Global Esoteric Testing Market (2021 to 2026) – Emerging Technologies in Esoteric Testing Presents Opportunities – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “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” report has been added to ResearchAndMarkets.com’s offering.

The global esoteric testing 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.

Market growth is largely 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 personalized medicine. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, inadequate reimbursements of the esoteric test may restrict market growth to a certain extent. The esoteric testing market is segmented based on type, technology, end user and region.

Infectious disease testing segment is expected to dominate the market during the forecast period and the genetic testing segment is also expected to grow at the highest CAGR during the forecast period.

Based on product, the esoteric testing market is segmented into infectious disease testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. Infectious disease testing segment accounted the largest share of the esoteric testing market. The largest share of the segment is attributed to the increasing incidence of infectious diseases, technological innovations in molecular diagnostics, and improving healthcare infrastructure in developing nations. The genetic testing segment is expected to register the highest CAGR during the forecast period. 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 to dominate the market during the forecast period.

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. CLIA accounted for the largest share of the esoteric testing market in 2020. The large share of this segment can be attributed to its advantages over other testing methods, such as high-performance levels, low detection limits, higher specificity, high signal intensity, and good precision.

Independent & reference laboratories segment to dominate the market during the forecast period.

Based on end user, the esoteric testing market is segmented into independent & reference laboratories and hospital-based laboratories. Independent & reference laboratories account for the largest share of the esoteric testing market. The largest share is attributed to the high testing volumes. 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.

North America will dominate the market during the forecast period.

Geographically, the esoteric testing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the esoteric testing market. The large share of the North American market can be attributed to the increasing per capita healthcare expenditure, presence of the leading market players, increasing use of rapid diagnostics, expanding geriatric population, and advancing precision medicine in the region.

Market Dynamics

Drivers

• Growing Geriatric Population and the Increasing Prevalence of Chronic and Infectious Diseases
• Increasing Use of Esoteric DNA Sequencing Technologies in Precision Medicine and the Early Diagnosis of Cancer
• Advancements in Esoteric Tests for Personalized Medicine
• Increasing Research Funding for Precision Medicine, Genetic Analysis, and Personalized Medicine
• Growing Number of Collaborations in the Esoteric Testing Market

Restraints

• Inadequate Reimbursement

Opportunities

• Emerging Technologies in Esoteric Testing
• Growth Opportunities in Emerging Economies

Challenges

• Dearth of Skilled Professionals

Companies Mentioned

• Acm Global Laboratories
• Arup Laboratories
• Baylor Esoteric and Molecular Laboratory
• Bioagilytix Labs
• BP Diagnostic Centre Sdn. Bhd.
• Buhlmann Diagnostics Corp
• Cerba Xpert
• Eurofins Scientific
• Flow Health
• Foundation Medicine, Inc.
• Georgia Esoteric & Molecular Laboratory, LLC
• H.U. Group Holdings, Inc.
• Healius Limited
• Healthquest Esoterics
• Kindstar Global (Beijing) Technology, Inc.
• Labcorp
• Leo Labs, Inc.
• Mayo Foundation for Medical Education and Research (Mfmer)
• NMS Lab
• Opko Health, Inc.
• Quest Diagnostics
• Sonic Healthcare Limited
• Stanford Health Care (Stanford Clinical Pathology)
• Thyrocare Technologies Limited

For more information about this report visit https://www.researchandmarkets.com/r/5melmz

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