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Global Esoteric Testing Market – Industry Trends and Forecast to 2031

Healthcare

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Global Esoteric Testing Market – Industry Trends and Forecast to 2031

  • Healthcare
  • Upcoming Report
  • Apr 2024
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Esoteric Testing Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 18.60 USD Billion
Diagram Market Size (Forecast Year) USD 46.88 USD Billion
Diagram CAGR %

Major Markets Players

  • Quest Diagnostics
  • OPKO Health
  • MIRACA HOLDINGS
  • Myriad Genetics
  • Sonic Healthcare Limited

Global Esoteric Testing Market, By Type (Immunology Testing, Genetic Testing, Infectious Diseases, Endocrinology test, Oncology test, Toxicology Testing, Neurology Testing, and Others), Technology (Chemiluminescence Immunoassay, Enzyme-Linked Immunosorbent Assay, Flow Cytometry, Mass Spectrometry, Real Time–Polymerase Chain Reaction, Radioimmunoassay, and Others), Laboratory Type (Independent and Reference Laboratories, and Hospital Laboratories) – Industry Trends and Forecast to 2031.

Esoteric Testing Market

Esoteric Testing Market Analysis and Size

The esoteric testing market, characterized by specialized diagnostics, sees continual advancement in technology, methods, and applications. These innovations enhance accuracy, efficiency, and expanded capabilities, benefiting both healthcare providers and patients. The market's growth underscores its crucial role in uncovering rare diseases, guiding personalized treatments, and advancing medical understanding, ultimately improving healthcare outcomes worldwide.                                

The global esoteric testing market size was valued at USD 18.60 billion in 2023, is projected to reach USD 46.88 billion by 2031, with a CAGR of 12.25% during the forecast period 2024 to 2031. This indicates that the market value. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016 - 2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (Immunology Testing, Genetic Testing, Infectious Diseases, Endocrinology test, Oncology test, Toxicology Testing, Neurology Testing, and Others), Technology (Chemiluminescence Immunoassay, Enzyme-Linked Immunosorbent Assay, Flow Cytometry, Mass Spectrometry, Real Time–Polymerase Chain Reaction, Radioimmunoassay, and Others), Laboratory Type (Independent and Reference Laboratories, and Hospital Laboratories)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America

Market Players Covered

Quest Diagnostics (U.S.), OPKO Health, Inc. (U.S.), MIRACA HOLDINGS Inc. (Japan), Myriad Genetics, Inc. (U.S.), Sonic Healthcare Limited (Australia), FOUNDATION MEDICINE, INC. (U.S.), ACM Global Laboratories (India), ARUP Laboratories (U.S.), Fulgent Genetics (U.S.), Invitae Corporation (U.S.), Mayo Foundation for Medical Education and Research (U.S.), Fresenius Medical Care Asia Pacific Limited (Germany), Charles River Laboratories (U.S.), Pacific Bio labs, Inc.(U.S.), Merck KGaA (Germany), WuXi AppTec (China), North American Science Associates Inc. (U.S.), and Nelson Laboratories, LLC (U.S.)

Market Opportunities

Market Definition

Esoteric testing refers to specialized medical examinations to diagnose complex or rare conditions. These tests are not typically performed in routine clinical settings and require advanced technology or expertise. Esoteric testing is crucial in providing accurate diagnoses for conditions that may be difficult to detect through standard laboratory procedures.          

Esoteric Testing Market Dynamics

Drivers

  • Rising Incidence of Complex Diseases

The surge in complex diseases such as cancer, autoimmune disorders, and infectious diseases necessitates precise diagnostic tools. Esoteric testing provides comprehensive analyses that are vital for accurate diagnosis, prognosis, and monitoring of these conditions. For instance, in cancer diagnosis, next-generation sequencing (NGS) techniques enable the detection of rare genetic mutations, guiding personalized treatment plans. Similarly, in autoimmune disorders, specialized antibody testing aids in identifying specific autoantibodies, facilitating targeted therapy decisions.

  • Increased Awareness and Patient Advocacy

Growing awareness among patients and healthcare providers about the importance of early detection and accurate diagnosis drives demand for esoteric testing. Patient advocacy groups and awareness campaigns further boost the uptake of specialized tests for rare diseases. This trend underscores the crucial role of advocacy in advancing healthcare access and outcomes.

Opportunities

  • Integration of Artificial Intelligence (AI) and Big Data

Esoteric labs utilize AI and big data analytics to boost diagnostic precision. For instance, in oncology, AI algorithms analyze genomic data from tests to pinpoint cancer-associated genetic mutations, facilitating personalized treatment strategies. Through processing vast datasets, these technologies extract insights that aid in precise diagnoses and prognoses, improving patient outcomes in complex medical conditions.

  • Rising Demand for Personalized Medicine

Personalized medicine, driven by individual genetic profiles, fuels the demand for specialized tests such as esoteric testing. These tests offer detailed genetic insights, aiding treatment decisions and predicting responses. Esoteric testing is pivotal in identifying genetic variations, ensuring tailored therapies for patients, and advancing precision healthcare.

Restraints/Challenges

  • Data Privacy and Security Concerns

Data privacy and security concerns in esoteric testing, coupled with the complexity of ensuring compliance with regulations such as HIPAA, pose significant challenges for laboratories. These challenges can hinder market growth by impacting trust among patients and healthcare providers, leading to reluctance to adopt esoteric testing services due to fears over protecting sensitive patient data. 

  • High Cost of Esoteric Tests

The substantial operational expenses linked to esoteric testing, necessitating specialized esoteric laboratory equipment, skilled personnel, and rigorous validation procedures, pose barriers to market entry and accessibility. Financial constraints limit availability to certain healthcare facilities and patients. This restriction impedes market growth and restricts the broader adoption of esoteric testing, impacting its potential to cater to diverse medical needs. 

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In July 2023, Quest Diagnostics debuted its inaugural consumer-initiated genetic test, employing cutting-edge technology to assess individuals' susceptibility to hereditary health conditions. This strategic move aims to bolster the company's position in the esoteric testing sector
  • In July 2022, Laboratory Corporation of America Holdings (LabCorp) unveiling its innovative Neurofilament Light Chain (NfL) blood test. This breakthrough enables physicians to detect neurodegenerative disease markers swiftly, streamlining diagnostic and treatment pathways for patients
  • In May 2022, witnessed the introduction of Laboratory Corporation of America Holdings' novel test, evaluating Lymphocyte-activation gene 3 (LAG-3) expression through immunohistochemistry (IHC) in tumor specimens. This advancement enhances precision oncology approaches, aiding in tailored treatment strategies
  • In February 2021, Quest Diagnostics forged a partnership with GRAIL to support Galleri, an avant-garde multi-cancer early detection blood test, underscoring a commitment to advancing cancer diagnostics and patient outcomes
  • In January 2021, marked the launch of Scarlet Health, a comprehensive in-home diagnostic platform, by OPKO Health Inc. (BioReference Laboratories) in the U.S. This digital innovation empowers individuals with convenient access to healthcare services, augmenting diagnostic capabilities and patient care

Esoteric Testing Market Scope

The market is segmented on the basis of type, technology, and laboratory type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • Immunology Testing
  • Genetic Testing
  • Infectious Diseases
  • Endocrinology test
  • Oncology test
  • Toxicology Testing
  • Neurology Testing
  • Others

Technology

  • Chemiluminescence Immunoassay
  • Enzyme-Linked Immunosorbent Assay
  • Flow Cytometry
  • Mass Spectrometry
  • Real Time–Polymerase Chain Reaction
  • Radioimmunoassay
  • Others

 Laboratory Type

  • Independent and Reference Laboratories
  • Hospital Laboratories

Esoteric Testing Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by country, type, technology, and laboratory type as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America accounted for a significant share of the esoteric testing market and is expected to maintain dominance due to rising chronic disease prevalence, increased diagnostic tests, and technological advancements in esoteric testing, driving efficient and comprehensive healthcare diagnostics.

Asia-Pacific is expected to grow at the fastest rate in the esoteric testing market, driven by rising chronic disease prevalence, government initiatives for diagnostics, demand surge for ELISA and RT-PCR tests, and increasing population awareness for self-diagnostic testing.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.

Competitive Landscape and Esoteric Testing Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • Quest Diagnostics (U.S.)
  •  OPKO Health, Inc. (U.S.)
  •  MIRACA HOLDINGS Inc. (Japan)
  •  Myriad Genetics, Inc. (U.S.)
  •  Sonic Healthcare Limited (Australia)
  •  FOUNDATION MEDICINE, INC. (U.S.)
  •  ACM Global Laboratories (India)
  •  ARUP Laboratories (U.S.)
  •  Fulgent Genetics (U.S.)
  •  Invitae Corporation (U.S.)
  •  Mayo Foundation for Medical Education and Research (U.S.)
  •  Fresenius Medical Care Asia Pacific Limited (Germany)
  •  Charles River Laboratories (U.S.)
  •  Pacific Bio labs, Inc. (U.S.)
  •  Merck KGaA (Germany)
  •  WuXi AppTec (China)
  •  North American Science Associates Inc. (U.S.)
  • Nelson Laboratories, LLC (U.S.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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FREQUENTLY ASK QUESTIONS

Rising Incidence of Complex Diseases, Increased Awareness and Patient Advocacy are the growth drivers of the Esoteric Testing Market.
The type, technology, and laboratory type are the factors on which the Esoteric Testing Market research is based.
Major companies in the Esoteric Testing Market are Quest Diagnostics (US), OPKO Health, Inc. (US), MIRACA HOLDINGS Inc.(Japan) Myriad Genetics, Inc. (US) Sonic Healthcare (Australia) Healthscope, Foundation Medicine (US) ACM Global Laboratories (India) ARUP Laboratories (US) Fulgent Genetics (US) Invitae Corporation (US) Mayo Foundation for Medical Education and Research (US) Fresenius Medical Care (Germany) Charles River Laboratories (US). Pacific Bio labs, Inc.(US) Merck KGaA (Germany) WuXi AppTec (China) North American Science Associates Inc. (US) and Nelson Laboratories, LLC (US).
The Esoteric Testing Market size will be worth USD 46.88 billion by 2031.
The Esoteric Testing Market growth rate will be 12.25% by 2031.
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