Press release
Esoteric Testing Market is expected to garner USD 50.17 billion by 2029 at 11.5% CAGR from 2022 to 2029
The global Esoteric Testing Market is expected to grow at an 11.5 % CAGR from 2022 to 2029. It is expected to reach above USD 50.17 billion by 2029 from USD 18.83 billion in 2020.The ageing population, rising rates of chronic and infectious diseases, the development of esoteric DNA sequencing technologies for precision medicine, and early cancer diagnosis and precision medicine all contribute to the Esoteric Testing Market expansion.
Esoteric test technology is improving, allowing for faster results with improved efficacy, detection limits, and sensitivity. The growing use of esoteric DNA sequencing, NGS technologies, and whole-genome sequencing in cancer early detection, precision medicine, and personalized medicine is further propelling the market forward.
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Some of the major companies are Labcorp, Quest Diagnostics, OPKO Health Inc., CM Global Laboratories, Laboratory Corporation of America, Fulgent Genetics, Arup Laboratories, Mayo Medical Laboratories, Invitae, Myriad Genetics, Nordic Laboratories, Genomic Health, American Esoteric Laboratories (AEL), Miraca Holdings and BioMONTR, and many more.
Regional Outlook-
North America is dominated to lead largest share in the esoteric testing market due to increase in occurrence of chronic disease and rise in number of diagnostic tests and technological advancement for esoteric testing. Furthermore, Asia-Pacific holds the highest revenue due to high prevalence of chronic disease, surging government initiative for diagnostic service, surge in demand for ELISA and RT-PCR test, and rise in concern among population for self-diagnostic testing.
Market Developments
In 2021, Labcorp has acquired Myriad Genetics' autoimmune business unit.
In 2021, Quest Diagnostics has collaborated with GRAIL to support a first-of-its-kind multi-cancer early detection blood test called Galleri.
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Key Market Segments: Global Esoteric testing Market
Global Esoteric Testing Market by Type, 2020-2029, (USD Million)
Infectious Disease
Endocrinology
Oncology
Toxicology
Immunology
Genetic Testing
Global Esoteric Testing Market by Technology, 2020-2029, (USD Million)
MS
CLIA
ELISA
PCR
Global Esoteric Testing Market by End User, 2020-2029, (USD Million)
Independent & Reference Laboratories
Hospital Laboratories
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The objective of the Study:
To analyze the historical growth in the market size of the global Esoteric Testing from 2017 to 2021.
To estimate and forecast the market size of Esoteric Testing market from 2022 to 2029 and growth rate until 2029.
To classify and forecast the global Esoteric Testing market based on diagnosis type, cancer type, end user, region, and company.
To identify the dominant region or segment in the global Esoteric Testing market.
To identify drivers and challenges for the global Esoteric Testing market.
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