Esoteric Testing Market Overview
According to Market Research Future (MRFR), the global Esoteric Testing Market Trends held a valuation of USD 1200 million and is expected to register a CAGR of 8.6%.Esoteric testing allows the analysis of unique molecules. This type of testing is not conducted in the clinical laboratory environment. Most commercial laboratories outsource complicated clinical trials for esoteric testing, as these require advanced equipment and experts. This type of testing allows the doctor to gather additional data outside of routine laboratory tests, along with a thorough examination and prediction and tracking of the healing regimen.
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.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. 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.
Esoteric Testing Market Segmentation
- The global market for esoteric testing has been segmented based on test type, technology, and end-user.
- Based on the type of test, the global market for esoteric testing has been segmented into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others.
- By technology, the global market for esoteric testing has been segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others.
- By the end-user, the global market for esoteric testing has been segmented into independent and reference laboratories, research laboratories, and others.
Esoteric Testing Market Regional Analysis
Regionally, the global esoteric testing market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The American esoteric testing market is divided into two parts, namely North America and South America. North America, which is the largest region, is driven primarily by a growing number of health research initiatives, increased spending in healthcare by key market players, and a rising number of patients suffering from chronic diseases. In addition, existing market players in developed countries are leading globalization by introducing new products and services to developing and emerging countries. Canada is anticipated to witness the fastest-growing market propelled by the overall increasing demand for cost-effective diagnostic and treatment methods for chronic diseases.
The European esoteric testing market is expected to show positive growth, with a growing focus on research and development activities to enhance diagnosis and treatment methods. In addition, Germany and the United Kingdom are the key contributors to the growth of the sector. Moreover, rising expenditure on healthcare by major countries in Europe also accelerates demand growth.
The Asia Pacific is projected to be the fastest-growing region, due to the rising burden of chronic diseases and the increasing emphasis on early diagnosis and treatment of rare diseases. Moreover, lifestyle changes, the impact of western culture among adults, and smoking addiction are other factors leading to the growth of the market. In addition, rising environmental emissions and exposure to harmful chemicals also lead to the growth of the sector.
The market for esoteric testing in the Middle East and Africa is steadily increasing, with a spike in the number of healthcare facilities providing treatment for chronic conditions and the thriving growth of the medical device sector, in particular diagnostic devices. In the African region, awareness of esoteric testing is also fuelling the growth of the market.
Esoteric Testing Market Players
- LabCorp
- Mission Diagnostics
- Invitae Corporation
- Mayo Medical Laboratories
- Spectra Laboratories
- Opko Health
- Miraca Holdings
- Establishment Medicine
- ACM Global Laboratories
- Arup Laboratories
- Others
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