According to Market Research Future (MRFR), the global esoteric testing market held a valuation of USD 1200 million in 2017 and is expected to register a CAGR of 8.6% from 2018 to 2023 (forecast period).
Esoteric testing market allows the analysis of unique molecules. This type of testing is not conducted in the clinical laboratory environment. Most commercial laboratories outsource complicated clinical trials for esoteric testing, as these require advanced equipment and experts. This type of testing allows the doctor to gather additional data outside of routine laboratory tests, along with a thorough examination and prediction and tracking of the healing regimen.
The growing prevalence of chronic diseases, rising technological developments, increasing awareness of personalized medicine, and increasing market penetration are expected to drive the global market for esoteric laboratory testing. In addition, factors such as increased government and private funding to support research activities are expected to fuel demand growth during the forecast period.
Key Players
Some of the leading participants in the global esoteric laboratory testing services market are LabCorp, Quest Diagnostics, Invitae Corporation, Mayo Medical Laboratories, Spectra Laboratories, Opko Health, Miraca Holdings, Foundation Medicine, ACM Global Laboratories, Arup Laboratories, Myriad Genetics, Sonic Healthcare, Primary Health Care, Healthscope, Fulgent Genetics.
Segmentation
The global market for esoteric testing has been segmented based on test type, technology, and end-user.
- By Type of test, the global market for esoteric testing has been segmented into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others.
- By Technology, the global market for esoteric testing has been segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others.
- By End-user, the global market for esoteric testing has been segmented into independent and reference laboratories, research laboratories, and others.
Regional Analysis
Regionally, the global esoteric testing market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The American esoteric testing market is divided into two parts, namely North America and South America. North America, which is the largest region, is driven primarily by a growing number of health research initiatives, increased spending in healthcare by key market players, and a rising number of patients suffering from chronic diseases. In addition, existing market players in developed countries are leading globalization by introducing new products and services to developing and emerging countries. Canada is anticipated to witness the fastest-growing market propelled by the overall increasing demand for cost-effective diagnostic and treatment methods for chronic diseases.
The European esoteric testing market is expected to show positive growth, with a growing focus on research and development activities to enhance diagnosis and treatment methods. In addition, Germany and the United Kingdom are the key contributors to the growth of the sector. Moreover, rising expenditure on healthcare by major countries in Europe also accelerates demand growth.
The Asia Pacific is projected to be the fastest-growing region, due to the rising burden of chronic diseases and the increasing emphasis on early diagnosis and treatment of rare diseases. Moreover, lifestyle changes, the impact of western culture among adults, and smoking addiction are other factors leading to the growth of the market. In addition, rising environmental emissions and exposure to harmful chemicals also lead to the growth of the sector.
The Middle East and Africa is steadily increasing, with a spike in the number of healthcare facilities providing treatment for chronic conditions and the thriving growth of the medical device sector, in particular diagnostic devices. In the African region, awareness of esoteric testing is also fuelling the growth of the market.
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