Research Nester published a report titled “Esoteric Testing Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global esoteric testing market in terms of market segmentation by test type, technology, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global esoteric testing market is estimated to occupy a sizeable revenue by growing at a CAGR of ~12% during the forecast period, i.e., 2022 – 2031, ascribing to the rising occurrence of chronic and infectious diseases around the globe, and rapidly growing geriatric population, as age is a big risk factor for several disorders. Along with this, increasing technological developments in the field of DNA sequencing in precision medicines, and escalating investments by companies to develop techniques for early diagnosis of cancer are also expected to accelerate the growth of the market in the forthcoming years.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
The market is segmented by test type, technology and end user. Based on test type, the infectious disease segment is anticipated to acquire the largest share during the forecast period on the back of the rising incidences of infectious diseases, and surging technological advancements in molecular diagnostics. Additionally, by technology, the chemiluminescence immunoassay segment is projected to grab the largest share over the forecast period attributing to the good precision, high performance levels and low detection limits of the technology for esoteric testing.
Geographically, the global esoteric testing market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to occupy the largest share and witness noteworthy growth in the market during the forecast period attributing to the high healthcare expenditure, and well-established medical infrastructure in the region. Moreover, the market in Europe is also assessed to acquire significant share over the forecast period ascribing to the escalating utilization of rapid diagnosis, and technological advancements associated with precision medicine in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Occurrence of Chronic and Infectious Disorders Worldwide to Drive Market Growth
Since the last two decades, the prevalence of chronic and infectious diseases has observed a notable surge across the globe. This can be credited to the adoption of sedentary lifestyle changes among people, and rising consumption of alcohol and tobacco, which in turn is anticipated to raise the demand for esoteric testing significantly in the near future.
However, inadequate reimbursements for esoteric tests are expected to operate as key restraint to the growth of the global esoteric testing market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global esoteric testing market which includes company profiling of H.U. Group Holdings, Inc., Laboratory Corporation of America, McClernon LLC, Quest Diagnostics, Healius Limited, Sonic Healthcare, Mayo Foundation for Medical Education and Research, Georgia Esoteric & Molecular Laboratory, LLC, Thyrocare Technologies Ltd., ACM Global Laboratories, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global esoteric testing market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.