Growing Awareness Regarding Early Detection Using Specific Diagnostic Tests Are Likely To Enhance The Growth Of Esoteric Testing Market from 2018 to 2025.
The global esoteric testing market is expected to reach US$ 45,081.6 Mn in 2025 from US$ 19,868.2 Mn in 2017. The esoteric testing market is estimated to grow with a CAGR of 11.7% from 2017-2025. The report highlights the trends prevalent in the global esoteric testing market and the factors driving the market along with those that act as restraints to its growth. The global esoteric testing market is experiencing significant rise in the present days and is anticipated to explore in the forecast period owing to the following factors such as rising prevalence of infectious diseases, growing awareness regarding early detection using specific diagnostic tests and increasing geriatric population & associated growth in chronic disease. However lack of skilled professionals and poor reimbursement scenario are likely to restrain the growth of the esoteric testing market in the forecast years.
Early diagnosis of a medical condition opens the door to treatment and future care. The earlier diagnosis of diseases helps the medical professionals and patients to take up various important medical decisions in terms of care, support needs, financial and legal matters. There exists a large number of advantages to obtaining accurate and early diagnosis after noticing of cognitive symptoms related to a particular medical condition. These benefits includes reversal of symptoms, effective, sooner and early treatment of the individual, empowerment of the patient, time for better decision making and others. Laboratory examination is one of the very effective and popularly practiced testing technique for diagnosis of diseases associated with various medical specialties including neurological disorders, genetic diseases, cancer, endocrinological disorders and others. The esoteric testing and genetic testing are performed in the field of diabetes, cardiovascular, lipid disorders and cancer, and genetic diseases. The increasing awareness among global populace regarding the importance of early disease detection is a major factor responsible to drive the growth of global esoteric testing market.
Furthermore, several government regulatory bodies are also taking initiatives and conducting campaigns to promote the early diagnosis practice. According to a report published by the Lancet Commission on Global Surgery (2015), approximately 28-32% of the burden of disease can be attributed to the surgically treatable conditions globally and 143 million additional surgical procedures are required to reduce the mortality every year. Thus, the increasing awareness generated among the patients as well as healthcare practitioners regarding the health benefits of early diagnosis is expected to fuel the growth of esoteric testing market over the forecast years.
The developments by the companies are developing technologies and services and are inventing different tests. For instance, ACM Global Laboratories launched a test known as Smarter Testing for infectious diseases, Similarly, LabCorp launched RealStar Zika Virus Test in June 2016. Thus, the rise in the developments for in tests are likely to propel the growth of the esoteric testing market in the forecast period.