Esoteric Testing Market worth $36.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, June 25, 2021 /PRNewswire/ -- 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.
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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. The genetic testing segment is expected to grow at the highest CAGR during the forecast period.
Based on the type, the market is segmented into infectious disease testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. In 2020, the infectious disease testing segment accounted the largest share of the Esoteric Testing Market. The largest share of the segment is attributed to the increasing incidence of infectious diseases, technological innovations in molecular diagnostics, and improving healthcare infrastructure in developing nations. The genetic testing segment is expected to register the highest CAGR during the forecast period. 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. CLIA accounted for the largest share of the market in 2020. The large share of this segment can be attributed to its advantages over other testing methods, such as high-performance levels, low detection limits, higher specificity, high signal intensity, and good precision.
Independent & reference laboratories account for the largest share of the Esoteric Testing Market in 2020.
Based on end user, the market is segmented into independent & reference laboratories and hospital-based laboratories. Independent & reference laboratories account for the largest share of the market. The largest share is attributed to the high testing volumes. 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.
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North America was the largest regional market for the Esoteric Testing Market in 2020
The 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. The large share of the North American market can be attributed to the increasing per capita healthcare expenditure, presence of the leading market players, increasing use of rapid diagnostics, expanding geriatric population, and advancing precision medicine in the region.
However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. 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. The prominent players operating in this market include Labcorp (US), Quest Diagnostics (US) and OPKO Health Inc. (US).
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