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HEALTHCARE & PHARMACEUTICALDISCOUNT VALID TILL 31st-JANUARY , 2022

Esoteric Testing Market Segmentation by Test Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Genetic Testing, and Others); by Technology (Flow Cytometry, Chemiluminescence Immunoassay, Mass Spectrometry, Radio Immunoassay, and Others); and by End User (Independent & Reference Laboratories, and Hospital Laboratories) – Global Demand Analysis & Opportunity Outlook 2031

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Extensive insights into the Growth of Esoteric Testing Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • May 2021- Georgia Esoteric and Molecular Laboratory at Augusta University announced that it will now offer diagnostic services for constitutional genetic disorders through a laboratory-developed test (LDT) based on optical genome mapping (OGM).

  • February 2021- SRL Diagnostics collaborated with Mayo Clinic Laboratories to raise awareness about esoteric tests in the fields of oncology, hematology, gastroenterology, infectious diseases, and endocrinology among others in India.

Global Esoteric Testing Market Highlights Over 2022 - 2031

The global esoteric testing market is estimated to garner a sizeable revenue by growing at a CAGR of ~12% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing prevalence of chronic and infectious diseases, and rapidly rising geriatric population, as they are more prone to various kinds of diseases. According to the World Health Organization, cardiovascular diseases, which are chronic in nature, led to the death of 17.9 million people in 2019. Out of these, 85 percent deaths were due to stroke and heart attack.

Along with these, technological advancements to formulate improved esoteric DNA sequencing technologies in precision medicine, and high investments by companies for developing techniques for early diagnosis of cancer are also projected to drive market growth in the upcoming years. Additionally, emergence of technologies such as digital PCR, biomarker analysis, pyrosequencing and digital microfluidic platforms in developing nations is projected to offer lucrative opportunities to the market in the near future.

Esoteric Testing Market

The market is segmented by test type into infectious disease, endocrinology, oncology, toxicology, immunology, genetic testing, and others, out of which, the infectious disease segment is anticipated to hold the largest share in the global esoteric testing market. This can be accounted to the increasing occurrence of infectious diseases across the globe, and growing technological innovations in molecular diagnostics. Furthermore, on the basis of technology, the chemiluminescence immunoassay, or CLIA, segment is assessed to occupy the largest share during the forecast period owing to the high-performance levels, good precision and low detection limits of this technology of esoteric testing. Apart from these, rising research and development activities associated with diagnosis of autoimmune diseases, where CLIA is highly used to test the symptoms, is also predicted to boost the market segment growth in the future.  CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure per Capita

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Esoteric Testing Market Regional Synopsis

Regionally, the global esoteric testing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America is estimated to acquire the largest share and witness noteworthy growth over the forecast period on the back of the well-established medical infrastructure, and high healthcare spending in the region. As per the data provided by the Centers for Medicare and Medicaid Services, the healthcare spending in the United States grew 9.7 percent in 2020, reaching a value of USD 4.1 trillion or USD 12,530 per person.

In addition, growing burden of rare diseases such as cystic fibrosis, Huntington’s disease and others, is also expected to accelerate the market growth in the region in the coming years. Moreover, the market in Europe is projected to grab a significant share during the forecast period ascribing to the rising utilization of rapid diagnosis, and technological advancements to develop enhanced precision medicine in the region.

Esoteric Testing Market Share

The global esoteric testing market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global esoteric testing market includes the following segments:

By Test Type

  • Infectious Disease
  • Endocrinology
  • Oncology
  • Toxicology
  • Immunology
  • Genetic Testing
  • Others

By Technology

  • Flow Cytometry
  • Chemiluminescence Immunoassay
  • Mass Spectrometry
  • Radio Immunoassay
  • Others

By End User

  • Independent & Reference Laboratories
  • Hospital Laboratories

Growth Drivers

  • Growing Prevalence of Chronic and Infectious Diseases
  • Rapidly Rising Geriatric Population Around the World

Challenges

  • Inadequate Reimbursement for Esoteric Tests

Top Featured Companies Dominating the Market

  • H.U. Group Holdings, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • Laboratory Corporation of America
  • McClernon LLC
  • Quest Diagnostics
  • Healius Limited
  • Sonic Healthcare
  • Mayo Foundation for Medical Education and Research 
  • Georgia Esoteric & Molecular Laboratory, LLC
  • Thyrocare Technologies Ltd.
  • ACM Global Laboratories

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