Global Esoteric Testing Market Is Expected to Reach USD 56.51 billion by 2027 : Fior Markets
Esoteric Testing Market by Type (Endocrinology, Infectious Disease, Immunology, Toxicology, Neurology, Genetic Testing), Technology (Mass Spectrometry, ELISA, CLIA, PCR), Lab Type (Hospital Laboratories, Independent Labs), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ,, Sept. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the *global esoteric testing market *is expected to grow from USD 22.82 billion in 2019 and to reach USD 56.51 billion by 2027, growing at a CAGR of 12% during the forecast period 2020-2027.
The global esoteric testing market is witnessing significant growth from recent years. This growth is attributed to the rising prevalence of chronic and infectious diseases like diabetes, cancer, and various others. Technological advancements such as standardization of advanced instrumentation, antidote automation technology, and analytical systems will propel the market growth. Furthermore, growing awareness regarding early disease diagnosis and its treatment, increasing incidence of complex and unique diseases, and rapidly improving healthcare sector will influence the market growth.
An analysis of a unique molecule or substances that are not performed in the routine clinical laboratory is known as esoteric testing. Esoteric testing requires sophisticated materials and instruments and specialized personnel to perform and analyze results. The doctors require esoteric testing for accruing large amounts of data outside routine tests in labs and overall analysis, prediction and monitoring of the healing regimen. These tests are typically related to medical fields like genetics, endocrinology, microbiology, oncology, molecular diagnostics, toxicology, and serology.
The global esoteric testing market is expected to witness significant growth, owing to the growing awareness of personalized medicines, rising geriatric population, increasing funding and research grants for the development of innovative esoteric tests, and rising demand for early disease detection using specialized diagnostic tests. Unfavourable reimbursement scenario, lack of sufficient expertise, and an insufficient number of esoteric testing modules will restrain the market growth. An increase in private and public funding to support research activities will provide market growth opportunities. However, changing regulatory framework will challenge the market.
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The key players operating in global esoteric testing market are Mayo Medical Laboratories, Laboratory Corporation of America, Fulgent Genetics, Quest Diagnostics, Genomic Health, OPKO Health, Nordic Laboratories, Arup Laboratories, American Esoteric Laboratories (AEL), ACM Global Laboratories, Myriad Genetics, BioMONTR, Invitae, and Miraca Holdings. To gain a significant market share in the global esoteric testing market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Genomic Health and BioMONTR are some of the leading players in esoteric testing.
· For instance, in July 2017, the ADAMTS13 test was launched by LabCorp to distinguish diseases characterized by life-threatening, acute thrombotic microangiopathy (TMA), including thrombotic thrombocytopenia purpura (TTP)
· In May 2017, Pathology Associates Medical Laboratories was acquired by LabCorp. This acquisition helped the LabCorp to provide the outreach testing services and reference laboratory services to the hospital, patients, clinicians, and clients.
*Infectious disease testing segment dominated the market and held the largest share of 23.67% in the year 2019*
On the basis of type, the global esoteric testing market is segmented into endocrinology, infectious disease, immunology, toxicology, neurology, and genetic testing. Infectious disease testing segment dominated the market and held the largest share of 23.67% in the year 2019. This growth is attributed to the high prevalence of infectious diseases and increasing demand for advanced molecular tests, and the availability of immunology laboratory services.
*CLIA technology segment dominated the market and held the largest market share of 36.9% in the year 2019*
On the basis of technology, the global esoteric testing market is segmented into mass spectrometry, ELISA, CLIA, and PCR. CLIA technology segment dominated the market and held the largest market share of 36.9% in the year 2019. This growth is attributed to the advantages of CLIA over other testing methods, low detection limits, superior sensitivity and accuracy delivered, and high adoption of CLIA in esoteric testing. ELISA esoteric technology is anticipated to witness significant growth due to the high throughput screening performed in laboratories, new development in biomarkers, and drug discovery programs.
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*Independent lab segment dominated the market and held the largest share of 54.64% in the year 2019*
On the basis of lab type, the global esoteric testing market is segmented into hospital laboratories and independent labs. Independent lab segment dominated the market and held the largest share of 54.64% in the year 2019. This growth is attributed to ongoing automation and digitalization of diagnostic laboratories, and significant reimbursement coverage for clinical tests performed at independent laboratories.
*Regional Segment of Esoteric Testing Market*· North America (U.S., Canada, Mexico)
· Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, Rest of APAC)
· South America (Brazil and Rest of South America)
· Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global esoteric testing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 29.1% in the year 2019. This growth was attributed to an increasing number of research activities in healthcare, increasing patient population suffering from chronic disease, growing investment in healthcare, and quick adoption of sophisticated instruments. Canada is anticipated to witness significant growth, owing to the increasing demand for cost-effective methods of diagnosis. The South America region market is expected to grow, owing to the increasing demand for treatment options for chronic diseases and technologically advanced devices for diagnosis. The Asia-Pacific region is projected to grow due to an increasing focus on early diagnosis and treatment for rare diseases and the increasing burden of chronic diseases. The Middle East and Africa market is witnessing a steady rise due to an increase in the number of healthcare facilities and awareness about esoteric testing.
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*About the report:*
The global esoteric testing market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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