Esoteric Testing Market Trends

Growth Drivers

• Rising Occurrence of Rare Disorders - Rare disorders are usually severe, chronic, and life-threatening disorders. A rare disease is defined by the World Health Organization as a disabling lifelong disease or disorder with a prevalence of 1 or fewer per 1000 people. Several countries, however, have their own definitions to meet their specific needs and from the perspective of their population, healthcare system, and resources. Therefore, the surging ratio of several rare disorders is also estimated to boost the growth of the market in the coming years. For instance, in 2019, around 350 million people were expected to be living with a rare disease worldwide.

• Worldwide Surge in Geriatric Population - The formation of complicated health conditions is also an aspect of old age. Individuals have a greater probability to encounter multiple ailments simultaneously as they aged. Thus, the surge in the geriatric population is another significant factor that is anticipated to spur the growth of the market in the coming years. As per the United Nations statistics, worldwide, 1 in 6 individuals is estimated to be over 65 by 2050, an increase from 1 in 11 in 2019.

• Dynamic Escalation in Genetic Testing - Genetic testing examines a person's DNA for changes known as mutations or variations. Genetic testing is beneficial in numerous fields of medicine and can modify an individual's medical care. Genetic testing results may be helpful in an array of aspects, including detecting a hereditary condition, initiating therapy, or starting prevention measures. Thus, the expansion in genetic testing is also estimated to drive market growth further over the projected time frame. For instance, approximately 2 million genetic tests were conducted in the United States in 2019.

• Increasing Use of Specialized Rapid Testing Kits – Specialized testing kits are specially designed for dedicated therapeutics for certain diseases. The recent outbreak of COVID-19 has proved as the biggest boon in the growing demand for specialized rapid testing kits. For instance, globally around USD 28 billion worth of rapid COVID test kits were sold in 2020, while an estimated USD 19 billion worth of PCR COVID testing kits were sold in the same year.

• Rising Investments in Research & Development Activities – For instance, Pharmaceutical companies invested nearly USD 210 billion worldwide on research & development in 2020.

Challenges

• Inadequate Reimbursement for Esoteric Tests - Medicaid and Medicare coverage for precision medicine is quite limited. The amount of testing has been significantly influenced in recent years by a decrease in the reimbursement of diagnostic tests. Therefore, this factor is anticipated to hinder market growth in the projected time frame.
• Stringent Regulatory Framework Imposed by the Governments
• A Dearth of Required Infrastructural Facilities in Emerging Nations