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    North America Esoteric Testing Market Size By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), By Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, RT-PCR), Industry Analysis Report, Regional Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2019 - 2025
    Published Date: May 2019   |   Report ID: GR1172   |   Delivery: PDF  Request Free Sample

    North America Esoteric Testing Market size was valued at USD 7,982.6 million in 2018 and is expected to witness 9.3% CAGR from 2019 to 2025.

    North America Esoteric testing Market, By Test Type, 2018 & 2025 (USD Mn)

    North America Esoteric testing Market, By Test Type, 2018 & 2025 (USD Mn)

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    Growing incidence of rare form of diseases will positively influence North America esoteric testing market growth in the foreseeable future. According to the American Cancer Society, about 20% of patients with cancer are diagnosed with a rare cancer form. Thus, growing need regarding diagnosis of rare and complex disorders well before advancement of the disease will lead to increasing demand for esoteric testing in North America over the coming years.

    Increasing technological advancements in esoteric testing will offer lucrative market growth potential over the future years. Development and sophistication of laboratory instruments enables delivery of quick and accurate test results with high-end technology. Also, with the use of information technology in laboratories, easy transfer of data is facilitated. Such developments lead to better patient care and cost-effectivity that should lead to significant market growth during the upcoming years.

    Increasing demand for genetic testing owing to growing prevalence of genetic disorders will augment North America esoteric testing industry growth in the upcoming years. Growing cases of genetic diorders will increase the preference for personalized medicine for improved and targeted treatment of the disease. Thus, rising occurrence of rare genetic conditions, precise diagnosis along with advancements in genomics and proteomics will drive North America esoteric testing business growth. However, stringent regulatory framework will hinder industry expansion to certain extent.

    Infectious disease and immunology esoteric testing market held significant revenue size of USD 2.2 billion in 2018. Rising pervasiveness of infectious diseases in the U.S. will be a major factor impacting segmental growth. For instance, in 2016, there were 9,272 new cases of tuberculosis and 53,850 salmonella cases, as per National Center for Health Statistics. Hence, growing burden of infectious diseases will accelerate the adoption of esoteric testing for better disease diagnosis and treatment in the upcoming period. 

    ELISA technology market for esoteric testing will foresee momentous segmental growth at 9.8% CAGR over the forecast years. Enzyme-linked immunosorbent assay (ELISA) technology allows testing of a variety of antigens and thus for a broad spectrum of diseases. This technology provides accurate detection of antigens and antibodies owing to its high sensitivity. Thus, growing incidence of rare infectious and genetic disorders will augment adoption of ELISA technology for esoteric testing in the forthcoming years.

    U.S. esoteric testing market accounted USD 7.2 billion in 2018 and is forecasted to progress at rapid pace over the projected period. Adoption of cutting edge technology along with well-established healthcare infrastructure will aid U.S. esoteric testing market growth. Presence of major market players operating in esoteric testing market that offer advanced and quality esoteric testing services in the country will highly impact demand for esoteric testing. Furthermore, growing geriatric population and increasing epidemiology of rare diseases will boost U.S. esoteric testing industry growth over the forecast timeframe.

    Some of the major industry players involved in market include Quest Diagnostics, Laboratory Corporation of America, Opko Health and Myriad Genetics. These firms are adopting inorganic growth strategies such as partnerships and collaborations to gain competitive edge over other market players. For instance, in January 2019, Laboratory Corporation of America announced an extended agreement with Texas Association of Community Health Centers, Inc. for providing enhanced laboratory services to more than one million patients. This strategy will help the firms in expanding their customer base as well as grow financially.

    During the past years, occurrence of rare disorders resulted into specialized testing of such diseases, hence leading to commencement of esoteric testing market. Polymerase chain reaction (PCR) technology for detection of human immunodeficiency virus (HIV) was considered esoteric during the past years. However, due to escalation in HIV prevalence, it is no longer considered under esoteric testing label. Meanwhile, large number of laboratories in North America, especially across the U.S., performing esoteric tests emerged due to lack of affordability offered to healthcare facilities including hospitals and clinics by such tests owing to its cost-intensive technology and requirement of highly skilled personnel.

    In future years, growing prevalence of rare diseases and disorders will offer economies of scale for esoteric testing that will facilitate better cost-effectivity and thereby drive esoteric testing industry growth. Furthermore, growing advancements in rare disease forms will provide immense esoteric testing market expansion opportunities in the foreseeable future.

    Frequently Asked Question(FAQ) :

    What will be Valuation of North America Esoteric Testing Market by 2025?
    North America Esoteric Testing Market Size to Exceed USD 14 Bn By 2025.
    How much did North America Esoteric Testing Market value back in 2018?
    North America Esoteric Testing Market size was valued at USD 7,982.6 million in 2018.
    What will be market share of ELISA technology market by coming years?
    ELISA technology market for esoteric testing will foresee momentous segmental growth at 9.8% CAGR over the forecast years.

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