Asia Pacific Esoteric Testing Market size crossed USD 6.8 billion in 2021 and is expected to showcase around 12% growth rate between 2022 and 2028. Advancements in personalized medicine and the increasing use of esoteric DNA sequencing technologies in precision medicine are two key forces accelerating the industry trends.
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The prevalence of rare diseases has grown at an alarming rate over the past few years. As per some estimates, rare diseases affect nearly 6 to 8% of the population in any country. Due to reasons such as lack of relevant research, less epidemiological data, unavailability or absence of drugs & treatment, rare disease treatment and management is difficult. To that end, prominent public and private institutions have offered investments and resources to battle the diseases.
Impact of the global COVID-19 outbreak on APAC esoteric testing market
Diagnostic testing is known as the backbone of the COVID-19 response, supporting containment efforts to curb the spread of the virus. It was essentially important to mitigate the disease spread in a region as densely populated as the Asia Pacific. The demand for ELISA and RT-PCR testing witnessed a considerable rise, positively impacting the industry outlook. In the coming years, technological advancements such as antidote automation technology, standardization of advanced instrumentation, and analytical systems are likely to propel the market growth.
Asia Pacific Market, By Test Type
The Asia Pacific esoteric testing market demand from the neurology test type segment will witness 11% CAGR during the forecast timeframe, owing to the growing occurrence of rare neurological disorders in the young population across the region. Headache disorders, stroke, and epilepsy are considered some of the leading contributors to neurological healthcare burden in Asia Pacific. Significant advancements made towards the detection of several rare neurology conditions are set to drive esoteric testing requirements.
Asia Pacific Market, By Technology
The flow cytometry technology segment in the Asia Pacific esoteric testing market will exceed USD 1.5 billion revenue by 2028. It has a wide array of molecular testing applications including prenatal diagnosis, hematology testing, genetic testing, and tumor immunology, among others. This technique is utilized for research for providing trustworthy and accurate findings. High R&D investments in medicals sector will have a notable influence on the expansion of flow cytometry esoteric testing segment.
Asia Pacific Market, By Country
The presence of the leading companies, increasing per capita healthcare expenditure, use of rapid diagnostics, and advancing precision medicine are some of the key factors augmenting the Japan esoteric testing market forecast. There is a higher awareness of early disease diagnosis and treatment today in the nation. One of the reasons for improved understanding among consumers is the increasing incidence of complex and unique diseases, and rapidly improving R&D sector. Japan industry size appears to be promising with consistent advancements in healthcare infrastructure.
Competitive Industry Landscape
Major players involved in the Asia Pacific esoteric testing market include America, Quest Diagnostics, Opko Health, and Myriad Genetics. These companies have been consistently investing in product R&D to keep up with rapidly changing market trends. To tap into a greater market share, new product launch, geographical business expansion, and product rebranding have been some of the key strategies used by these companies.
In August 2022, Myriad Genetics, Inc. was granted expanded coverage for the use of its BRAC Analysis Diagnostic System by Japan’s Ministry of Health. The system will be used as a companion diagnostic to identify patients with high-risk recurrent breast cancer.