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.
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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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
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The global esoteric testing market is further classified on the basis of region as follows:
Our in-depth analysis of the global esoteric testing market includes the following segments:
By Test Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing prevalence of chronic and infectious diseases, and rapidly rising geriatric population around the world.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022-2031.
North America will provide more business opportunities for market growth owing to the well-established medical infrastructure, and high healthcare spending in the region.
The major players in the market are H.U. Group Holdings, Inc., Laboratory Corporation of America, McClernon LLC, Quest Diagnostics, Healius Limited, and other.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by test type, technology, end user, and by region.
The infectious type segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
Inadequate reimbursement for esoteric tests is estimated to hamper the market growth.
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