Global Esoteric Testing Market is Likely to Grow at a CAGR Value of 11.10% By 2028

10-Aug-2022 | Zion Market Research

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. The report analyzes the esoteric testing market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the esoteric testing market.

Esoteric testing is the examination of uncommon molecules using a variety of technologies, including DNA sequencing, flow cytometry, mass spectrometry, and real-time polymerase chain reaction. It is carried out when more information beyond that obtained from lab tests is required to make a prognosis and oversee therapeutic intervention. The esoteric technique enables the examination of exceptional substances or molecules typically not investigated in a clinical lab. The supplies required for these tests can be costly, especially as they are infrequently purchased in amounts significant enough to benefit from economies of scale. Molecular diagnostics is the area of esoteric clinical testing that is expanding quickly. Due to the use of complex chemicals and equipment, esoteric testing requires the employment of qualified professionals to conduct the test and interpret the results. Esoteric labs help clinicians make a solid diagnosis so that effective treatment can start by giving them insight into a patient's condition. As it is more affordable for hospitals and doctor's offices to do the tests in-house, many large-scale commercial lab companies and laboratories outsource test materials to independent, specialized clinical research facilities.

The global esoteric testing market is growing due to technologies in the field and a rise in the number of diagnostic tests available. Infectious diseases such Hepatitis B & C, HIV, Malaria, tuberculosis, and others are also on the rise. The rising knowledge of esoteric testing for the early and successful identification of such diseases is one of the factors responsible for the growth. However, the high cost of esoteric testing and a scarcity of skilled technicians are projected to limit market expansion throughout the projection period. Inadequate compensation is a significant factor impeding the development of the esoteric testing market.

Global Esoteric Testing Market

The global esoteric testing market is segregated based on technology, type, end-user, and region. Based on type, the market is divided into infectious disease, oncology, endocrinology, genetic, toxicology, immunology, neurology, and other testing. Among these, the infectious illness segment dominated the market in 2021. Based on 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. The chemiluminescence immunoassay market is expected to develop fastest during the forecast period. Based on end-use, the market is classified into independent & reference laboratories, and hospital-based laboratories. The hospital-based laboratories segment dominated the market in 2021.

The global esoteric testing market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America dominates the global esoteric testing market in 2021 because of a growth in the frequency of chronic illness, an increase in the number of medical techniques, and technical advancements for esoteric testing. Also, the advent of advanced clinical testing services and high expenditure are significant contributors to the region's rising use of esoteric testing. Furthermore, the presence of top service providers and a favorable reimbursement scenario would boost the North American market during the forecast period.

Key players in the global esoteric testing market include LabCorp , Quest Diagnostics , and OPKO Health . The other players operating into this market include 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 (Beijing) Technology, Inc., ARUP Laboratories , Georgia Esoteric & Molecular Laboratory, LLC , Thorofare Technologies Ltd. (India), 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 , and Leo Labs, Inc..

Recent Development:

  • May 2021: Neubert Diagnostic, a leading company that offers best-in-class laboratories, launched the clinical laboratory's operation in the U.S. to offer genomic and molecular testing on new generation sequencing technology.
  • February 2021: Quest Diagnostics collaborated with GRAIL to support a first-of-its-kind multi-cancer early detection blood test called Gallery.

Browse the full 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. Report at https://www.zionmarketresearch.com/report/esoteric-testing-market

Global Esoteric Testing Market is segmented as follows:

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"

By Region

  • 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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