Esoteric Testing Market Analysis, Technology Progress, Revenue Forecast to 2021-2031 | Labcorp , Quest Diagnostics , OPKO Health, H.U. Group Holdings, Inc.

The global esoteric testing market was valued at USD 21.4 billion in 2021 and it is anticipated to grow further up to USD 62.9 billion by 2031, at a CAGR of 11.4% during the forecast period.

New York, According to a new market research report published by Global Insight Services Esoteric Testing Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Esoteric testing involves the laboratory examination of uncommon molecules and substances that is not often done in a clinical laboratory. These tests are carried out when a doctor needs more comprehensive information regarding the patient's health. To assess the outcome, a sophisticated device, materials, and specialist are needed.

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Market Trends and Drivers

The growing geriatric population coupled with the increasing prevalence of chronic and infectious diseases and advancing esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and precision medicine are boosting the growth of the market. Globally, chronic diseases including diabetes, heart disease, and cancer are on the rise. Infectious disease prevalence is also rising at an alarming rate and includes diseases like Dengue, Hepatitis B, C, HIV, Malaria, Tuberculosis, and others. The knowledge of esoteric testing for the quick and accurate detection of certain disorders is growing. Esoteric tests' improving technology is providing quicker results with improved sensitivity, detection limits, and efficacy. The market is expanding as a result of the rising use of esoteric DNA sequencing, NGS technologies, and whole genome sequencing in the early diagnosis of cancer, precision medicine, and personalized medicine.

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Market Restraints and Challenges

The inadequate reimbursement of the esoteric tests is likely to hinder the growth of the market. One of the main factors limiting the expansion of the esoteric testing business is inadequate reimbursement. Medicare's coverage of personalized and precision medicine is quite limited. The amount of testing has been significantly influenced in recent years by a decrease in the reimbursement for diagnostic tests. This came about as a result of Medicare, Medicaid, and other third-party payers, notably managed care organizations (MCOs), tightening their controls over the use of laboratory services.

Global Esoteric Testing Market by Technology

By technology, it is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, DNA sequencing, flow cytometry, and others. The chemiluminescence immunoassay accounted for the largest share in the market. Owing to its high performance coupled with its efficacy in diagnosis are boosting the growth of the market.

Major Players in the Global Esoteric Testing Market

The key players in the global esoteric testing market are Labcorp (US), Quest Diagnostics (US), OPKO Health (US), H.U. Group Holdings, Inc. (Japan), Healius Limited (Australia), Sonic Healthcare (Australia), Mayo Foundation for Medical Education and Research (MFMER, US), Eurofins Scientific (Luxembourg), Stanford Clinical Pathology (US), Foundation Medicine (US), Kindstar Global (Beijing) Technology, Inc. (China), ARUP Laboratories (US), Georgia Esoteric & Molecular Laboratory, LLC (US), Thyrocare Technologies Ltd. (India), ACM Global Laboratories(US), BioAgilytix Labs (US), National Medical Services Inc. (NMS) (US), Baylor Esoteric and Molecular Laboratory (US), Cerba Xpert (Belgium), HealthQuest Esoterics (US), BUHLMANN Diagnostics Corp (BDC, US), BP Diagnostic Centre SDN BHD (Malaysia), Flow Health (US), and Leo Labs, Inc. (India).

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Reasons to buy Esoteric Testing Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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