Esoteric Testing Market share research by applications and regions for 2017-2024

The commercialization potential of the esoteric testing market is quite evident from the proliferation of companion diagnostics in the sphere of oncology drug development over the past few years. Significant investments in genomics research over the past couple of years have resulted in remarkable advancements in medical science. Genetic testing is one such direct benefit of the clinical research, which, of late, has been gaining popularity with the increasing occurrences of complex diseases like epilepsy, muscular dystrophy, and Alzheimer's disease etc. Esoteric testing is a niche segment of the clinical laboratory services industry, which as per forecast is likely to exceed USD 342 billion by 2024. It is, therefore, no surprise that this multi-billion business space will leave a perpetual impact on esoteric testing market dynamics as well.

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Laboratory technology has been at the forefront of medical advances. There has been a remarkable expansion in the range and complexity of clinical tests and services availability, which as per market experts is shedding a positive light on esoteric testing market dynamics. Statistics bear an evidence to this correlation- in the year 2015, the industry held a valuation of USD 18 billion, and by the end of 2024, it is slated to almost double its revenue share by accounting for over USD 35 billion. Rapid advancements in molecular testing and the growing trend of lab automation have provided a significant impetus to esoteric testing market.

Personalized medicine has of late become clinical reality, a factor that has led to huge investments in proteomics and genomics industry. Increasing sophistication of the laboratory instruments along with growing implementation of advanced technologies like bioinformatics for complex disease treatment have upscaled the demand for esoteric testing market lately. Esoteric testing allows in-depth analysis of molecules that are not routinely performed in a clinical lab, subject to skilled medical technologists’ requirement and the expensive cost associated with these tests. Thus, many commercial laboratories outsource these complex tests to reference laboratories that are specialized in esoteric testing. However, with technology being profoundly penetrating the laboratory service space, many of the medium sized labs nowadays are performing these tests in-house. The massive surge in R&D investments is expected to expand esoteric testing industry periphery in the years ahead.

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Globally, esoteric testing industry is highly regulatory driven, with mandatory roll outs by FDA and CLIA (Clinical Laboratory Improvement Amendments) that these clinical labs are required to comply with. In fact, stringent regulatory framework and uncomplimentary reimbursement scenario hinder the market penetration across some of the domains to some extent. While FDA regulates reagents, test kits, and other instruments that are widely deployed in esoteric laboratories for diagnostic purpose, highly complex testing laboratories require CLIA certification for performing these tests. The requirement of complying with all these regulatory approaches has resulted in an increased burden on small to medium sized laboratories. Thus, business collaboration is a common strategy often witnessed in the competitive landscape of esoteric testing market.

The strategic partnership of U.S. based metagenomics firm IDbyDNA with ARUP Laboratories is a testimony to the aforementioned aspect. Reportedly, with this collaboration, they are on a mission of developing and commercializing advanced NGS (next generation sequencing) tests that are claimed to be more accurate and comprehensive. This partnership is also outlining an integration of laboratory medicine with data-driven analytics to exploit the benefits of precision medicine in infectious diseases. Market experts claim that similar kinds of collaboration will bring advanced genetic technology into clinical practice more rapidly, subsequently enhancing esoteric testing market outlook. In this regard, it is important to note that market giants have been really optimistic and are betting big on Infectious disease and immunology, which in fact in 2016, accounted for the largest revenue share of the overall esoteric testing market. Some of the other biggies involved in esoteric testing market include Laboratory Corporation of America, Opko Health Company, Quest Diagnostics, Nordic Laboratories, Genomic Health, and ACM Global Laboratories.

Another recent instance that is emphasizing on the importance of regulatory approvals in esoteric testing market is the sanction of Merck’s Keytruda drug by the U.S. FDA to be used for cancer treatment that is based on specific genetic defects. This is reportedly the first time any regulatory agency has approved cancer treatment that is solely based on a common bio maker, rather than on the location where the tumor is originated. In this regard, it would be prudent to note that Oncology serves as one of the profound domains responsible for the significant esoteric testing market augmentation. This can be primarily credited to the increased detection of cancer at terminal stages which has led to a surge in demand for esoteric tests. In fact, estimates claim oncology is likely to contribute significantly toward the overall esoteric testing market share by 2024, accounting for almost USD 6.5 billion. Introduction of advanced tests such as UroVysion FISH tests and PTEN/ERG FISH tests are expected to open up new opportunities for esoteric testing industry over the forthcoming years.

Regionally, U.S., China, Germany, U.K, Japan are poised to establish a strong foothold in esoteric testing market space. The large patient pool suffering from infectious diseases, a significant development in health care infrastructure, rising demand for customized medication, and the growing prevalence of cancer are some of the factors driving the regional market trends. Despite the fact that dearth of skilled personnel is restraining the market expansion to some extent, esoteric testing industry undeniably will carve a lucrative road map in the coming years with the world treading on the path of personalized medicines for various treatments along with the healthcare fraternity expanding at indeed an appreciable pace.

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