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Esoteric Testing Market is expected to reach US$ 79,777.20 million by 2030

The global esoteric testing record size is estimated to grow from USD 25,976.97 million in 2022 and to reach a value of USD 79,777.20 million by 2030.

By The Insight Partners

Advancements in Genetic Testing and Rare Disease-Related Initiatives by Regulatory Authorities to Fuel Esoteric Testing Market Growth in the Future

According to our new research study on "Esoteric Testing Market Size and Forecast (2020–2030), Global Share, Trend, and Growth Opportunity Analysis – by Type, Technology, and End User," the esoteric testing market is expected to grow from US$ 25,976.97 million in 2022 to US$ 79,777.20 million by 2030; the market is estimated to record a CAGR of 15.1% during 2022–2030.

In June 2022, the US FDA revealed its Action Plan for Rare Neurodegenerative Diseases, including amyotrophic lateral sclerosis (ALS). It is a five-year strategy that was introduced with an aim to extend and refine the lives of people diagnosed with rare diseases by encouraging the effective and safe development of medical products, along with allowing patients access to innovative treatments. In April 2023, Centogene N.V. launched NEW CentoGenome, an enhanced next-generation sequencing-based (NGS-based) assay. Healthcare professionals can leverage NEW CentoGenome to provide more comprehensive diagnostic information, subsequently enhancing access to potential treatment options. Further, the Department of Health and Social Care, in January 2021, published the UK Rare Diseases Framework, a national vision to improve the lives of ~3.5 million people in the UK who were suffering from rare diseases. England introduced its first Rare Diseases Action Plan in 2022, converting the priorities of this framework into concrete actions. While the framework and the subsequent action plan represent the government’s primary commitments to the communities of rare disease patients, they also underline the strengths of the UK in science and research. Government strategies such as Genome UK, the Future of UK Clinical Research Delivery, and the Life Sciences Vision would further contribute to work performed to improve patients' lives, entailing a wide range of patients suffering from both common conditions and rare diseases. Thus, developments in genetic testing technologies and the rising initiatives for rare disease testing by regulatory authorities are likely to bring new growth trends in the esoteric testing market in the coming years.

Esoteric Testing Market, by Technology – 2022 and 2030

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPHE100001382

Esoteric Testing Market Segmentation:

Based on technology, the esoteric testing market is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, DNA sequencing, flow cytometry, and others. The chemiluminescence immunoassay segment held the largest market share in 2022, while the enzyme-linked immunosorbent assay is anticipated to register the highest CAGR of 18.7% during 2022–2030. An immunoassay exploits the principles of biochemistry for the detection and measurement of an analyte, which can be large proteins, antibodies (produced in response to any infection), or small molecules. These assays are highly adaptable and can be employed to determine various types of analytes, depending on the needs of users. Chemiluminescent immunoassays are a type of standard enzyme immunoassays (EIA), which are biochemical techniques used in immunology.

Direct chemiluminescent methods use luminophore markers, while indirect methods use enzyme markers. The key advantages of chemiluminescent analytical methods include the dynamic application range, high signal intensity, absence of interfering emissions (high specificity), rapid acquisition of analytical signals, high stability of reagents and their conjugates, low consumption of reagents, random access, reduced incubation time, and full compatibility with immunology assay protocols.

Industry Developments and Future Opportunities:

Various initiatives taken by key players operating in the esoteric testing market are listed below:

  1. In March 2022, Waters Corporation launched the Xevo TQ Absolute system, a compact benchtop tandem mass spectrometer. This highly sensitive, latest mass spectrometer quantifies negatively ionizing compounds with up to 15-fold greater sensitivity than its predecessor, with a 45% smaller size. Moreover, it consumes up to 50% less electricity and gas.
  2. In February 2021, Quest Diagnostics collaborated with Grail for its Galleri multi-cancer blood tests. With this collaboration, Quest Diagnostics had plans to provide phlebotomy services using the Galleri multi-cancer early-detection blood tests.
  3. In January 2021, BioReference Laboratories, Inc., an OPKO Health (OPK) company, introduced Scarlet Health, an in-home, fully integrated digital platform providing access to on-demand diagnostic services. Similar to devices that are used daily, Scarlet has been designed to confer ease of use, ubiquity, and convenience. The platform delivers an innovative, flexible, mobile alternative to traditional patient service centers or other draw locations when phlebotomy and other specimen collection services are needed.

Competitive Landscape and Key Companies:

Georgia Esoteric & Molecular Laboratory LLC, Laboratory Corp of America Holdings, Quest Diagnostics Inc., National Medical Services Inc., OPKO Health Inc., ARUP Laboratories Inc., bioMONTR Labs, Athena Esoterix LLC, Stanford Hospital & Clinics, and Foundation Medicine Inc. are among the leading companies operating in the esoteric testing market.

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