Advancements in Genetic Testing and Rare Disease-Related Initiatives by Regulatory Authorities Fuel US Esoteric Testing Market Growth
According to our new research study on "US Esoteric Testing Market Size and Forecast (2020–2030), Country Share, Trend, and Growth Opportunity Analysis – by Type, Technology, and End User," the market is expected to grow from US$ 10,382.85 million in 2022 to US$ 31,274.34 million by 2030; it is estimated to record a CAGR of 14.8% during 2022–2030.
In June 2022, the US FDA revealed the Action Plan for Rare Neurodegenerative Diseases, with a major focus on amyotrophic lateral sclerosis (ALS). It is a five-year strategy that emphasizes on refining and extending the lives of people suffering from rare diseases by encouraging the effective and safe development of medical products along with allowing patients access to innovative treatments. Companies in the diagnostics market are introducing new technologies to be able to meet the rising demand for novel testing techniques. In April 2023, Centogene N.V. launched NEW CentoGenome, an enhanced next-generation sequencing (NGS)-based assay. Healthcare professionals can leverage NEW CentoGenome to provide more comprehensive diagnostic information, subsequently enhancing access to potential treatment options. 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 US esoteric testing market in the coming years.
US Esoteric Testing Market, by Technology – 2022 and 2030
US Esoteric Testing Market Size and Forecasts (2020 - 2030), Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Infectious Disease Testing, Endocrinology Testing, Oncology Testing, Toxicology Testing, Immunology Testing, Neurology Testing, and Others), Technology (Chemiluminescence Immunoassay, Enzyme-Linked Immunosorbent Assay, Mass Spectrometry, Real-Time PCR, DNA Sequencing, Flow Cytometry, and Others), and End User (Hospitals & Laboratories and Independent & Reference Laboratories))
US Esoteric Testing Market to Grow at a CAGR of 14.8% to reach US$ 31,274.34 million from 2022 to 2030
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US Esoteric Testing Market is segmented as follows:
Based on technology, the US 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 an 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 US esoteric testing market are listed below:
- In March 2022, Waters Corporation launched the Xevo TQ Absolute system, a highly sensitive and compact benchtop tandem mass spectrometer. This latest mass spectrometer quantifies negatively ionizing compounds with up to 15 times greater sensitivity than its predecessor, with a 45% smaller size. Moreover, it consumes up to 50% less electricity and gas.
- In February 2021, Quest Diagnostics collaborated with Grail for its Galleri multicancer blood tests. Quest Diagnostics had plans to provide phlebotomy services using the Galleri multicancer early-detection blood tests.
- In January 2021, BioReference Laboratories, Inc., an OPKO Health (OPK) company, introduced Scarlet Health. It is an in-home, fully integrated digital platform that provides access to on-demand diagnostic services. Similar to devices that are used on a daily basis, 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 US esoteric testing market.
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