Rise in awareness among population for early diagnosis, and surge in number of diagnostic testing are expected to notably contribute toward the growth of the global esoteric testing market during the forecast period.
Rise in awareness among population for early diagnosis, and surge in number of diagnostic testing are expected to notably contribute toward the growth of the global esoteric testing market during the forecast period.
The global esoteric testing market size was valued at $20.218 billion in 2020, and is estimated to reach $66.214 billion by 2030, growing at a CAGR of 12.5% from 2021 to 2030. Alarming rise in prevalence of chronic and infectious disease across the globe, advancements in R&D activities in healthcare sector.
Esoteric testing is characterized as the examination of uncommon particles or substances, which are not acted in a routine clinical lab. Esoteric testing is led when a specialist requires extra point by point data about tolerant wellbeing to finish a conclusion and screen a remedial routine. It requires refined instruments and materials to dissect the consequence of gathering tests. Esoteric tests are led generally in the clinical field like oncology, toxicology, serology, sub-atomic demonstrative, hereditary, and endocrinology. It gives finding of hazardous infections, helps in administration of persistent illnesses, and upgrades the personal satisfaction. It offers genuine freedoms to work on clinical treatment and upgrade productivity.
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COVID-19 scenario-
- The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.
- The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.
- However, as the world has been recovering from the pandemic, the market is estimated to get back on track.
The factors that drive the growth of the esoteric testing market include rise in prevalence of chronic and infectious disease such as hypertension, cancer, HIV, cardiovascular disease, and diabetes; increase in number of geriatric population; advancement in technology in healthcare sectors; and surge in demand for enzyme linked immunosorbent assay (ELISA) and real time polymerase chain reaction (RT-PCR).
The increase in prevalence of genomic disease, rise in demand for monoclonal antibody, advancement in R&D activities in pharmaceutical and biotechnology industry, and surge in the number of diagnostic tests are anticipated to drive the growth of the esoteric testing market. In addition, adoption of early diagnosis of disease has led to the development of innovative technologies in the healthcare sector, thereby propelling the growth of the market.
The esoteric testing market is segmented on the basis of type, technology, end user, and region.
On the basis of type, the market is divided into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. The infectious disease testing segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of infection disease, development in healthcare laboratory, and advancements in technology for molecular diagnostic.
On the basis of technology, the market is classified into enzyme linked immunosorbent assay, chemiluminesnce immunoassay, mass spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. The chemiluminescence immunoassay segment dominated the market in 2020.
On the basis of end user, the market is classified into hospital-based laboratories and independent and reference laboratories. The independent and reference laboratories segment dominated the market in 2020.
North America accounted for a majority of the global esoteric testing market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of chronic disease and increase in number of diagnostic tests and technological advancement for esoteric testing in the region.
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The Major Key Players Are:
ARUP Laboratories, Baylor Esoteric and Molecular Laboratory, Foundation Medicine, Healius Limited, Laboratory Corporation, Mayo Foundation for Medical Education and Research, OPKO Health, Quest Diagnostics, Sonic Healthcare Limited, and Stanford Clinical Pathology.
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