Press release
Europe Esoteric Testing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2025
Availability of funding for rare diseases coupled with growing collaborations to develop effective treatment for rare diseases will stimulate Europe esoteric testing market growth. The European Union is funding cross-border research regarding rare diseases through its Framework Programmes for Research and Technological Development along with complementary actions and projects funded via Health Programs. In addition, growing prevalence of rare disorders will boost Europe esoteric testing industry growth over the foreseeable future.
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Growing awareness about early disease diagnosis will aid in Europe esoteric testing business expansion. Rare diseases are chronic and may be life-threatening. Thus, early diagnosis of such diseases is crucial to proceed with proper course of treatment before its progression. Also, the EURORDIS, a non-governmental patient-driven alliance of rare diseases is undertaking several initiatives to support undiagnosed rare diseases and address unmet needs of people suffering from such conditions, that will positively impact Europe esoteric testing industry growth during the forthcoming years.
However, high quality standard requirement for esoteric testing may impede Europe esoteric testing market growth over the coming years.
Infectious disease & immunology esoteric testing market was valued at USD 1.7 billion in 2018 and is estimated to grow at lucrative pace over the forecast years. Gradually rising prevalence of rare infectious diseases across the region will stimulate segmental growth. Furthermore, growing demand for advanced technological kits for diagnosis of infectious diseases will increase the adoption of infectious disease and immunology esoteric testing in the upcoming period.
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Chemiluminescence esoteric testing is projected to progress at 10.2% CAGR over the estimated period. Robust segmental growth can be attributed to high quality of automation along with greater productivity of the technology. Chemiluminescence technology utilizes low analyte volume and is capable to deliver outcomes in lesser time duration. Such features are ideal and beneficial for molecular testing and will assist esoteric testing, thereby boosting segmental growth.
Germany esoteric testing market held significant revenue size of about USD 1.2 billion in 2018. Increasing number of cases of rare diseases in Germany will act as high impacting factor for market growth. According to the National Action League for People with Rare Diseases, over 4 million people are directly affected by a rare or unique disease in the country. Additionally, the nation also has centralized core programs for research plans, national funding, screening, access to treatment, cross-border agreements and coordinated networks for rare disease management. Thus, rising awareness and presence of proper infrastructure for testing of rare diseases should spur German esoteric testing industry growth in the foreseeable future.
Major market players involved in the European esoteric testing market are Laboratory Corporation of America, Myriad Genetics, Opko Health and Quest Diagnostics. Firms are majorly focusing on bringing innovations in esoteric testing as well as undertaking strategic agreements to compete in the esoteric testing industry. For instance, in February 2019, Myriad Genetics, Inc. enhanced Prequel Prenatal Screen by including all 23 pairs of chromosomes instead of standard five previously tested. This is expected to help in improving the detection of aneuploidies by approximately 30%. Such developments will assist in improving birth outcomes and hence augment the business growth.
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Segments we cover:
Europe Esoteric Testing Market, By Test type
Endocrinology
Infectious Disease & Immunology
Oncology
Toxicology
Neurology
Genomics
Others
Europe Esoteric Testing Market, By Technology
Mass Spectrometry
Flow Cytometry
ELISA
Radioimmunoassay
Chemiluminescence
RT-PCR
Others
Browse key industry insights along with Table of Content @ https://www.graphicalresearch.com/industry-insights/1171/europe-esoteric-testing-market
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