According to the Market Statsville Group (MSG), the U.S. esoteric testing market size is estimated to grow USD 9.5 billion by 2030 from USD 5.7 billion in 2021, at a CAGR of 6.7% from 2022 to 2030. There is high health awareness among the population in the US, and therefore, outpatient esoteric testing is common. Esoteric tests are being widely used because of their growing use in treating severe diseases such as cancer and genetic disorders and aggressive sales and marketing strategies followed by vendors in the esoteric testing market.
Advancements in technology have been driving the field of clinical diagnostics. Technology allows large-scale operations in clinical laboratories through the automation of diagnostic tests. It has also helped minimize the time required to perform a particular test. While using the conventional laboratory-scale methods, there is a high chance of errors termed as human errors, i.e., errors caused by human limitations. By using technology in laboratory operations, the chances of errors have been minimized.
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Definition of Esoteric Testing Market
Esoteric testing includes testing of rare substances or molecules and is not performed during routine testing. It requires highly skilled professionals and advanced and sophisticated equipment. They are primarily performed in referenced laboratories where the sample is either sent by the physician or hospital (inpatient testing) or by the patient himself (outpatient testing).
U.S. Esoteric Testing Market Covid-19 Impact
The US is the worst-hit country regarding COVID-19 infection, reporting almost 32.8 million cases in May 2021. The country also reported 583 thousand deaths because of the pandemic. The pandemic affected the population and industries, including the clinical diagnostic industry. The pace of mergers and acquisition activities slowed down in the clinical diagnostics and esoteric testing industry. Several segments of routine laboratory testing and esoteric testing reported a decline in revenue because of the shift in focus toward managing the COVID-19 infection. Most of the esoteric testing market vendors, such as Quest Diagnostics, LabCorp, and BioReference Laboratories, focused on providing testing services for COVID-19. To improve access to COVID-19 testing throughout the country, companies collaborated.
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For instance, Quest collaborated with CVS Health, Walmart, and others to improve access to their COVID-19 testing menu. BioReference supported sports organizations in managing the COVID-19 infection. The outpatient testing segment in the esoteric testing market grew exponentially as the pandemic forced people to stay at home. The esoteric testing market in the US has been impacted positively because of the pandemic and is expected to witness growth during the forecast period.
U.S. Esoteric Testing Market Dynamics
Drivers: Inclination Toward Personalized Medicine
Precision medicines and personalized medicines are witnessing increased usage in the healthcare sector. Precision medicine is the practice of administering the right medicine to the right patient at the right time. On the other hand, personalized medicines provide medicine that is tailored specifically for a certain patient. The idea of precision medicine was facilitated by pharmaceutical companies performing research and development at the molecular and genetic levels to understand a person’s susceptibility to various diseases.
Restraints: Less Performed Tests & High Cost
Esoteric testing is a part of clinical diagnostic services to perform diagnostic tests for rare diseases and rare substances or molecules. They are not performed in regular clinical laboratories. It is low-volume testing only performed with a prescription or consultation with a physician to identify cancer and genetic disorders. To perform esoteric tests, one requires a highly skilled and qualified medical professional who can handle advanced diagnostic equipment. The equipment used for performing the esoteric testing is based on various analytical and diagnostic technologies such as chemiluminescence immunoassay (CLIA), and enzyme-linked immunosorbent assay (ELISA), RT-PCR, LC-MS/MS, flow cytometry, liquid biopsy, gene sequencing, and radioimmunoassay.
Opportunities: Growing use of Companion Diagnostics for Therapy Selection
Companion diagnostics identify a genetic or proteomic change, such as a change in a single gene or expression of a protein or its structure. They are very useful in clinical trials to gather test groups to produce results with maximum efficacy. In clinical trials, companion diagnostics help identify patients who would benefit the most from a particular therapeutic product and patients at risk of suffering from severe side effects. It also helps in monitoring the response to a specific treatment to get maximum safety and efficacy.