Esoteric testing involves specialized laboratory diagnostics that go beyond routine tests. Its applications span various medical disciplines, including oncology, genetics, infectious disease, and autoimmune disorders. The key features of esoteric testing are its ability to detect rare conditions, provide comprehensive genetic insights, and aid in personalized treatment plans. Healthcare professionals utilize esoteric testing to identify specific biomarkers, assess disease progression, and monitor treatment responses, ultimately improving patient outcomes and advancing medical knowledge.
According to Data Bridge Market Research, the Global Esoteric Testing Market is expected to reach USD 37.21 billion by 2029. The market is expected to grow with a CAGR of 12.25% in the forecast period of 2022 to 2029.
“Rise in cases of infectious diseases boosts the market’s growth”
The esoteric testing market is witnessing growth due to the rise in cases of infectious diseases. Esoteric tests are specialized and highly sensitive, allowing for the accurate detection of various pathogens and rare diseases. With the increasing global burden of infectious diseases, there is a growing demand for accurate and timely diagnostic solutions. Esoteric testing plays a crucial role in early detection, disease monitoring, and guiding appropriate treatment, leading to a surge in its adoption and market growth.
What restraints the growth of the global esoteric testing market?
“High cost of esoteric testing restraints the market’s growth”
The high cost of esoteric testing is a significant restraint on the market's growth. These specialized tests often involve complex procedures, advanced technologies, and specialized equipment, leading to higher testing expenses. As a result, healthcare facilities and patients may face financial challenges in accessing esoteric testing services. Moreover, health insurance coverage for such tests may be limited, further limiting their adoption. The high cost may deter healthcare providers from offering esoteric testing, impacting market growth potential.
Segmentation: Global Esoteric Testing Market
The global esoteric testing market is segmented on the basis of type, technology, and laboratory type.
- On the basis of type, the esoteric testing market is segmented into immunology testing, genetic testing, infectious diseases, endocrinology test, oncology test, toxicology testing, neurology testing, and others.
- On the basis of technology, the esoteric testing market is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, flow cytometry, mass spectrometry, real time–polymerase chain reaction PCR, radioimmunoassay, and others.
- On the basis of laboratory type, the esoteric testing market is segmented into independent and reference laboratories and hospital laboratories.
Regional Insights: North America dominates the Global Esoteric Testing Market
North America accounted for a significant share of the esoteric testing market and is expected to maintain its dominance during the forecast period due to rising prevalence of chronic diseases, an increasing number of diagnostic tests being performed, and advancements in testing technologies. These factors have contributed to the demand for specialized and advanced diagnostic tests for accurate and early detection of various medical conditions.
Asia-Pacific is expected to grow at the fastest rate during the forecast period due to the rising prevalence of chronic diseases, government initiatives promoting diagnostic services, increased demand for tests such as enzyme-linked immunoassay (ELISA) and reverse transcription polymerase chain reaction (RT-PCR), and growing awareness among the population about self-diagnostic testing. These factors have led to a surge in demand for specialized and advanced diagnostic tests in the healthcare industry.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-esoteric-testing-market
Recent Developments
- In May 2021, Labcorp announced its acquisition of Myriad Genetics' autoimmune business unit.
- In February 2021, Quest Diagnostics collaborated with GRAIL to provide support for Galleri, an innovative multi-cancer early detection blood test.
- In January 2021, OPKO Health Inc. (BioReference Laboratories) introduced Scarlet Health, a fully integrated digital platform for in-home diagnostics, in the United States.
- In March 2019, Chugai Pharmaceutical Co., Ltd. partnered with Miraca Holdings, a subsidiary of H.U. Group Holdings.
The Prominent Key Players Operating in the Global Esoteric Testing Market Include:
- Quest Diagnostics (U.S.)
- OPKO Health, Inc. (U.S.)
- MIRACA HOLDINGS Inc. (Japan)
- Myriad Genetics, Inc. (U.S.)
- Sonic Healthcare (Australia)
- Healthscope (Australia)
- Foundation Medicine (U.S.)
- ACM Global Laboratories (India)
- ARUP Laboratories (U.S.)
- Fulgent Genetics (U.S.)
- Invitae Corporation (U.S.)
- Mayo Foundation for Medical Education and Research (U.S.)
- Fresenius Medical Care (Germany)
- Charles River Laboratories (U.S.)
- Pacific Bio labs, Inc. (U.S.)
- Merck KGaA (Germany)
- WuXi AppTec (China)
- North American Science Associates Inc. (U.S.)
- Nelson Laboratories, LLC (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global esoteric testing market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Esoteric Testing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
