Esoteric Testing Market Size, Share, Growth Report 2032

Industry Perspective:

The global esoteric testing market size was worth around USD 20,163.1 million in 2021 and is estimated to grow to about USD 37917.67 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.10 percent over the forecast period. The report analyzes the esoteric testing market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the esoteric testing market.

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Esoteric Testing Market: Overview

Esoteric testing involves the scientific examination of uncommon molecules and substances that are not often done in a clinical laboratory. These tests are carried out when a doctor needs more comprehensive information regarding the patient's condition. However, as laboratory testing technology develops, tests that are currently thought to be esoteric may end up being common in a short period of time. These tests are recommended by doctors when they require more detailed information than routine lab testing to finish a diagnosis, determine a prognosis, or select and track a treatment plan. Esoteric testing frequently requires the use of specialized tools and materials, as well as skilled personnel to conduct the test and analyze the results. These tests are typically more expensive and ordered less frequently than standard tests. Esoteric tests include those in endocrinology, genealogy, immunology, microbiological, molecular diagnostics, cancer, serology, and toxicity.

 The rising esoteric testing market value for innovatively reasonable tests has resulted in significant initiatives in R&D, which will strengthen market development potential in the future. Planned and improved novel diagnostic techniques with diverse benefits for a wide range of intriguing infections will drive global market demand. The key factor influencing the growth of the global esoteric testing market is insufficient payback. Medicaid and Medicare coverage of proper medicine and tailored medication is extremely limited.

COVID-19 Impact:

The Covid-19 outbreak has slowed market expansion. Companies encountered operational and logistical issues in the first quarter of 2020 because of closings. With the large surge of Covid-19 patients and significant demand for large-scale diagnosis in many locations, corporations accelerated and shifted their attention away from esoteric testing and toward Covid-19 diagnostic solutions. Even though the sudden increase in demand for Covid-19 diagnostics significantly impacted other diagnostic quantities in laboratories during the pandemic, with a decreasing number of cases leading to lower demand for Covid-19 tests in 2021, the industry experienced continued growth at pre-pandemic levels.

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Key Insights

• As per the analysis shared by our research analyst, the global esoteric testing market value to grow at a CAGR of 11.10% over the forecast period.
• In terms of revenue, the global esoteric testing market size was valued at around USD 20,163.10 million in 2021 and is projected to reach USD 37917.67 million, by 2028.
• The rising esoteric testing market value for innovatively reasonable tests has resulted in significant initiatives in R&D, which will strengthen market development potential in the future.
• By type, infectious illness segment accounted for the largest share in the market share in 2021.
• By technology, the chemiluminescence category dominated the market in 2021.
• North America is the largest regional segment of the overall market growth in 2021.

Esoteric Testing Market: Growth Drivers

Rising demand for proteomics and genomics likely to pave way for global market growth

Proteomics testing on a broad scale is fundamental to clinical translation and biological research. New advances in widespread proteomics, as well as stronger collaboration between researchers and physicians, contribute to understanding and detecting complicated illness characteristics. Rapid growth for genomics and proteomics, as well as greater investment in the identification of innovative solutions to detect rare biomolecules, will drive overall market growth. Advancement of novel test methods with significant advantages for a variety of chronic illnesses will drive global esoteric testing market demand

Esoteric Testing Market: Restraints

Inadequate reimbursement may hamper the global market growth

Limited reimbursements will hinder the expansion of the esoteric testing sector during the forecast period. Targeted therapy and personalized medicine are only covered in a few areas under Medicare. Diagnostic test reimbursement has fallen in recent years, reducing the volume of tests performed.

Esoteric Testing Market: Opportunity

Rising technology advancement in developing countries bring up several growth opportunities

The global esoteric testing market is expected to be driven by several developing technologies and integrated innovations such as genetic studies, digital PCR, next-generation sequencing & Pyrosequencing, microfluidic platforms, and enhanced molecular phenotyping technologies. The increased usage of information technology has enabled faster and more effective data transfer. Industry participants in the esoteric testing market should take advantage of the prospects provided by growing economies such as China and India, which is predicted to determine the market's speedy growth over the forecast period.

Esoteric Testing Market: Segmentation

The global esoteric testing market is segregated based on technology, type, end-user, and region.

By type, the market is divided into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. Among these, the infectious disease testing segment dominated the market in 2021. The increased incidences of infectious diseases, combined with rising demand for specialty testing, will drive up overall sector test volumes. Furthermore, the increasing efficacy of esoteric testing in the identification of immunological illnesses is a significant component driving the segment's rapid rise.

By technology, the market is classified into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real-time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. Over the forecast period, chemiluminescence is expected to develop at the fastest rate. The rapid expansion in the use of chemiluminescence in esoteric testing due to its capacity to identify chemicals in small production test samples is driving the market growth.

By end-users, the market is segmented into hospital-based laboratories and independent & reference laboratories. The independent & reference laboratories held a significant share in the market in 2021. Growth is being fueled by the ongoing automation technology of diagnostic laboratories, the rise in accredited laboratories, broad reimbursement acceptance, and attractive benefits provided by these providers. The segment is expanding because of continuous diagnostic laboratory automation & digitization, an increase in accredited laboratories, extensive financing support, and aggressive incentives provided by these providers.

Recent Development

•  January 2021, OPKO Health Inc. (Bio Reference Laboratories) launched Scarlet Health, an in-home diagnostic, fully integrated digital platform, in the US.
• March 2019, H.U. Group Holdings’ subsidiary, Maraca Holdings, partnered with the Chugai Pharmaceutical Co., Ltd
• November 2021, ARUP Laboratories announced a 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 opportunities.

Report Scope:

Esoteric Testing Market: Regional Landscape

North America dominated the esoteric testing market in 2021

North America will continue to dominate the global esoteric testing market during the forecast period due to an increase in chronic illness, an expansion in government diagnostic activities, and an overall increase in community awareness of self-diagnosis Furthermore, established esoteric testing market trends companies in advanced countries drive globalization by pushing new things and administrations into agricultural nations & emerging economies. Canada is expected to be the fastest growing business area, because of the growing interest in practical procedures for the diagnosis and treatment of persistent infections. The increasing prevalence of chronic diseases and an expanded focus on early detection and treatment of unusual infections will also drive the regional market growth.

Esoteric Testing Market: Competitive Landscape

Some of the main competitors dominating the global esoteric testing market include- LabCorp , Quest Diagnostics , and OPKO Health . The other players operating in this market include H.U. Group Holdings, Inc. , Helios Limited , Sonic Healthcare , Mayo Foundation for Medical Education and Research (MFMER, US), Eurofins Scientific, Stanford Clinical Pathology , Foundation Medicine , Kind star Global  Technology, Inc. , ARUP Laboratories , Georgia Esoteric & Molecular Laboratory, LLC , Thorofare Technologies Ltd. , ACM Global Laboratories, Biaxiality Labs , National Medical Services Inc. (NMS) , Baylor Esoteric and Molecular Laboratory , Cerda Expert , Health Quest Esoteric , BUHLMANN Diagnostics Corp (BDC, US), BP Diagnostic Centre SDN BHD , Flow Health , and Leo Labs, Inc. .

Global Esoteric Testing Market is segmented as follows:

By Type

• Infectious Diseases Testing
• Endocrinology Testing
• Oncology Testing
• Genetics Testing
• Toxicology Testing
• Immunology Testing
• Neurology Testing
• Other Testing

By Technology

• Chemiluminescence Immunoassay
• Enzyme-Linked Immunosorbent Assay
• Mass Spectrometry
• Real-Time PCR
• DNA Sequencing
• Flow Cytometry
• Other Technologies

By End User

• Independent & Reference Laboratories
• Hospital-Based Laboratories"

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa