Esoteric Testing Market to 2028 - Development Factors, Key Trends and Growth Prospects
The neurology segment will capture a sizeable share of the global esoteric testing market by 2028.
The global esoteric testing market size is predicted to record 6.9% CAGR during the forecast period of 2022-2028.
Esoteric testing can be a boon for medical professionals who want additional information to complete their diagnosis of a particular ailment, thereby giving them more clarity and confidence in designing their treatment program. Even though this form of testing is more expensive than the routine lab checks, it has witnessed strong applications in fields such as genetics, endocrinology, immunology, microbiology, oncology, toxicology, molecular diagnostics, and serology.
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The global esoteric testing market share is set to grow at a strong rate due to the rising incidence of rare diseases that are difficult to be diagnosed through regular lab testing. Esoteric testing detects and analyzes rare molecules or substances; something that cannot be done in a conventional laboratory. Since many companies with large-scale commercial labs are looking for ways to minimize their cost of conducting extensive and complicated experiments, they can always outsource these activities to esoteric testing labs.
The following are the 3 key developments that will strengthen the esoteric testing market potential:
Chemiluminescence technology gains traction with rising diagnostic innovations:
The overall esoteric testing market size from chemiluminescence technology will record a notable CAGR through 2028 as diagnostic tools are undergoing technological advancements. Chemiluminescence technology, also called as chemiluminescent immunoassay (CLIA), is a technique wherein a luminescent molecule indicates the occurrence of an analytical reaction.
There are a variety of uses of this technology in the pharmaceutical industry, clinical science, forensic medicine, and oncology. Chemiluminescence is widely used in forensic medicine as it can detect blood stains at a crime scene.
Forensic scientists use a luminol reaction to highlight blood stains even on surfaces that have been thoroughly cleaned by a criminal. Oncologists are also using this technology to check for any cancer cells that are present after treatment. This technique can give them a clear idea of the chances of the disease recurring in the future. These advantages and wide-ranging applications will boost the dependence of medical scientists on chemiluminescence technology.
Unhealthy lifestyle choices increase cancer burden:
Global esoteric testing market share from the oncology segment is anticipated to witness 7.8% CAGR through 2028. Cancer cases are growing at a disturbing rate across many regions due to the drastic changes in people’s lifestyle habits.
According to a WHO report published in February 2022, cancer was responsible for around 10 million deaths across the globe in 2020, with breast, colon, lung, rectum, and prostate cancers being the most common types. Infections, such as hepatitis and human papillomavirus (HPV) account for nearly 30% of cancer cases in low and lower-middle-income nations, as per the report.
This situation has driven the adoption of esoteric testing solutions as the detection of these cancers can be a time consuming and costly affair for laboratories specializing in routine testing. With the help of various innovative technologies, esoteric testing can facilitate early detection and treatment of the disease, thereby making it an ideal testing method for medical practitioners.
Leading companies, such as ACM Global Laboratories, Arup Laboratories, American Esoteric Laboratories (AEL), BioMONTR, Genomic Health, Fulgent Genetics Inc, and Mayo Medical Laboratories, among many others, are the major participants in this market. The organizations are providing cutting-edge technologies, such as flow cytometry, mass spectrometry, ELISA, chemiluminescence, radioimmunoassay, and RT-PCR to conduct tests in endocrinology, toxicology, infectious disease & immunology, oncology, genomics, and neurology.
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These firms are entering into partnerships, mergers & acquisitions to strengthen their customer base and increase their business capabilities. For instance, in February 2021, SRL Diagnostics and Mayo Clinic Laboratories signed a partnership deal to help physicians across India gain more knowledge about esoteric testing and acquire the necessary skills, which will help them conduct safe and reliable clinical research trials.
Rising neurological disorders fuel esoteric testing demand:
The neurology segment will capture a sizeable share of the global esoteric testing market by 2028. Many regions are witnessing a worrying rise in the number of people suffering from severe neurological conditions.
According to a report by the Pan American Health Organization (PAHO) in association with the WHO, in 2019, 533,172 people in North America died from neurological disorders, such as Parkinson’s disease, Alzheimer’s, epilepsy, multiple sclerosis, neuroinfections, migraines, and brain injuries.
The U.S. reported the highest age-standardized death rate from neurological ailments in the same year. The report further stated that neurological diseases accounted for 8.2 million YLDs (years lived with disability) in that year. These alarming statistics have prompted medical professionals to use esoteric testing techniques to enable early diagnosis and treatment and mitigate the death rate from these disorders.
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