LOS ANGELES, May 22, 2019 (GLOBE NEWSWIRE) -- The Global Esoteric Testing Market is estimated to grow at CAGR above 10 % over the forecast time frame 2019-2026 and reach the market value around USD 40 billion by 2026.

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Analysis of "rare" molecules or substances is an esoteric test. It is not conducted in a clinical routine laboratory. These tests are done if additional information is required for external testing of routines for disease to be properly diagnosed, a prognosis made or a therapeutic treatment selected and supervised. Each personnel must conduct the tests and evaluate the outcomes by using sophisticated chemicals and instruments in the context of esoteric testing.

More prevalence and increasing geriatric population highly prone to chronic conditions will drive esoteric testing markets throughout the forecast time frame and the predominance of chronic disease and infectious disease in developing countries such as China, India, etc. will support the growth.

The increasing number of people with rare diseases has increased the burden of innovative test solutions on healthcare systems to fuel industry growth. The advanced laboratory equipment that leads to a growing use of cutting-edge technologies such as flow cytometry, mass spectrometry, and real time PCR will further the growth of industry.

In the forecast period, growing awareness of the early detection of disease, together with increased demand for genomics and proteomic medicines will have a positive impact on esoteric tests. However, the absence of skilled professionals and strict regulations on esoteric testing will prevent the industry's future growth.

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In 2018, esoteric testing for infectious diseases dominated the industry, with around 28 %, followed by endocrinology. This is expected to show substantial growth over the next few years. The increased incidence and demand for advanced molecular tests to identify rares in the body of infectious diseases will drive segment growth. This is increase in the number of infections. An increasing awareness about diagnosis and treatment of pre-disease in the next few years will further boost demand for esoteric tests.

Regional Stance

Because of the increasing incidence of rare and complex diseases and the use of cutting edge technology, Germany's esoteric testing market should expand to over 9.8% CAGR. The German National Rare Disease Plan has been well developed with centralized core neonatal screening programmes, national funding, access to therapies, robust research plans, coordinated networks and cross-border rare disease cooperation, all of which will eventually boost industry growth.

By 2025, India's esoteric testing market will be led to reach USD 1.4 billion by developing its health infrastructure, increasing awareness of early disease detections, and numerous government initiatives. Initiatives such as the government's action plan to eradicate visceral leishmaniasis (VL) by 2017 will foster the growth of the industry. In addition, the increased population of elderly people in the country will boost the demand for esoteric testing in the next years.

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Key Players & Strategies

Laboratory Corporation of America, BioMONTR and American Esoteric Laboratories (AEL), OPKO Health, Nordic Laboratories, Miraca Holdings, ACM, Fulgent Genetics, Genomic health, Invitae, Mayo Medical Labors, Arup Laboratories, and Myriad Genetics are few leading industry players. In order to strengthen their product offering, industry players are adopting different inorganic strategies such as acquisition, strategic partnership and collaboration, increasing their market position and business portfolio.

Esoteric testing is dominated by key players, such as Laboratory Corporation of America and Quest Diagnostics. Acquisition is one of these industry players ' main strategies. For example, in August 2017, in order to expand the oncology segment LabCorp purchased Chiltern International. More infectious diseases, increased chronic illness and increased awareness of early diagnosis have increased demand for esoteric testing. Similar strategy to broaden the product portfolio is also adopted by other players. Opko acquired the Bio-Reference Laboratory in August 2015 to advance clinical trial solutions of the company.

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