Statistics on Global Esoteric Testing Market Size & Share to Surpass USD 37917.67 Million by 2028, Exhibit a CAGR of 11.10% | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, Aug. 17, 2022 /PRNewswire/ -- As per Zion Market Research study, The global esoteric testing market size was worth USD 20,163.10 million in 2021 and is estimated to grow to USD 37917.67 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.10 percent over the forecast period.
Esoteric Testing Market: Overview
Esoteric testing involves the scientific examination of uncommon molecules and substances that are not often done in a clinical laboratory. These tests are carried out when a doctor needs more comprehensive information regarding the patient's condition. However, as laboratory testing technology develops, tests that are currently thought to be esoteric may end up being common in a short period of time. These tests are recommended by doctors when they require more detailed information than routine lab testing to finish a diagnosis, determine a prognosis, or select and track a treatment plan. Esoteric testing frequently requires the use of specialized tools and materials, as well as skilled personnel to conduct the test and analyze the results. These tests are typically more expensive and ordered less frequently than standard tests. Esoteric tests include those in endocrinology, genealogy, immunology, microbiological, molecular diagnostics, cancer, serology, and toxicity.
The rising esoteric testing market value for innovatively reasonable tests has resulted in significant initiatives in R&D, which will strengthen market development potential in the future. Planned and improved novel diagnostic techniques with diverse benefits for a wide range of intriguing infections will drive global market demand. The key factor influencing the growth of the global esoteric testing market is insufficient payback. Medicaid and Medicare coverage of proper medicine and tailored medication is extremely limited.
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Key Industry Insights & Findings of the Esoteric Testing Market Reports:
- As per the analysis shared by our research analyst, the Esoteric Testing Market is expected to grow annually at a CAGR of around 11.10 % (2022-2028).
- Through the primary research, it was established that the Esoteric Testing Market was valued at approximately USD 20163.1 million in 2021 and is projected to reach roughly USD 37917.67 million by 2028.
- New advances in widespread proteomics, as well as stronger collaboration between researchers and physicians, contribute to understanding and detecting complicated illness characteristics.
- Rapid growth for genomics and proteomics, as well as greater investment in the identification of innovative solutions to detect rare biomolecules, will drive overall market growth. Advancement of novel test methods with significant advantages for a variety of chronic illnesses will drive global esoteric testing market demand.
- Targeted therapy and personalized medicine are only covered in a few areas under Medicare. Diagnostic test reimbursement has fallen in recent years, reducing the volume of tests performed.
- The global esoteric testing market is expected to be driven by several developing technologies and integrated innovations such as genetic studies, digital PCR, next-generation sequencing & Pyrosequencing, microfluidic platforms, and enhanced molecular phenotyping technologies.
- North America will continue to dominate the global esoteric testing market during the forecast period due to an increase in chronic illness, an expansion in government diagnostic activities, and an overall increase in community awareness of self-diagnosis.
- The increasing prevalence of chronic diseases and an expanded focus on early detection and treatment of unusual infections will also drive the regional market growth.
Zion Market Research published the latest report titled 'Esoteric Testing Market By Type (Infectious Disease Testing, Endocrinology Testing, Oncology Testing), Technology (Enzyme-Linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass-Spectrometry, Real-Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, and Other Technologies), By End-Use (Hospital-based Laboratories and Independent & Reference Laboratories), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.' into their research database.
Industry Dynamics:
Esoteric Testing Market: Growth Drivers
- Rising demand for proteomics and genomics likely to pave way for global market growth.
Proteomics testing on a broad scale is fundamental to clinical translation and biological research. New advances in widespread proteomics, as well as stronger collaboration between researchers and physicians, contribute to understanding and detecting complicated illness characteristics. Rapid growth for genomics and proteomics, as well as greater investment in the identification of innovative solutions to detect rare biomolecules, will drive overall market growth. Advancement of novel test methods with significant advantages for a variety of chronic illnesses will drive global esoteric testing market demand
Esoteric Testing Market: Restraints
- Inadequate reimbursement may hamper the global market growth.
Limited reimbursements will hinder the expansion of the esoteric testing sector during the forecast period. Targeted therapy and personalized medicine are only covered in a few areas under Medicare. Diagnostic test reimbursement has fallen in recent years, reducing the volume of tests performed.
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Global Esoteric Testing Market: Opportunities
- Rising technology advancement in developing countries bring up several growth opportunities.
The global esoteric testing market is expected to be driven by several developing technologies and integrated innovations such as genetic studies, digital PCR, next-generation sequencing & Pyrosequencing, microfluidic platforms, and enhanced molecular phenotyping technologies. The increased usage of information technology has enabled faster and more effective data transfer. Industry participants in the esoteric testing market should take advantage of the prospects provided by growing economies such as China and India, which is predicted to determine the market's speedy growth over the forecast period.
Global Esoteric Testing Market: Segmentation
- The global esoteric testing market is segregated based on technology, type, end-user, and region.
By type, the market is divided into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. Among these, the infectious disease testing segment dominated the market in 2021. The increased incidences of infectious diseases, combined with rising demand for specialty testing, will drive up overall sector test volumes. Furthermore, the increasing efficacy of esoteric testing in the identification of immunological illnesses is a significant component driving the segment's rapid rise.
By technology, the market is classified into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real-time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. Over the forecast period, chemiluminescence is expected to develop at the fastest rate. The rapid expansion in the use of chemiluminescence in esoteric testing due to its capacity to identify chemicals in small production test samples is driving the market growth.
By end-users, the market is segmented into hospital-based laboratories and independent & reference laboratories. The independent & reference laboratories held a significant share in the market in 2021. Growth is being fueled by the ongoing automation technology of diagnostic laboratories, the rise in accredited laboratories, broad reimbursement acceptance, and attractive benefits provided by these providers. The segment is expanding because of continuous diagnostic laboratory automation & digitization, an increase in accredited laboratories, extensive financing support, and aggressive incentives provided by these providers.
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List of Key Players in Esoteric Testing Market:
- LabCorp
- Quest Diagnostics
- OPKO Health
- H.U. Group Holdings Inc.
- Helios Limited
- Sonic Healthcare
- Mayo Foundation for Medical Education and Research (MFMER US)
- Eurofins Scientific
- Stanford Clinical Pathology
- Foundation Medicine
- Kind star Global Technology Inc.
- ARUP Laboratories
- Georgia Esoteric & Molecular Laboratory LLC
- Thorofare Technologies Ltd.
- ACM Global Laboratories
- Biaxiality Labs
- National Medical Services Inc. (NMS)
- Baylor Esoteric and Molecular Laboratory
- Cerda Expert
- Health Quest Esoteric
- BUHLMANN Diagnostics Corp (BDC US)
- BP Diagnostic Centre SDN BHD
- Flow Health
- Leo Labs Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Esoteric Testing Market?
- What are the key driving factors propelling the Esoteric Testing Market forward?
- What are the most important companies in the Esoteric Testing Market Industry?
- What segments does the Esoteric Testing Market cover?
- How can I receive a free copy of the Esoteric Testing Market sample report and company profiles?
Report Scope:
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Recent Developments
- January 2021, OPKO Health Inc. (Bio Reference Laboratories) launched Scarlet Health, an in-home diagnostic, fully integrated digital platform, in the US.
- March 2019, H.U. Group Holdings' subsidiary, Maraca Holdings, partnered with the Chugai Pharmaceutical Co., Ltd
- November 2021, ARUP Laboratories announced a collaboration with PacBio in a study to enhance and improve rare disease diagnosis. This has allowed the company to identify advanced testing solutions and offered business development opportunities.
Regional Dominance:
- North America dominated the esoteric testing market in 2021.
North America will continue to dominate the global esoteric testing market during the forecast period due to an increase in chronic illness, an expansion in government diagnostic activities, and an overall increase in community awareness of self-diagnosis Furthermore, established esoteric testing market trends companies in advanced countries drive globalization by pushing new things and administrations into agricultural nations & emerging economies. Canada is expected to be the fastest growing business area, because of the growing interest in practical procedures for the diagnosis and treatment of persistent infections. The increasing prevalence of chronic diseases and an expanded focus on early detection and treatment of unusual infections will also drive the regional market growth.
Global Esoteric Testing Market is segmented as follows:
Esoteric Testing Market: By Type Outlook (2022-2028)
- Infectious Diseases Testing
- Endocrinology Testing
- Oncology Testing
- Genetics Testing
- Toxicology Testing
- Immunology Testing
- Neurology Testing
- Other Testing
Esoteric Testing Market: By Technology Outlook (2022-2028)
- Chemiluminescence Immunoassay
- Enzyme-Linked Immunosorbent Assay
- Mass Spectrometry
- Real-Time PCR
- DNA Sequencing
- Flow Cytometry
- Other Technologies
Esoteric Testing Market: By End User Outlook (2022-2028)
- Independent & Reference Laboratories
- Hospital-Based Laboratories
Esoteric Testing Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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