Esoteric lab test market to almost double its revenue share by 2024, industry to be strongly governed by regulatory groundwork

IDbyDNA yesteryear tie-up with ARUP Laboratories marks the developments underlining esoteric lab test market over the recent years. Reportedly, through the collaboration, both the firms aim to develop and commercialize advanced next generation sequencing (NGS) tests that are comparatively more accurate and comprehensive than the conventional counterparts. The deal, as per experts’ opinion, was rather a significant initiation undertaken to bring forth the benefits of precision medicine to infectious diseases, combining laboratory medicine with advanced data driven analytics. The competitive spectrum of esoteric lab test industry boasts of similar kind of collaborative initiations that have aided rapid penetration of genome technology into clinical practice.

It is prudent to mention that personalized medicine today has become a clinical reality. This is quite evidenced by the hefty investments in genomics and proteomics sectors over the recent years. The enhanced impetus on esoteric lab test industry can be majorly credited to this factor. Increased sophistication of laboratory instruments in tandem with growing penetration of advanced technologies have considerably generated a massive demand for this testing. Esoteric testing industry is strongly characterized by skilled labors and advanced laboratory set up, which is why a host of commercial laboratories often outsource these tests to other reference laboratories. However, with advances in molecular testing and growing trends of automation, many medium-sized labs are also performing esoteric tests in-house.

Esoteric Testing Market Size By Test Type, By Technology, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” has been published by Global Market Insights. To understand the industry better, request a sample of this report @ https://www.gminsights.com/request-sample/detail/1922

Being one of the niche verticals of clinical laboratory services market, the business space is strongly regulatory driven, with mandatory roll outs from CLIA and FDA. In fact, the stringent regulatory frame of reference and the uncomplimentary reimbursement scenario somehow act as a restraint in penetrating esoteric lab market across some sectors. While FDA takes it upon itself to approve or reject test kits, reagents, instruments that are widely applied in esoteric labs for diagnosis, clinical laboratories require CLIA certification to perform these complex tests. The obligation of complying with the regulatory approaches has led to an increased burden on small and medium sized laboratories.

Another relevant instance depicting the extent by which regulatory groundwork has outlined esoteric lab test market is FDA’s approval to Merck’s Keytruda. The drug that reportedly received a green signal from the regulatory giant toward the mid of last year, is to be primarily used for cancer treatments that are specifically based on genetic defects. Allegedly, under FDA’s approval regulations, this treatment is approved based on progression-free survival(PFS) and tumor response rate. Along the similar lines, it is imperative to mention that oncology has proved to be one of the most opportunistic avenues for esoteric lab test market augmentation. This is probably driven by the escalating prevalence of cancer disorders in tandem with increasing demand for personalized medicine in its treatment. As per estimates, esoteric testing industry share from oncology would exceed a valuation of USD 6.5 billion by 2024.

Despite the fact that dearth of skilled personnel and a strong regulatory framework somehow deter the industry penetration, esoteric lab test market is deemed to carve a profitable road map over the ensuing years. The expanding patient pool with infectious diseases, substantial advancements in healthcare facilities, and growing demand for customized medicine are claimed to be the primary factors supporting the business growth. Regionally, U.S., China, and Japan are forecast to witness a stronghold in global esoteric lab test market. In terms of commercialization, the overall marketplace, as claimed by Global Market Insights, Inc. would surpass a valuation of USD 35 billion by 2024.