Europe Esoteric Testing Market size surpassed USD 8 billion in 2021 and is anticipated to exhibit a CAGR of 11.5% between 2022 and 2028. An alarming rise in the prevalence of chronic and infectious diseases, such as hypertension, HIV, and diabetes along with the undergoing advancements in R&D activities in the healthcare sector will notably contribute toward the market growth.
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As per EURORDIS, more than 50% of the rare diseases prevalent in the region are genetic in nature. Most of these disorders are fatal and are known to impact the life of patients in the long-term. With changing lifestyles, the incidence of genetic disorders is expected to upscale, thereby escalating the adoption of esoteric testing.
Impact of COVID-19 outbreak on the industry outlook
The COVID-19 outbreak had a positive impact on the growth of Europe esoteric testing market. There is surging demand for ELISA and RT-PCR tests to detect the virus. It also increased the need for diagnostic service centers for easy patient testing and monitoring. With the rising threat of various diseases globally, the need for advanced diagnostic and testing tools is likely to upsurge. Due to a high awareness among consumers, the demand for early detection of infectious diseases will rise over the next few years.
Europe Market, By Test Type
The oncology test type segment will register a CAGR of 12.5% through 2028. The prevalence of cancer is growing at a worrying rate in the region. Growing exposure to toxic pollutants and obesity are likely to raise the risk of the development of cancer in individuals. Several funding activities by the European Commission's EU Health Program for rare cancer projects are expected to influence oncology esoteric testing needs.
Europe Market, By Technology
The Europe esoteric testing market revenue from ELISA technology segment will reach USD 4 billion by 2028. The widespread acceptance of this testing method can be accredited to high specificity and dependability features. A large spectrum of disease testing, as well as reagents and analytical testing, adds to increased consumer preference for ELISA technology. Surging investment in ELISA technology research & development will accelerate its applications to a wider patient pool.
Europe Market, By Country
France esoteric testing market is poised to observe significant growth during the forecast timeline. The incidence of rare diseases has been rising in the region. As per the European Commission, over 6,000 to 8,000 different rare diseases affect an estimated 30 million people in the EU.
The EU has made significant contributions to the field through its research and innovation framework programs, such as the Seventh Framework Program (FP7) and Horizon 2020. These initiatives cover all medical fields, such as immunological, neurological, metabolic, or uncommon malignancies, and help to understand the origins and features of rare illnesses.
Competitive Industry Landscape
Prominent participants operating across the Europe esoteric testing market include Quest Diagnostics, Laboratory Corporation of America, Myriad Genetics, and Opko Health. To grab a large market share, these companies are adopting a host of marketing strategies, including mergers and acquisitions, new product development, partnerships, collaborations, and geographical expansion.
Citing an instance from August 2022, industry leader, Myriad Genetics Inc., announced two partnerships with the Centre Georges-Francois LeClerc in France and Institut für Hämopathologie Hamburg in Germany to expand access to its companion diagnostic test testing product range. These companies have joined Myriad’s network of partner laboratories to help support patient access to genetic testing in key European markets.