Esoteric Testing Market Growth, Size, Dynamics and Forecast to 2027
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.
According to Market Research Future (MRFR), the global Esoteric Testing Market held a valuation of USD 1200 million in 2017 and is expected to register a CAGR of 8.6% from 2018 to 2023 (forecast period).
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.
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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
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.
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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