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Esoteric Testing Market - By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), By Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, RT-PCR) & Forecast, 2022-2028


Published on: 2024-08-03 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Esoteric Testing Market - By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), By Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, RT-PCR) & Forecast, 2022-2028

Esoteric Testing Market Size

Esoteric Testing Market size surpassed USD 26 billion in 2021 and is projected to register over 6.9% CAGR between 2022 and 2028. Growing incidence of complex and rare medical disorders is pivotal factor contributing towards the overall market growth.
 

Esoteric Testing Market

Complex diseases are strenuous to diagnose and hence, esoteric testing plays a vital role in early diagnosis of such diseases. As per the National Institutes of Health (NIH), there are nearly 7,000 distinct types of sustained rare diseases, with new ones being identified every day that has tremendously impacted the volume of genetic testing over the past decade.
 

Further, according to the Genetic and Rare Diseases Information Center (GARD), presently more than 25 million Americans are living with rare diseases, while the global number reaches to 350 million. Thus, with the need to cater increasing demand of disease diagnosis, the esoteric testing market will foresee unprecedented demand during the forecast period.
 

Along with the increasing occurrence of complex and rare diseases, rising awareness about early disease diagnosis and treatment will drive the market outlook. For instance, the National Organization for Rare Disorders is aimed towards the identification, diagnosis, and treatment of rare disorders through various supportive programs including education, research, advocacy, and patient services. Such initiatives to broaden knowledge regarding available diagnosis options for complex genetic as well as non-genetic rare disorders will expand market reach.
 

The COVID-19 pandemic has negatively impacted the esoteric testing market growth in 2020, however, the industry gained momentum in 2021. Although, sudden spike in the demand for COVID-19 testing significantly impacted other clinical tests volume in laboratories during the pandemic, with declining number of cases leading to reduced demand for COVID-19 tests in 2021, the industry experienced continued growth at pre-pandemic rate.
 

Esoteric testing is classified as clinical laboratory tests that are performed to analyse rare molecules or substance in the patient’s body. These tests are performed in specialized laboratories by skilled technician. Esoteric testing helps to classify disease condition and provide additional and detailed information about patient health.
 

Esoteric Testing Market Trends

Increasing demand for genomics and proteomics coupled with growing investment for development of novel solutions to detect rare molecules in the body will impel overall industry growth. The large-scale testing of proteomics is the lifeblood of clinical translation and biological research. The novel improvements in mass-spectrometry-based proteomics and stronger co-operation between researchers and clinicians aid in understanding and detecting complex disease phenotypes.
 

Thus, the escalating demand for technologically progressive tests has brought significant investment in R&D that will strengthen the market growth potential in future. Design and development of novel test methods with numerous advantages for range of rare diseases will propel the global market demand.
 

Esoteric Testing Market Analysis

Global Esoteric Testing Market, By Test Type

Based on test type, the esoteric testing market is classified into endocrinology, infectious disease and immunology, oncology, neurology, toxicology, genomics, and others. Infectious disease and immunology segment accounted for over 30% revenue share in 2021. Increasing prevalence of infectious diseases with growing demand for specialty tests will escalate the overall industry test volumes.
 

Furthermore, growing efficiency of esoteric tests in diagnosis of immunological disorders is another paramount factor contributing to the momentous growth of the segment.
 

Global Esoteric Testing Market, By Technology

Based on technology, the esoteric testing market is segmented into mass spectrometry, flow cytometry, ELISA, radioimmunoassay, chemiluminescence, RT-PCR and others. Chemiluminescence segment accounted for more than USD 6.6 billion revenue in 2021 and is anticipated to witness lucrative CAGR over the projected period.
 

The segment growth is highly attributable to the rapid increase in usage of chemiluminescence in esoteric testing owing to its capability to detect analyte in low volume test samples. It offers high sensitivity, enhanced efficacy and accurate diagnosis that will further accelerate the segmental demand.
 

North America Esoteric Testing Market, By Country

North America esoteric testing market is estimated to register over 6.1% CAGR during the analysis timeline. Owing to growing awareness regarding the benefits of early disease detection coupled with high adoption rate of esoteric diagnostic techniques, the region will witness increase in the test volumes during the forecast period.
 

Additionally, the existence of advanced clinical testing services and significant investment in R&D are the paramount factors adding to the increased usage rate of esoteric testing in the region. Further, presence of leading service providers and favourable reimbursement scenario will strengthen the North American market forecasts.
 

Esoteric Testing Market Share

Several notable market players in the esoteric testing market are

  • ACM Global Laboratories
  • Laboratory Corporation of America
  • Quest Diagnostics
  • Fulgent Genetics
  • Arup Laboratories
  • Mayo Medical Laboratories
  • Invitae
  • OPKO Health
  • Myriad Genetics
  • Nordic Laboratories
  • Genomic Health
  • American Esoteric Laboratories (AEL)
  • Miraca Holdings and BioMONTR 

These business players are undertaking several growth strategies such as launch of new tests, acquisition & merger, strategic partnership, and collaboration to expand their market presence and broaden business portfolio.
 

Some of the recent industry developments

  • In November 2021, ARUP Laboratories announced collaboration with PacBio in a study to enhance and improve rare disease diagnosis. This has allowed the company to identify advanced testing solutions and offered business development opportunity.
     
  • In August 2021, Fulgent Genetics, Inc. has announced acquisition of CSI Laboratories to broaden somatic molecular diagnostics and cancer testing. This acquisition has helped to expand business portfolio of the firm.
     

The esoteric testing market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments

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By Test Type

  • Endocrinology
  • Infectious Disease & Immunology
  • Oncology
  • Toxicology
  • Neurology
  • Genomics
  • Others

By Technology

  • Mass Spectrometry
  • Flow Cytometry
  • ELISA
  • Radioimmunoassay
  • Chemiluminescence
  • RT-PCR
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Others

 

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )