Which Esoteric Testing Industry Trends Can Optimize Your Healthcare Business?

15 Jan
2024

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Highlights:

About esoteric testing
Promising future of the sector
Recent developments shaping the growth of the industry

What is esoteric testing?

Esoteric tests known as specialist laboratory procedures are unavailable in standard clinical laboratories. These tests are conducted in specialized labs due to their complexity, the rarity of the disorders they diagnose, or the specialized knowledge required for interpreting the data. Advanced biomarker assays, specific tests for uncommon infections, and genetic tests targeting rare disorders are considered esoteric diagnostics. Unlike routine blood or urine testing, these specialized diagnostic procedures are sent to reference labs possessing the necessary tools and expertise for their accurate analysis and interpretation.

Which trends are gaining momentum in the esoteric testing sector?

Incorporation of AI and automation:

Specialized laboratories that perform esoteric or specialized testing are progressively implementing automation and artificial intelligence to improve efficiency, accuracy, and overall output. Machine learning algorithms are integrated to analyze data and detect patterns, resulting in quicker and more consistent outcomes. Natural language processing enables smooth data extraction from physician notes, seamlessly integrating this information into laboratory systems. Robotic sample handling systems automate tasks such as aliquoting and transportation and effectively reduce manual errors.

Liquid biopsy gaining momentum:

Liquid biopsy, an advancing trend within oncology, involves the analysis of biomarker signatures in bodily fluids like blood to detect the presence of cancer. In contrast to tissue biopsies, liquid biopsy is minimally invasive. It offers real-time information about tumor mutations, thereby assisting in making informed treatment decisions. Such innovations are contributing to the growth of the oncology segment which is anticipated to hold $8,148.1 million by 2032.

The potential of liquid biopsy in both cancer screening and continuous monitoring is substantial. This technology is progressively gaining traction among esoteric laboratories due to its advantageous characteristics.

What is the future of the esoteric testing industry?

As healthcare moves towards personalized treatments, esoteric testing assumes a crucial role in discovering an individual's genetic and physiological traits. Healthcare providers utilize this capability to design customized treatment plans, predict the possibility of diseases, and optimize medication efficacy. The integration of esoteric testing into personalized medicine strategies catalyzes its adoption, stimulates the requirement for specialized diagnostics, and significantly contributes to the expansion of the industry.

According to a regional analysis in the report, India is expected to manifest a notable CAGR of 14.2% by 2032. However, the UK is anticipated to gain second position with a 12.7% CAGR throughout the forecast timeframe.

Which recent developments in the industry should your business stay informed about?

The global esoteric testing industry is experiencing continuous growth due to technological advancements in testing procedures. The top entities are implementing novel strategies to sustain the highly competitive sector. These strategies call for a range of innovative product launches, mergers, partnerships, collaborations, and acquisitions.

For instance, Quest has introduced a consumer-driven genetic test, Genetic Insights, on questhealth.com, aiming to provide personalized health risk insights. Genetic Insights employs a saliva sample to examine 36 genes, focusing on potential risks associated with almost two dozen heritable conditions. These involve various heart and blood disorders, breast and colon cancer, as well as determining carrier status for diseases such as sickle cell anemia, Tay-Sachs disease, and cystic fibrosis.

Summing up, the growth of the esoteric testing industry is attributed to a surge in the number of medical labs, growth in the prevalence of infectious and chronic diseases, and rising awareness about customized medicine and early disease diagnosis. However, advanced technologies in esoteric testing will open new avenues for the sector in the upcoming years.

To initiate a new phase of your business with strong strategies and informed decisions, reach out to our experts today!

Akhilesh Prabhugaonkar

Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.

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