USD 19.73 billion
Esoteric Testing Market Size, Share, Growth Analysis, By Type (Oncology, Genetic Testing), By Technology (Chemiluminescence, Enzyme-linked immunosorbent assay (ELISA)), By End User (Independent and Reference Laboratories, Hospitals-based Laboratories), By Region -Industry Forecast 2024-2031
Report ID:
SQMIG35A2910 |
Region:
Global |
Published Date: September, 2024
Pages:
206
|Tables:
0
|Figures:
0
Esoteric Testing Market Insights
Global Esoteric Testing Market size was valued at USD 19.73 billion in 2022 and is poised to grow from USD 22.06 billion in 2023 to USD 53.88 billion by 2031, growing at a CAGR of 11.81% in the forecast period (2024-2031).
The market growth is driven by growing demand for early diagnosis, increasing demand for safe methods of cancer diagnosis and increasing incidence of cancer. As National Center for Biotechnology Information (NCBI) estimates about 1.95,000 million cancer diagnoses and 609,820 cancer deaths in the US. Furthermore, the introduction of advanced latent testing technology in independent laboratories is expected to expand the market.
With technological advances such as real-time polymerase chain reaction, next-generation sequencing, increased demand for esoteric diagnostics by surgeons and patients is expected to become paramount leading to increased demand for advanced diagnostic testing. Unlike conventional blood or urine tests, occult tests are usually administered from a laboratory equipped with the necessary equipment. These tests can be very helpful in a particular clinical situation or scientific research because it is more specific and effective therefore, although generally more is required due to increased therefore costs.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Infectious Disease Testing
Fastest Growth
Genetic Testing
Growth Rate
11.81% CAGR
Global Esoteric Testing Market ($ Bn)
Country Share for North America Region (%)
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Esoteric Testing Market Segmental Analysis
Based on Type the market is segmented as, Infectious Disease Testing, Oncology Testing, Endocrinology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, Other Testing. Based on Technology the market is segmented as, Enzyme-linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, Other Technologies. Based on End User the market is segmented as, Hospital-based Laboratories, Enzyme-linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, Other Technologies, Independent and Reference Laboratories, Enzyme-linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, Other Technologies. Based on Region the market is segmented as, North America, U.S., Canada, Mexico, Europe, Germany, France, UK, Italy, Spain, Rest of Europe, Asia-Pacific, Japan, China, Australia, India, Rest of Asia-Pacific, LAMEA, Brazil, Saudi Arabia, South Africa, Rest of LAMEA.
Analysis by Type
The oncology segment led the market and accounted for 28.03% of the global revenue in 2023. The dominance can be attributed to the rising incidence of cancer and high demand for occult diagnostic tests. It is expected that cancer the number of copies received will increase to 7 million. Thus, the increasing number is expected to increase the acceptability of esoteric testing in cancer patients, thereby growing the segments. Many programs and programs are being developed by private and public organizations to cure cancer and increase life expectancy as well.
The genetic testing segment is expected to register the fastest CAGR of 12.18% during the forecast period. The growth of the segment is driven by advances in genomic techniques, increased awareness of personalized medicines and increasing demand for genetic testing with increased awareness for early diagnosis in population. According to 2023 NCBI data, there were currently 76,326 genetic studies 76,083 for review and 243 for research purposes forecast. Furthermore, increasing incidence of genetic diseases and increasing need for research is expected to fuel the market growth. For example, according to the American Society of Clinical Medicine, newborn screening programs in the United States screen children for more than 60 disorders.
Analysis by Technology
Chemiluminescence immunoassay dominated the market with the highest revenue share in 2023. This dominance of the segment is due to the high sensitivity of the assay in detecting hormones, proteins, antibodies, nucleic acids etc. In addition, it supports multiple combinations, capable of measuring multiple analytes simultaneously. Furthermore, significant advantages associated with chemiluminescence immunoassays, such as high reagent stability and conjugate stability, complete compatibility with immunological assay protocols, rapid analytical signal acquisition and reduced incubation time further enhance fraction growth.
Enzyme-linked immunosorbent assay (ELISA) is expected to register the fastest CAGR during the forecast period. ELISA-based assays enable the detection and measurement of specific proteins and antibodies in a sample, making them a common diagnostic tool. Moreover, it is expected that tests and analyzes with technological advances an increasingly will use these features to conduct analytics applications applications. The ELISA analyzers market is driven by the increasing need for technological advancement and automation. ELISA analyzers are a commonly used diagnostic tool that can detect and measure specific protein antibodies in a sample providing significant market growth.
Global Esoteric Testing Market By Type (%)
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Esoteric Testing Market Regional Insights
North America region in the market accounted for 31.22% in 2023. Government subsidies for high quality healthcare, availability of coverage, increased purchasing power, increased incidence of infections and diseases such as cancer are important enhancers in this category. This can be attributed to the anticipated growth of the market owing to well-established healthcare infrastructure, increased purchasing power and moving occult test approval rates. The esoteric testing market in the U.S. is expected to grow slightly and is expected to increase during the forecast period owing to healthcare initiatives, rising prevalence of diabetes and favorable conditions for market expansion in the country.
Asia-Pacific in the market was anticipated to witness substantial growth during the forecast period. Additionally, developing countries such as India and China have opportunities for growth due to high patient volumes and increasing number of established healthcare providers, healthcare utilization trends the front comes from increased government support for chronic disease diagnosis and treatment. China’s healthcare system is facing a severe test due to rising healthcare costs and high spending. In addition, a growing number of government programs aimed at providing diagnostic services, rapid development of enzyme-linked immunoassay (ELISA) and reverse transcription polymerase chain reaction (RT-PCR) are expected to drive market growth in China.
Global Esoteric Testing Market By Geography
- Largest
- Fastest
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Esoteric Testing Market Dynamics
Drivers
Increasing Incidence of Chronic Diseases
- One of the major drivers of the esoteric testing market is the rise in chronic diseases such as cancer, cardiovascular diseases and diabetes. These conditions require advanced approaches to detect biomarkers, genetic changes and molecular changes. Esoteric testing provides specialized testing that goes beyond routine diagnosis, essential for early diagnosis and personalized treatment.
Advances in Genomic and Proteomic Technologies
- The esoteric testing market is also driven by tremendous advances in genomic and proteomic technologies. These advances have transformed diagnostic strategies, enabling the diagnosis of rare and molecularly complex diseases. Advanced techniques such as next-generation sequencing (NGS) and mass spectrometry provide highly sensitive and specific analysis, which is critical to precision medicine. When these technologies are combined with esoteric testing performance, increasing the demand for specialized diagnostic solutions.
Restraints
High Cost of Specialized Tests
- A major restraining factor in the esoteric testing market is the high cost associated with specialized testing methods. Occult experiments are complex and require advanced equipment, highly skilled personnel, and extensive laboratory facilities. The high cost often limits the availability of these tests, especially in developing areas. This financial burden may limit the widespread use of occult testing, especially in financially constrained health care settings.
Limited Payment Terms
- Another mandate is that many health plans have limited funding for occult testing. They often fall outside of standard reimbursement schemes because occult tests are highly idiosyncratic and not part of routine diagnostic procedures. This discourages both healthcare providers and patients from opting for such tests, slowing the overall market growth.
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Esoteric Testing Market Competitive Landscape
A notable example of a strategic partnership in the esoteric testing market is between Quest Diagnostics and Memorial Sloan Kettering Cancer Center (MSKCC). This collaboration focuses on advanced oncology testing and includes Quest's lab capabilities expands its MSKCC expertise in cancer genomics. Together, it has developed research that helps identify genetic mutations and abnormalities associated with various cancers, and helps physicians develop personalized treatment plans.
Top Player’s Company Profiles
- OPKO Health
- Miraca Holdings
- Myriad Genetics
- Sonic Healthcare
- Cardio Diagnostics Holdings, Inc
- Veravas
- BPGbio, Inc.
- Fulgent Genetics
- Alveo Technologies, Inc.
- R.L. Diagnostics
- ARUP Laboratories
- Athena Esoterix, LLC
- Bruker
- F. Hoffmann-La Roche Ltd
- Laboratory Corporation of America® Holdings
Esoteric Testing Key Market Trends
- Shift to a More Personalized and Precise Treatment: A major trend in the esoteric testing market is the increasing adoption of personalized and accurate medications. With advances in genomics and molecular diagnostics healthcare providers are moving towards personalized medicine tailored to each patient’s individual characteristics. Occult analysis plays a key role in this shift, enabling deeper insights into patient genetics of materials, enabling customized therapeutic regimens.
- Increasing Burden of Chronic Diseases to Drive Market Growth: Chronic diseases such as active gastrointestinal disorders, constipation, rheumatoid arthritis, cancer, chronic obstructive pulmonary disease, autoimmune diseases, genetic disorders, and increasing incidence of other viral infections is one of the major factors driving the growth of market. For example, according to the World Health Organization (WHO) announcement, the number of cases of lung and breast cancer in 2020 is estimated to be 2.21 million and 2.26 million, respectively. These factors, coupled with the market players focusing on and introducing advanced innovations and situational analysis technologies, are expected to drive higher adoption rates over the forecast period.
Esoteric Testing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, there has been tremendous growth in the esoteric testing market, driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular disease and diabetes, which require more advanced testing than routine testing. Cutting-edge genomic and proteomic technologies, such as next-generation sequencing (NGS) and mass spectrometry, enhance esoteric testing capabilities, further enhancing market expansion but at the expense of specialized testing of this and limited coverage in many health systems is a significant limitation. The esoteric testing market is expected to continue to grow as demand for specialized diagnostics increases, with innovations in molecular testing and increased focus on precision drug development will determine future development.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 19.73 billion |
| Market size value in 2031 | USD 53.88 billion |
| Growth Rate | 11.81% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Esoteric Testing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Esoteric Testing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Esoteric Testing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Esoteric Testing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Esoteric Testing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Esoteric Testing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Esoteric Testing Market Report Snapshots
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