Esoteric Testing Market will witness 9.4% CAGR to hit $35 bn by 2024

Selbyville, DE -- (SBWire) -- 12/26/2018 --The Esoteric Testing Market to exceed USD 35 billion by 2024; according to a new research report by Global Market Insights.

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.

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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.

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.

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. Amidst this backdrop, business collaboration is emerging as a top-notch strategy in the competitive landscape of esoteric testing market.

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.

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Esoteric Testing Market by Test-type
o Endocrinology
o Infectious disease & immunology
o Oncology
o Toxicology
o Neurology
o Genomics

Esoteric Testing Market by Technology
o Mass spectrometry
o Flow cytometry
o ELISA
o Radioimmunoassay
o Chemiluminescence
o RT-PCR