Market Highlights
Factors such as the increasing prevalence of chronic diseases and rising therapeutics demand are estimated to drive the market growth during the forecast period. Additionally, advancements in diagnostic and treatment technologies boost the market. Furthermore, esoteric testing is generally outsourced from reference laboratories or independent laboratories and is not cost-effective.
However, low awareness and lack of healthcare services in the middle and low-income countries are estimated to restrain the market growth during the projected period.
Segmentation
The global Esoteric Testing Market is segmented on the basis of test type, technology, end-user, and region. Considering test type, the market is segmented into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others. By technology, the market is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others. By end-user, the market is segmented into independent and reference laboratories, research laboratories, and others. Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa.
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Key Players
Some of the key players in this market are LabCorp (U.S.), Quest Diagnostics (U.S.), Invitae (U.S.), Spectra Laboratories (U.S.), Opko Health (U.S.), Miraca Holdings (Japan), Foundation Medicine (U.S.), ACM Global Laboratories (U.S.), Arup Laboratories (U.S.), Myriad Genetics (U.S.), Sonic Healthcare (Australia), Primary Health Care (Australia), Healthscope (Australia), Mayo Medical Laboratories (U.S.), Fulgent Genetics (U.S.), and others.
Regional Analysis
The Americas dominates the global esoteric testing market owing to the increasing prevalence of chronic diseases and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure, growing geriatric population, and presence of key players within the regional boundaries provide a favorable background for the market growth.
Europe is the second largest in the global esoteric testing market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.
Asia Pacific is estimated to be the fastest growing market for esoteric testing. This can be attributed to the presence of developing economies such as India and China and the increasing patient population. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.
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On the other hand, the Middle East and Africa has the least share in the global esoteric testing market due to the low per capita healthcare expenditure and stringent government policies, especially within the African region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region.
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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.Browse and in-depth TOC on “Esoteric Testing Market”134 – Tables47 – Figures244 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=76794708Growth in the esoteric testing market is primarily driven by 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 esoteric testing market.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.
In 2020, the infectious disease testing segment accounted the largest share of the Esoteric Testing Market.
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.
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.Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=76794708North America was the largest regional market for the Esoteric Testing Market in 2020The 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.
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.
According to the new market research report ”Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Neurology, Genetic Testing), Lab Type (Independent Labs, Hospital Laboratories), Technology (Mass Spectrometry, CLIA, ELISA, PCR) – Global Forecast to 2023“, published by MarketsandMarkets™, MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
Major Growth Drivers: The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.
Expected Revenue Growth: [223 Pages Report] MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
Accessories to Fuel the Growth of Esoteric Testing Market : The MnM repository is referred to for high-level insights into the esoteric testing market.
Each of the technologies, types, and end users involved in the esoteric testing services were analyzed through secondary research and validated with primary interviews.
MnM also identified the key service providers in this market for the assigned countries and conducted interviews with the key industry experts to arrive at the market splits and shares.
