Esoteric Testing Market – Overview
The demand for esoteric testing has gained prominence due to the growing occurrence of chronic diseases. Reports that gauge the healthcare industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is projected to perceive a CAGR of 8.6% in the impending period.
The presence of mounting technically advanced devices and a developing degree of awareness of personalized medicine is expected to advance the development of the esoteric testing market further. The market is anticipated to benefit from the presence of key players in the market. Also, the growing level of private funding is expected to spur the esoteric testing market in the forecast period.
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Segmental Analysis
The segmentation of the esoteric testing market is carried out on the basis of technology, end-user, test type, and region. On the basis of test type, the esoteric testing market is segmented into endocrinology testing, oncology testing, genetic testing, infectious diseases testing, toxicology testing, neurology testing, immunology testing, and others. Based on the technology, the esoteric testing market is segmented into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass spectrometry, real-time PCR, radioimmunoassay, flow cytometry, and others. Based on the end user, the esoteric testing market is segmented into research laboratories, independent and reference laboratories, and others. Based on region the esoteric testing market is segmented into the Asia Pacific, the Americas, Europe, and the Middle East and Africa.
Detailed Regional Analysis
The regional assessment of the esoteric testing market observes that the North American region is the major market which is chiefly motivated by the growing number of research activities in healthcare, rising investment in healthcare by key market players, and the growing patient population suffering from chronic diseases. Also, the established market players in the developed countries are leading the market growth by pushing new products and services into emerging countries and economies. The European region’s esoteric testing market displays an optimistic growth with a growing emphasis on research and developmental activities for development in diagnosis and treatment methods. The Asia Pacific region is likely to be the fastest mounting market whose growth is accredited to the growing burden of chronic diseases and growing focus on initial diagnosis and treatment of rare diseases. Also, other factors adding to the development of the market are lifestyle changes, the effect of western culture among adults, and compulsion to smoke. The Middle Eastern and African regional market for esoteric testing displays a stable rise with a surge in the number of healthcare facilities offering treatment of chronic conditions and the prosperous growth of the medical device sector, particularly diagnostic devices.
Competitive Analysis
A significant climb in the number of backers in the market is expected to craft an advantageous state of affairs for the evolution of the market in the projected period. The escalated turnaround in the market is likely to set off new openings for the development of the market. The enhancement in different domestic economies is projected to encourage the progress of the market in the impending period. The ease in accessing key planned opportunities important to consequent stabilization of inflation is projected to generate a promising option for development in the approaching years. In the approaching years, the control exerted by fairly high-income level nations around the world and the likely gains observed towards a few of the currencies around the world is projected to strengthen the fruition of the market in the forecast period. The advancement of the market is projected to capture amplified impetus in the coming years chiefly due to the incidence of contributory government plans.
The notable companies in the esoteric testing market are Invitae (U.S.), Quest Diagnostics (U.S.), Spectra Laboratories (U.S.), Miraca Holdings (Japan), Opko Health (U.S.), LabCorp (U.S.), ACM Global Laboratories (U.S.), Foundation Medicine (U.S.), Arup Laboratories (U.S.), Mayo Medical Laboratories (U.S.), Myriad Genetics (U.S.), Primary Health Care (Australia), Sonic Healthcare (Australia), Healthscope (Australia), Fulgent Genetics (U.S.), and others.
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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.
