Oct 16, 2024
5 min read
0The global esoteric testing market was valued at USD 21.4 billion in 2022 and it is anticipated to grow further up to USD 62.9 billion by 2032, at a CAGR of 11.4% during the forecast period.
Esoteric Testing involves the laboratory examination of uncommon molecules and substances that is not often done in a clinical laboratory. These tests are carried out when a doctor needs more comprehensive information regarding the patient’s health. To assess the outcome, a sophisticated device, materials, and specialist are needed.
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Market Trends and Drivers
The growing geriatric population coupled with the increasing prevalence of chronic and infectious diseases and advancing esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and precision medicine are boosting the growth of the market. Globally, chronic diseases including diabetes, heart disease, and cancer are on the rise. Infectious disease prevalence is also rising at an alarming rate and includes diseases like Dengue, Hepatitis B, C, HIV, Malaria, Tuberculosis, and others. The knowledge of esoteric testing for the quick and accurate detection of certain disorders is growing. Esoteric tests’ improving technology is providing quicker results with improved sensitivity, detection limits, and efficacy. The market is expanding as a result of the rising use of esoteric DNA sequencing, NGS technologies, and whole genome sequencing in the early diagnosis of cancer, precision medicine, and personalized medicine.
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Market Restraints and Challenges
The inadequate reimbursement of the esoteric tests is likely to hinder the growth of the market. One of the main factors limiting the expansion of the esoteric testing business is inadequate reimbursement. Medicare’s coverage of personalized and precision medicine is quite limited. The amount of testing has been significantly influenced in recent years by a decrease in the reimbursement for diagnostic tests. This came about as a result of Medicare, Medicaid, and other third-party payers, notably managed care organizations (MCOs), tightening their controls over the use of laboratory services.
Global Esoteric Testing Market Segmental Overview
The report analyses the global esoteric testing market based on the type, technology, end user, and region.
Global Esoteric Testing Market by Type
By type, it is segmented into infectious disease testing, endocrinology testing, oncology testing, genetics testing, toxicology testing, immunology testing, neurology testing, and others. The infectious disease testing segment accounted for the largest share in the market owing to the high demand for technological advancements in molecular testing. The improving healthcare infrastructure of the developing countries has also supported the large share of the segment. The genetic testing segment is expected to grow with the fastest CAGR owing to the advancing NGS sequencing technology.
Global Esoteric Testing Market by Technology
By technology, it is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, DNA sequencing, flow cytometry, and others. The chemiluminescence immunoassay accounted for the largest share in the market. Owing to its high performance coupled with its efficacy in diagnosis are boosting the growth of the market.
Global Esoteric Testing Market by End User
By end user, it is segmented into independent & reference laboratories, and hospital-based laboratories. The independent & reference laboratories segment is likely to dominate the market during the forecast period. The key factors such as an increase in the number of laboratories coupled with high testing volumes, and a surge in the digitalization of diagnostic laboratories. However, the hospital-based laboratories segment is likely to witness considerable growth during the forecast period owing to the rise in prevalence of chronic disease, development in hospital laboratories, and the increasing need for preventive healthcare.
Geographical Analysis of Global Esoteric Testing Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the majority of the share in the global esoteric testing market. Owing to the rise in prevalence of chronic disease and increase in the number of diagnostic tests and technological advancements for esoteric testing. However, Asia Pacific is expected to register the highest CAGR from 2022 to 2031, owing to an increase in the prevalence of chronic disease, a rise in government initiatives for diagnostic services coupled with the surge in demand for ELISA and RT-PCR tests, and an increase in awareness among the population for self-diagnostic testing.
Major Players in the Global Esoteric Testing Market
The key players in the global esoteric testing market are Labcorp(U.S), Sonic Healthcare(Australia), Mayo Foundation for Medical Education and Research(U.S), Eurofins Scientific(Luxembourg), Kindstar Global Technology, Inc.(China), ARUP Laboratories(U.S), BioAgilytix Labs(U.S), HealthQuest Esoterics(U.S), BUHLMANN Diagnostics Corp(U.S), Leo Labs, Inc.(India).
COVID-19 Impact
Due to the COVID-19’s unexpected outbreak, the market’s expansion has slowed down. Due to the implementation of lockdowns, businesses saw certain operational and logistical difficulties in the first quarter of 2020. Companies then accelerated and shifted their focus from esoteric tests to the diagnostic options for COVID-19 as a result of the enormous flood of COVID-19 patients and the enormous demand for mass scale diagnosis in various regions.
Recent Developments
May 2021, Labcorp announced that it has entered into a definitive agreement to acquire select operating assets and intellectual property (IP) from Myriad Genetics autoimmune business unit, comprising the Vectra rheumatoid arthritis assay.
February 2021, Quest Diagnostics collaborated with GRAIL to support a first of its kind multi cancer early detection blood test called Galleri.
January 2021, OPKO Health Inc. (BioReference Laboratories) launched Scarlet Health, an in-home diagnostic, fully integrated digital platform, in the US.
March 2019, H.U. Group Holding’s subsidiary, Miraca Holdings, partnered with Chugai Pharmaceutical Co., Ltd.
Esoteric Testing Market Report Coverage:
The report offers a comprehensive quantitative as well as qualitative analysis of the current Esoteric Testing Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
The report also covers qualitative as well as quantitative analysis of Esoteric Testing Market in terms of revenue ($Million)
Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Esoteric Testing industry.
A thorough analysis of market trends and restraints is provided.
By region as well as country market analysis is also presented in this report.
Analytical depiction of the Esoteric Testing Market along with the current trends and future estimations to depict imminent investment pockets. The overall Esoteric Testing industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Esoteric Testing Market are also analyzed