PUBLISHER: Grand View Research | PRODUCT CODE: 1493276
PUBLISHER: Grand View Research | PRODUCT CODE: 1493276
The global esoteric testing market size is anticipated to reach USD 47.98 billion by 2030, expanding at a CAGR of 11.81% from 2024 to 2030, according to a new report by Grand View Research, Inc. Major factors contributing to the market growth include rising prevalence of cancer and growing need for safe and effective tests. The International Agency for Research on Cancer reports that 19,292,789 cancer cases were recorded in 2020 and estimates that number will rise to 50,550,287 by 2025. The most frequently reported cancers are breast, colorectal, lung, prostate, and stomach.
Moreover, the rising prevalence of chronic and infectious diseases aided by the advancements in esoteric DNA sequencing technologies is further anticipated to drive overall growth of the market. For instance, according to CDC, heart disease are leading cause of death in the U.S., and accounts for the death of one person every 33 seconds. Furthermore, according to the National Diabetes Statistics Report, 11.6% of the total population in the U.S. suffer from diabetes. Such a high prevalence of major infectious diseases is anticipated to drive the demand for esoteric testing.
The growing preference for esoteric testing, attributed to advantages like high efficacy and specificity, high signal intensity, good precision, and high accuracy, is projected to drive the demand for advanced tests during the forecast period. Furthermore, rising awareness of esoteric testing devices among physicians and patients for early disease diagnosis. This shift is anticipated to substantially boost the adoption of tests, thereby driving market growth.
Moreover, the rising healthcare expenditure aided with rising preference and awareness regarding preventive healthcare is fueling the growth of the market. For example, the Affordable Care Act (ACA) helps in providing accessible and affordable for people in U.S. by providing insurance plans for recommended preventive services. Additionally, the growing patient participation in disease management and the shift towards evidence-based treatment are also contributing to the growth of the market.
Similarly, these tests are a simple way to identify rare diseases. Therefore, the population's increasing incidence of rare diseases is anticipated to support market expansion. As per the U.S. Department of Health and Human Services, around 2,205 new West Nile virus disease cases in the U.S. The esoteric testing market is growing because esoteric tests for infectious diseases can easily detect these rare diseases. Government-sponsored initiatives, including awareness campaigns, screening programs, and specific cancer schemes, are projected to increase the number of diagnosed cases. For instance, India's Health Minister Cancer Patient Fund (HMCPF) program financially assists deprived cancer patients. This is anticipated to increase demand for esoteric testing and promote regional growth.
Key players operating in the market are constantly focusing on development of novel products to meet the rising demand for preventive and early diseases diagnosis. For instance, in July 2023, Quest Diagnostics announced the launch of consumer-initiated genetic tests with unique feature including robust NGS support services, ordering, and access to one-on-one genetic testing. Moreover, major players are focusing on geographic expansion to enhance their presence and expand access to effective products. For instance, in June 2022, SRL Diagnostics opened a reference laboratory in Ashok Nagar, Chennai, India. The 20,000-square-foot laboratory can perform over one lakh monthly tests, ranging from widespread examinations to unidentified and genetic tests.