Esoteric Testing Market: Current Analysis and Forecast (2021-2027)
Esoteric testing is the examination of uncommon chemicals or molecules that are not detected in conventional clinical laboratory tests. Endocrinology, genetics, immunology, microbiology, molecular diagnostics, oncology, serology, and toxicology are some of the areas where esoteric testing is performed. In-house esoteric testing is usually outsourced to independent and specialized clinical reference laboratories.
Over the forecast period, the market will be driven by an increase in the frequency of rare and complex diseases, as well as increased awareness about early disease detection and treatment. According to the European Commission, rare diseases affect nearly 27 to 36 million individuals throughout Europe. The rapidly growing healthcare sector in developing countries, as well as an increase in the number of sophisticated laboratories providing advanced services, will help the industry flourish. The growing number of baby boomers who are susceptible to a variety of chronic illnesses will have a significant impact on industry growth. North America and Asia-Pacific would be the top two markets for Esoteric Testing, owing to the increasing patient population suffering from chronic diseases and rising increased adoption of rapid diagnostics. Based on type the global Esoteric Testing market is bifurcated into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others. Currently, the infectious diseases testing segment dominates the market and is expected to maintain its dominance during the forecast period. 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.
Based on technology the market is divided into Power line chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others. The chemiluminescence immunoassay segment dominated the market in 2020 owing to its advantages over other testing methods, such as high-performance levels, low detection limits; etc.
Based on end-user the market is bifurcated into independent & reference laboratories, research laboratories, and hospital-based laboratories. Currently independent & reference laboratories segment dominates the market and is expected to maintain its dominance during the analyzed period owing to the presence of improved diagnostic equipment and devices.
For a better understanding of the market adoption, the report provides detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. North America constitutes a major market for esoteric testing owing to the advanced technology for diagnosis and treatment of chronic disorders, availability of private and government funding, etc.
Some of the major players operating in the market include LabCorp, Quest Diagnostics, Invitae Corporation, Mayo Medical Laboratories, Spectra Laboratories, Opko Health, Miraca Holdings, Foundation Medicine, Myriad Genetics, and Sonic Healthcare.
Global Esoteric Testing Market was valued at USD XX billion in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F. The Global Esoteric Testing Market is expected to witness a boost on account of the increasing prevalence of rare and infectious diseases.