks and cross-border collaborations for rare diseases should propel industry growth.
Chemiluminescence business segment dominated esoteric testing industry in 2017 and is anticipated to witness over 10% CAGR growth owing to high adoption of chemiluminescence in esoteric testing due to its high efficiency along with necessity of small sample. Superior sensitivity and accuracy delivered by this technology using low analyte concentration will further stimulate business growth.
ELISA business segment held over 20% of business share in 2017 and will witness more than 9.5% growth from 2018 to 2024. Moreover, ELISA is common technique for basic research, high throughput screening performed in laboratories, and drug discovery program. New developments in biomarker field leading to availability of new targets will generate revenue growth for the segment.
Some of the key industry players operating in global esoteric testing market are Laboratory Corporation of America, Quest Diagnostics, Opko Health, and Arup Laboratories. Other players include Mayo Medical Laboratories, ACM Global Laboratories, American Esoteric Laboratories (AEL), Fulgent Genetics, Invitae, Myriad Genetics, Nordic Laboratories, Miraca Holdings, Genomic Health, BioMONTR. The industry players are focusing towards elevating their market position by adopting various inorganic growth strategies such as acquisition and strategic partnership. For instance, Opko Health acquired Bio-Reference Laboratory, third largest clinical laboratory in August 2015 to expand company’s product portfolio, thereby consolidating market position.
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Esoteric Testing Market by Test-type
Endocrinology
Infectious disease & immunology
Oncology
Toxicology
Neurology
Genomics
Esoteric Testing Market by Technology
Mass spectrometry
Flow cytometry
ELISA
Radioimmunoassay
Chemiluminescence
RT-PCR
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