Esoteric Testing Market Size
Global Esoteric Testing Market to surpass USD 88.4 billion by 2031 from USD 26.2 billion in 2021 at a CAGR of 13% in the coming years, i.e., 2021-2031.
Esoteric testing is a laboratory analysis of a rare chemical or substance that isn't done in a typical clinical lab. When a physician requires further and specific information regarding a patient's health, these tests are conducted. To assess the results, you'll need a sophisticated device and materials, as well as a competent technician. Reference and esoteric testing labs are used by many large commercial labs to outsource difficult tests. However, as laboratory testing technology advances, tests that are currently deemed exotic may become routine in just a few years.
Market Highlights
The Global Esoteric Testing Market is expected to achieve a remarkable CAGR of 13% in 2031.
Global Esoteric Testing Market to surpass USD 88.4 billion by 2031 from USD 26.2 billion in 2021 at a CAGR of 13% in the coming years, i.e., 2021-2031. Increased frequency of chronic, infectious, and rare genetic diseases, as well as increased demand for enzyme linked immunosorbent assay (ELISA) and real time polymerase chain reaction (RT-PCR), are propelling the market forward. Furthermore, the market is likely to benefit from increased financing from commercial and government entities for diagnostic service centres, as well as advancements in technology for esoteric testing.
Global Esoteric Testing Market: Segments
Infectious Diseases Testing segment is expected to lead with the highest CAGR during 2021-31
Based on Type, the global Esoteric Testing Market is fragmented into Infectious Diseases Testing, Endocrinology Testing, Oncology Testing, Genetics Testing, Toxicology Testing, Immunology Testing, Neurology Testing, and Other Testing. The infectious disease testing segment has dominated the market in recent years and is likely to continue to do so in the future, owing to an increase in the frequency of infection disease, breakthroughs in healthcare laboratory technology, and advances in molecular diagnostic technology.
Independent & Reference Laboratories segment to register significant market share CAGR during 2021-31
Global Esoteric Testing Market is classified on the basis of End User into Independent & Reference Laboratories, and Hospital-Based Laboratories. Owing to an increase in the number of laboratories, high testing volumes, and a spike in diagnostic laboratory digitalization, the independent and reference laboratories segment led the market in past years and is likely to continue this trend during the projection period.
Market Dynamics
Drivers
Growing Incidence of Chronic and Infectious Diseases
The rising incidence of chronic and infectious diseases, increased use of esoteric DNA sequencing technologies in precision medicine, early cancer diagnosis, and developments in customized medicine are the primary reasons driving the esoteric testing market's rise. The expanding markets in Asia Pacific are likely to provide significant growth possibilities for market participants.
Improvements in Esoteric Test Technology
Esoteric test technology is improving, allowing for faster results with improved efficacy, detection limits, and sensitivity. The growing use of esoteric DNA sequencing, NGS technologies, and whole genome sequencing in cancer early detection, precision medicine, and personal medicine is further propelling the market forward.
Restraint
Poor reimbursement of Esoteric Testing
Inadequate reimbursement is a major stumbling block to the esoteric testing market's expansion. Medicare's coverage of precision medicine and personalized treatment is greatly confined.
Global Esoteric Testing Market:
Key Players
- ARUP Laboratories
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Baylor Esoteric and Molecular Laboratory
- Foundation Medicine
- Healius Limited
- Laboratory Corporation
- Mayo Foundation for Medical Education and Research
- OPKO Health
- Quest Diagnostics
- Sonic Healthcare Limited
- Stanford Clinical Pathology
- Other Prominent Players
Global Esoteric Testing Market: Regions
Global Esoteric Testing Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America has dominated the esoteric testing market in recent years and is likely to do so again during the forecast period, owing to rising chronic disease prevalence, growth in the number of diagnostic tests, and technical advancements in the field.
Impact of COVID-19 on Esoteric Testing Market
The unexpected breakout of the COVID-19 pandemic has slowed the expansion of the esoteric testing business. Companies encountered operational and logistical issues in the first quarter of 2020 as a result of the application of lockdowns. Companies eventually increased and shifted their focus from esoteric testing to diagnostic offerings for COVID-19 as a result of the large influx of COVID-19 patients and tremendous demand for mass scale diagnosis in diverse regions.
Global Esoteric Testing Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States, Mexico, and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, Japan, Australia and Rest of Asia Pacific
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Saudi Arabia, South Africa and Rest of Middle East and Africa
Global Esoteric Testing Market report also contains analysis on:
Esoteric Testing Market Segments:
- By Type
- Infectious Diseases Testing
- Endocrinology Testing
- Oncology Testing
- Genetics Testing
- Toxicology Testing
- Immunology Testing
- Neurology Testing
- Other Testing
- By Technology
- Chemiluminescence Immunoassay
- Enzyme-Linked Immunosorbent Assay
- Mass Spectrometry
- Real-Time PCR
- DNA Sequencing
- Flow Cytometry
- Other Technologies
- By End User
- Independent & Reference Laboratories
- Hospital-Based Laboratories
- Esoteric Testing Market Dynamics
- Esoteric Testing Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Esoteric Testing Market Report Scope and Segmentation
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 26.2 billion |
|
Revenue forecast in 2031 |
USD 88.4 billion |
|
Growth Rate |
CAGR of 13% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Type, Technology, End User, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
ARUP Laboratories, Baylor Esoteric and Molecular Laboratory, Foundation Medicine, Healius Limited, Laboratory Corporation, Mayo Foundation for Medical Education and Research, OPKO Health, Quest Diagnostics, Sonic Healthcare Limited, and Stanford Clinical Pathology. |
Frequently Asked Questions (FAQ):
The Esoteric Testing Market size was estimated at USD 26.2 billion in 2021 and is expected to reach USD 88.4 billion in 2031.
Complex diseases and rare medical disorders are strenuous to diagnose and hence, esoteric testing plays a vital role in the early diagnosis of such diseases.
The Infectious Diseases Testing segment accounted for the largest Esoteric Testing Market share.
Key players in the Esoteric Testing Market include ARUP Laboratories, Baylor Esoteric, and Molecular Laboratory, Foundation Medicine, Healius Limited, Laboratory Corporation, Mayo Foundation for Medical Education and Research, OPKO Health, Quest Diagnostics, Sonic Healthcare Limited, and Stanford Clinical Pathology.
Increasing prevalence of chronic, infectious, and rare genetic diseases, along with the rise in demand for real time polymerase chain reaction (RT-PCR) and enzyme linked immunosorbent assay (ELISA).
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