The growing understanding of the value of esoteric testing for the accurate and timely detection of lifestyle disorders is creating lucrative outcomes in the esoteric testing market Pharmaceutical testing plays a vital role in healthcare research as it facilitates safe, stable, and effective administration of drugs. Esoteric testing is often outsourced as it is a type of test performed at specialized reference laboratories. The widespread prevalence of infectious and chronic diseases has considerably augmented the demand for esoteric testing. In the foreseeable future, the rapidly rising prevalence of chronic diseases, government support for advanced medical research, and the growing awareness about the benefits of esoteric testing are expected to unleash exceptional growth opportunities in the global market.
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Growing Need for Early Cancer Detection Accelerates Esoteric Testing Market
The oncology esoteric testing market is expected to experience strong growth during the forecast period. This is largely due to the increasing importance of early cancer detection and treatment. Cancer has now become the second leading cause of death worldwide. The three most common types of cancer are lung, breast, and prostate. As a result, with the increase in the incidence of cancer, the demand for advanced, efficient, and timely detection is predicted to rise exponentially. This need is predicted to be higher in the pharmaceutical industry amid promising developments in drug discovery and robust RD initiatives. In the near future, this healthcare landscape will propel big pharma leaders to ramp up their investments in the global market.
Emerging Medical Technologies to Foster Innovation-led Sustainable Growth of Esoteric Testing Market
The development of sophisticated medical equipment, such as automated antidotes, standardized cutting-edge instruments, and analysis systems, is significantly contributing to the growth of the market. Notably, the demand for personalized genomics solutions in healthcare has grown due to the need for predicting and analyzing medication responses and the increasing prevalence of chronic diseases. Consequently, the demand for esoteric testing is projected to be influenced by the growing interest in proteomics and genomics and the availability of suitable funding to develop efficient body detection testing methods. The esoteric testing market is also expected to expand due to the increasing use of esoteric DNA sequencing, NGS technologies, and whole genome sequencing in early cancer diagnosis, precision medicine, and personalized medicine.
Presence of an Advanced Healthcare Infrastructure Helps North America to Sustain Lead in Esoteric Testing Market
North America continues to lead the way in the esoteric testing industry and is projected to have the highest growth rate during the forecast period. The region's prominence in the esoteric market is supported by a growing number of RD activities and investments. Additionally, North America has a robust healthcare infrastructure and large elderly population which is indirectly creating fresh demand for esoteric testing. In the years to come, the rising awareness of the benefits of early disease detection, the pursuit of advanced diagnostic procedures, and the availability of sophisticated clinical testing are expected to be the key factors creating sustained growth in North America’s market.
Major Market Entities
Some of the major players in the global esoteric testing industry include Foundation Medicine, Healius Limited, Baylor Esoteric, Laboratory Corporation, Quest Diagnostics, Mayo Foundation for Medical Education and Research, Molecular Laboratory, ARUP Laboratories, Sonic Healthcare Limited, Stanford Clinical Pathology, and OPKO Health.
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