According to the Graphical Research new growth forecast report titled Asia Pacific 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 (Japan, China, India, Australia, Korea, Singapore, Malaysia), 2019-2025”, estimated to exceed USD 10.5 Billion By 2025.
Growing burden of orphan diseases will act as primary driver for Asia Pacific esoteric testing market growth. Initiation of various projects such as The Asia-Pacific Rare Diseases Network (ARDNet) Project in the region to assist in rare disease treatment will stimulate business growth over the forecast timeframe.
Government support to escalate production of orphan drugs coupled with rising demand for advanced disease diagnostic tests will drive esoteric testing market. Industry players are collaborating with research institutes and other healthcare facilities to advance research on rare disease diagnosis and treatment. Furthermore, growing incidence of rare diseases in Asia Pacific will elevate the demand for esoteric tests in the region, thereby fueling industry growth. However, dearth of skilled healthcare professionals in the region will hamper industry expansion to certain extent over the coming years.
Oncology esoteric testing market was valued at USD 896.1 million in 2018 and is estimated to grow at robust pace over the forecast years. Increasing incidence of cancer in the region along with rising awareness about early disease detection will escalate demand for esoteric test in Asia Pacific over the forecast timeline.
ELISA esoteric testing technology is projected to progress at 12.2% CAGR over the projected period. High adoption of this technology coupled with application of ELISA in detection of various analytes will drive segmental growth during the analysis period. Increasing use of immunoassay tests in cancer, infectious disease testing, point-of-care in vitro diagnostics and therapeutic drug level monitoring should further propel industry growth.
India esoteric testing market is estimated to witness 13.3% CAGR during the forecast period. Increasing incidence of rare diseases will act as high impacting factor for market growth. As per the Organization for Rare Diseases India (ORDI) estimates, nearly 70 million people in India suffer from a rare disease. However, majority of these diseases remain undiagnosed due to less awareness about rare diseases and dearth of skilled healthcare professionals in the country. Thus, India offers immense growth opportunity for esoteric testing market over the coming years.
Major market players involved in the Asia Pacific esoteric testing market are Opko Health, Laboratory Corporation of America, Myriad Genetics and Quest Diagnostics. Firms are presently focusing on new product development and business expansion to strengthen their market position along with building strong product portfolio. For instance, In November 2018, Japan Clinical Laboratories Inc. (a subsidiary of Miraca Holdings Inc.) established a new pathology and cytology center to strengthening its presence in Japan’s Kansai region.
Segments we cover:
Asia Pacific Esoteric Testing Market, By Test type
- Infectious Disease & Immunology
Asia Pacific Esoteric Testing Market, By Technology
- Mass Spectrometry
- Flow Cytometry
The above information is provided for the following region and countries:
- Asia Pacific