Market Overview:
Esoteric testing includes specialized medical laboratory tests that aid in the diagnosis and treatment of complex medical conditions that are not typically tested with standard clinical testing. Such tests often require specialized equipment and skilled laboratory professionals for analysis. They help diagnose various chronic, genetic, neurological disorders more accurately.
Market key trends:
One of the key trends driving the market growth is increasing incidence of complex diseases such as cancer and genetic disorders. Changes in lifestyle and environment have led to rising prevalence of such conditions. According to WHO, around 9.6 million deaths in 2018 resulted from cancer. Early and accurate diagnosis plays a crucial role in improving treatment outcomes of cancer. Genetic testing helps in detecting gene mutations associated with various cancers effectively. This is prompting more patients and healthcare systems to opt for specialized diagnostic tests.
The global Esoteric Testing Market Growth is estimated to be valued at US$ 28.66 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global esoteric testing market can be segmented based on test types, technologly, end-users and regions. Based on test type, the market is dominated by infectious disease testing segment, which is expected to account for over 30% of the total market share. Infectious disease testing segment is dominating due to the increasing prevalence of infectious diseases such as HIV, hepatitis and human papillomavirus globally.
Key Takeaways
The global esoteric testing market is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing demand for accurate diagnostic of rare, complex diseases and customized diagnostic tests.
The market size for global esoteric testing market was US$ 28.66 Bn in 2023. North America region is expected to dominate the global market over the forecast period. In North America, the US holds majority of the market share owing to large technologically advanced healthcare facilities and skilled medical professionals in the country.
Key players operating in the esoteric testing market are LabCorp, Quest Diagnostics, OPKO Health, Miraca Holdings, Myriad Genetics, Sonic Healthcare, Healthscope, Foundation Medicine, Primary Health Care, Fulgent Genetics. LabCorp and Quest Diagnostics capture majority of the market share owing to their worldwide presence and wide service portfolio for esoteric testing.
According to the new market research report “Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Genetic Testing), Technology (MS, CLIA, ELISA, PCR), End User (Independent & Reference Laboratories, Hospital Laboratories) – Global Forecast to 2026″, published by MarketsandMarkets™, the global market is projected to reach USD 36.3 billion by 2026 from USD 21.0 billion in 2021, at a CAGR of 11.6% during the forecast period.Browse and in-depth TOC on “Esoteric Testing Market”134 – Tables47 – Figures244 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=76794708Growth in the esoteric testing market is primarily driven by the rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine are the major factors driving the growth of the esoteric testing market.The rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine are the major factors driving the growth of the market.In 2020, infectious diseases accounted for the largest share of the Esoteric Testing Market.
In 2020, the infectious disease testing segment accounted the largest share of the Esoteric Testing Market.
The fastest growth of the genetic testing segment is attributed to the advancements in the sequencing technologies such as NGS and increasing awareness.CLIA segment account for the largest share of the market in 2020.Based on technology, Esoteric Testing Market is segmented into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), mass spectrometry, real-time PCR, flow cytometry, DNA sequencing, and other technologies.
In addition, the ongoing automation, and digitalization of diagnostic laboratories, growing number of accredited laboratories, significant reimbursement coverage, and the competitive benefits offered by these providers are pushing the growth of the segment.Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=76794708North America was the largest regional market for the Esoteric Testing Market in 2020The market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America was the largest regional market for market in 2020.
Emerging APAC economies such as China and India are expected to see significant growth due their advancing healthcare infrastructure, increasing penetration of cutting-edge clinical laboratories, and expanding geriatric population are the major factors driving the growth of this market.The global Esoteric Testing Market is consolidated.
According to the new market research report ”Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Neurology, Genetic Testing), Lab Type (Independent Labs, Hospital Laboratories), Technology (Mass Spectrometry, CLIA, ELISA, PCR) – Global Forecast to 2023“, published by MarketsandMarkets™, MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
Major Growth Drivers: The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.
Expected Revenue Growth: [223 Pages Report] MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
Accessories to Fuel the Growth of Esoteric Testing Market : The MnM repository is referred to for high-level insights into the esoteric testing market.
Each of the technologies, types, and end users involved in the esoteric testing services were analyzed through secondary research and validated with primary interviews.
MnM also identified the key service providers in this market for the assigned countries and conducted interviews with the key industry experts to arrive at the market splits and shares.
Esoteric testing market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market.
To gain more info on esoteric testing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.Esoteric testing market is expected to gain market growth in the forecast period of 2020 to 2027.
Data Bridge Market Research analyses the market to account to USD 52.82 billion by 2027 growing at a CAGR of 11.25% in the above-mentioned forecast period.
The growing prevalence of chronic diseases and rise in geriatric population is driving the growth of the esoteric testing market.Get Sample PDF (including COVID19 Impact Analysis) of Market Report @ https://www.databridgemarketresearch.com/toc/?dbmr=global-esoteric-testing-marketMarket Drivers and Restraints:Based on type, the esoteric testing market is segmented into immunology testing, genetic testing, infectious diseases, endocrinology test, oncology test, toxicology testing, neurology testing and others.Esoteric testing market has also been segmented based on the technology into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, flow cytometry, mass spectrometry, real time–PCR, radioimmunoassay and others.On the basis of laboratory type, the esoteric testing market is further classified into independent & reference laboratories and hospital laboratories.The major players covered in the Esoteric Testing Market The major players covered in the esoteric testing market report are Quest Diagnostics, OPKO Health, Inc., MIRACA HOLDINGS Inc, Myriad Genetics, Inc., Sonic Healthcare, Healthscope, Foundation Medicine, ACM Global Laboratories, ARUP Laboratories, Fulgent Genetics, Invitae Corporation, Mayo Foundation for Medical Education and Research, Fresenius Medical Care, among other domestic and global players.
Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately.
DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.Major TOC Of The ReportChapter One: Esoteric Testing Market OverviewChapter Two: Manufacturers ProfilesChapter Three: Global Esoteric Testing Market Competition, by PlayersChapter Four: Global Esoteric Testing Market Size by RegionsChapter Five: North America Esoteric Testing Market Revenue by CountriesChapter Six: Europe Esoteric Testing Market Revenue by CountriesChapter Seven: Asia-Pacific Esoteric Testing Market Revenue by CountriesChapter Eight: South America Esoteric Testing Market Revenue by CountriesFind More Competitor in TOC with Profile Overview Share Growth Analysis @https://www.databridgemarketresearch.com/toc/?dbmr=global-esoteric-testing-marketKey Report HighlightsComprehensive pricing analysis based on different product types and regional segmentsMarket size data in terms of revenue and sales volumeDeep insights about regulatory and investment scenarios of the global Esoteric Testing Market Analysis of market effect factors and their impact on the forecast and outlook of the global Esoteric Testing Market The detailed assessment of the vendor landscape and leading companies to help understand the level of competition in the global Esoteric Testing Market A roadmap of growth opportunities available in the global Esoteric Testing Market with the identification of key factorsThe exhaustive analysis of various trends of the global Esoteric Testing Market to help identify market developmentsAccess Full Report @https://www.databridgemarketresearch.com/reports/global-esoteric-testing-marketKey Questions Answered in Report:What is the key to the Esoteric Testing Market ?What will the Esoteric Testing Market Demand and what will be Growth?What are the latest opportunities for Esoteric Testing Market in the future?What are the strengths of the key players?About Us:Data Bridge Market Research set forth itself as an unconventional and neoteric Market research and consulting firm with unparalleled level of resilience and integrated approaches.
