Esoteric testing, also known as highly specialized medical laboratory testing, includes analyses of rare markers and enzymes that are typically not performed by standard or automated laboratory methods. It involves complex procedures and highly trained personnel to perform advanced diagnostic tests for rare diseases, certain cancers, and genetic disorders. Esoteric testing plays a crucial role in disease diagnosis, treatment monitoring, and medication management for a variety of complex health conditions. The growing prevalence of various rare and complex diseases has fueled the demand for specialized diagnostic tests thereby propelling the growth of the esoteric testing market.
The global esoteric testing market is estimated to be valued at US$ 28.66 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The high growth of the esoteric testing market is attributed to the increased incidences of rare diseases globally. According to the National Organization for Rare Disorders (NORD), over 300 million people worldwide are living with some form of a rare disease. Moreover, approximately 7,000 rare diseases have been identified till date with only 5% having approved treatment options. Increased public awareness regarding the benefits of early diagnosis of rare disorders through specialized diagnostic testing has boosted market revenues. Furthermore, continuous advancements in molecular diagnostic technologies have facilitated the development of various advanced procedures for rare disease testing, driving the demand for esoteric testing services. However, the dearth of skilled professionals in molecular diagnostics and high costs associated with these specialized tests remain significant challenges impeding the market growth.
SWOT Analysis
Strength: Esoteric testing market has a growing need for specialized medical tests due to increasing prevalence of rare diseases. The industry has advanced testing technologies to conduct complicated diagnostics. Growing focus on personalized medicine suits specialized needs of patients.
Weakness: Esoteric tests are complex and highly specialized, requiring sophisticated infrastructure and skilled professionals. High costs of setting up testing facilities and maintenance pose challenges. Understanding intricate test results demands experienced medical practitioners.
Opportunity: Emerging markets offer expansion opportunities due to growing healthcare investments and demand. Technological advancements enable miniaturization of testing equipment for point-of-care services. Adoption of artificial intelligence and robotics can make testing more efficient and drives market growth.
Threats: Striking a balance between test costs and access remains a challenge. Dependence on limited service providers exerts pricing pressures. Stringent regulatory approvals and standards increase compliance costs for market players.
Key Takeaways
The Global Esoteric Testing Market Demand is expected to witness high growth.
Regional analysis: North America dominates the market currently owing to presence of major players and superior healthcare infrastructure. Asia Pacific region is expected to grow at fastest pace during the forecast period supported by rising medical tourism and healthcare spending in emerging countries like India and China.
Key players operating in the Esoteric Testing market are Plastic2Oil, Agilyx Corporation, and Green Envirotec Holdings. These players focus on new product launches and collaborations to expand their footprint in the market. For instance, Plastic2Oil has developed proprietary technologies to convert plastic waste into valuable fuels and chemicals.
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According to the new market research report “Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Genetic Testing), Technology (MS, CLIA, ELISA, PCR), End User (Independent & Reference Laboratories, Hospital Laboratories) – Global Forecast to 2026″, published by MarketsandMarkets™, the global market is projected to reach USD 36.3 billion by 2026 from USD 21.0 billion in 2021, at a CAGR of 11.6% during the forecast period.Browse and in-depth TOC on “Esoteric Testing Market”134 – Tables47 – Figures244 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=76794708Growth in the esoteric testing market is primarily driven by the rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine are the major factors driving the growth of the esoteric testing market.The rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine are the major factors driving the growth of the market.In 2020, infectious diseases accounted for the largest share of the Esoteric Testing Market.
In 2020, the infectious disease testing segment accounted the largest share of the Esoteric Testing Market.
The fastest growth of the genetic testing segment is attributed to the advancements in the sequencing technologies such as NGS and increasing awareness.CLIA segment account for the largest share of the market in 2020.Based on technology, Esoteric Testing Market is segmented into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), mass spectrometry, real-time PCR, flow cytometry, DNA sequencing, and other technologies.
In addition, the ongoing automation, and digitalization of diagnostic laboratories, growing number of accredited laboratories, significant reimbursement coverage, and the competitive benefits offered by these providers are pushing the growth of the segment.Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=76794708North America was the largest regional market for the Esoteric Testing Market in 2020The market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America was the largest regional market for market in 2020.
Emerging APAC economies such as China and India are expected to see significant growth due their advancing healthcare infrastructure, increasing penetration of cutting-edge clinical laboratories, and expanding geriatric population are the major factors driving the growth of this market.The global Esoteric Testing Market is consolidated.
According to the new market research report ”Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Neurology, Genetic Testing), Lab Type (Independent Labs, Hospital Laboratories), Technology (Mass Spectrometry, CLIA, ELISA, PCR) – Global Forecast to 2023“, published by MarketsandMarkets™, MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
Major Growth Drivers: The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.
Expected Revenue Growth: [223 Pages Report] MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
Accessories to Fuel the Growth of Esoteric Testing Market : The MnM repository is referred to for high-level insights into the esoteric testing market.
Each of the technologies, types, and end users involved in the esoteric testing services were analyzed through secondary research and validated with primary interviews.
MnM also identified the key service providers in this market for the assigned countries and conducted interviews with the key industry experts to arrive at the market splits and shares.
