Dublin, June 09, 2021 (GLOBE NEWSWIRE) -- The "U.S. Esoteric Testing Market - Industry Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The U.S. esoteric testing market size is expected to grow at a CAGR of around 7% during 2020-2026
Advancement in technology such as first-generation genome sequencing and next-generation genome sequencing drives the U.S. esoteric testing market growth. The increasing usage of precision medicines and personalized medicines is booming in the clinical diagnostics and esoteric testing market in the US.
The out-patient testing segment occupies 78% of the U.S. esoteric testing market share. During the COVID-19 pandemic, this testing played a significant role in analyzing the structure of the virus, assigning the treatment for infection, and detecting the presence in infected people. Thus, the advent of COVID-19 is positively impacting the demand for esoteric testing across the country.
U.S. ESOTERIC TESTING MARKET SEGMENTATION
The U.S. esoteric testing market research report includes a detailed segmentation by field of study, technology, patient type. There are more than 31 companion diagnostics assays in the market today, and LabCorp and Covance have helped in the development of almost 75% of those. The largest application area of such tests is Oncology. Quest Diagnostics provides a wide range of mass spectrometry innovations such as liquid chromatography-tandem mass spectrometry assays, insulin-like growth factor, thyroglobulin, and steroid multiplexing. Quest diagnostics have innovated the MS to produce a method to detect the IGF-I factor, which produces rapid and more accurate results.
Based on technology, esoteric tests are helpful in the diagnosis of many rare disorders. The next-generation sequencing technique is a modern technique of gene sequencing, which is a highly efficient and rapid method of gene sequencing. Esoteric laboratories were the first to adopt the LC-MS/MS technology as it provided the advantage of being cost-effective over conventional testing methods such as HPLC and GC-MS.
Technological advancements in gene sequencing have been continuously reduced the cost required and the time taken for genome sequencing. LC-MS/MS to witness enormous growth for high application in laboratory diagnostics. Quest Diagnostic is one of the leading vendors in the US esoteric testing market and clinical diagnostics market and uses LC-MS/MS technology for testing in endocrinology.
Out-patient care is widely accepted by patients who are opting the genetic testing. The vendors providing out-patient testing services first confirm the billing ability of the patient to pay for the test. Out-patient testing is witnessing growth in revenue, as the esoteric test in an inpatient setting is not economical for most hospitals. Most of the hospitals focus on making the tests in an out-patient setting.
COMPETITIVE LANDSCAPE
Technology advancement and collaboration are the key factors driving the competition in the US market. Players are looking to equip their testing catalog with the latest findings and advanced technologies.
Laboratory Corporation of America Holdings has performed many acquisitions over the years, which has strengthened its position in the market. It has helped in strengthening the company's scientific capabilities and increasing the therapeutic fields.
In the diagnostics segment, a significant part of the company's revenue is generated in the US and focusing on improving its presence across the globe.
Major Vendors
- Laboratory Corporation of America Holdings (Labcorp)
- Business Overview
- Products Offerings
- Key Strategies
- Key Strengths
- Key Opportunities
- Quest Diagnostics
- BioReference Laboratories
- Eurofins Scientific
- Mayo Clinic Laboratories
- Sonic Healthcare
Other Prominent Vendors
- Myriad Genetics
- Business Overview
- Product Offerings
- ARUP Laboratories
- South Bend Medical Foundation
- Capstone Healthcare
- BioAgilytix
- Biological Laboratory
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Esoteric Testing in COVID-19
8 Market Opportunities & Trends
8.1 Automation of Laboratory Testing
8.2 Growing Use of Companion Diagnostics for Therapy Selection
8.3 Increasing Use of Genetic Counseling
9 Market Growth Enablers
9.1 Inclination Toward Personalized Medicine
9.2 Increasing Focus on Risk Assessment & Predisposition
9.3 Growing Technological Advancements
10 Market Growth Restraints
10.1 Less Performed Tests & High Cost
10.2 Social, Legal, & Ethical Implications of Genetic Testing
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.3 Five Forces Analysis
12 Field of Study
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Genetics
12.4 Immunology
12.5 Oncology
12.6 Infectious Diseases
12.7 Endocrinology
13 Technology
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Immunoassay
13.4 RT-PCR
13.5 LC-MS/MS
13.6 Flow Cytometry
13.7 Gene Sequencing
14 Patient Type
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Inpatient Testing
14.4 Outpatient Testing
15 Competitive Landscape
15.1 Competition Overview
15.2 Market Share Analysis
15.2.1 Labcorp
15.2.2 Quest Diagnostics
For more information about this report visit https://www.researchandmarkets.com/r/a7jys3