Why Esoteric Testing Market is growing rapidly? Laboratory Corporation of America, Opko Health, Myriad Genetics, Quest Diagnostics

The esoteric testing market is anticipated to witness high growth in the coming years owing to rising prevalence of rare and complex medical diseases. Increasing awareness about early diagnosis of diseases will accelerate esoteric testing market growth over the forecast time period. Rare diseases are chronic and are known to be life-threatening. Hence, early diagnosis of such rare diseases is very critical to proceed with appropriate course of medication before its progression.

Favorable government support to surge the production of orphan drugs and changing lifestyle habits will favor industry growth. Numerous technological advancements in esoteric testing will also offer ample of new growth opportunities. Development and advancement of laboratory instruments enables rapid delivery along with accurate test results with cutting-edge technology.

Subsequently, with the efficient use of IT in laboratories, easy data transfer is enabled. These kinds of developments lead to much better patient care as well as cost-effectivity which is likely to raise the product demand over the coming years.

Following are some of the key trends that are expected to shape the esoteric testing industry growth:

Detection of rare neurological conditions across APAC

With respect to test type, in 2018, the neurology esoteric testing segment was valued at more than $371 million and is expected to showcase a promising growth rate during the study period. Growing incidence of rare neurological disorders among Asian population will drive the demand for neurological esoteric testing. Overall, numerous advancements in early diagnosis of various rare neurological conditions will further augment the APAC esoteric market forecast.

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R&D activities across Asia Pacific healthcare sector

Increasing R&D regarding rare diseases is likely to fuel the APAC esoteric testing industry growth. For example, the IRUD (Initiative on Rare and Undiagnosed Disease) has collaborated technology as well as the knowledge to develop an approach for providing support to patients with rare disorders. The initiative mainly supports the diagnosis of rare ailments which are difficult to detect. Such initiatives will drive esoteric testing demand in Asia Pacific.

Growing incidences of rare diseases across India

Esoteric testing in India is expected to witness around 13.3% CAGR through 2025. The anticipated growth is majorly ascribed to the growing occurrence of rare diseases. According to the estimates by ORDI (Organization for Rare Diseases India), around 70 million people in India tend to suffer from a rare disease. But, most of these diseases are not diagnosed owing to the lack of awareness regarding rare diseases and shortage of skilled healthcare experts in India.

Numerous initiatives taken by the European Union

Oncology test type segment in esoteric testing market is expected to witness around 10.5% CAGR up to 2025. The growth is attributed to the rising incidence of cancer. Faltered eating habits, rising prevalence of obesity and exposure to toxic pollutants will further surge the risk of cancer development. Subsequently, numerous funding activities by the EU Health Program of European Commission for rare cancer projects will greatly influence the growth of this sector over the coming years.

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Rising awareness regarding early disease diagnosis in France

As per the regional analysis, France esoteric testing market was valued at more than $1 billion back in 2018 and is estimated to follow a strong growth trend over the coming years. This projected growth is ascribed to the rising awareness about the rare and complex disorders and early disease detection. In the year 2004, the country recognized rare diseases as a very serious health problem.

It further unveiled a National Plan for Rare Diseases, with an objective to provide early and accurate diagnosis and strengthen research as well as pertinent treatment. Additionally, technological advancements in esoteric testing in line with increasing initiatives for testing of rare disease across France will enhance the industry outlook further.

Rising focus on esoteric testing development across Canada

In 2018, the esoteric testing market in Canada accounted more than $741.8 million revenue and is estimated to progress at a faster rate over the projected time period. Rising focus on esoteric testing development in the academic commercial laboratories across the country will generate favorable growth conditions. Increasing healthcare infrastructure as well as investment in R&D will aid the advancement in esoteric testing over the coming years. Consequently, the growing prevalence of infectious diseases will positively impact the regional market growth.

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Presence of healthcare providers across the U.S.

The U.S. esoteric testing market held around $7.2 billion back in 2018 and will showcase robust growth over the next few years. Adoption of high-end technology and well-established healthcare infrastructure will encourage the regional market growth.

High presence of key industry players functioning in esoteric testing market that offers advanced and top-quality services in the country will also majorly influence the access to esoteric testing. Increasing geriatric population in line with growing epidemiology of rare ailments will drive the regional healthcare sector. Myriad Genetics, Opko Health, Quest Diagnostics, and Laboratory Corporation of America among many others are some of the key providers in the regional esoteric testing market.

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