Esoteric Testing Market Overview With Detailed Analysis 2022-2028

According to Precision Business Insights (PBI), the latest report, the Esoteric Testing market is expected to be valued at USD 28,588.4 million in 2022, growing at an 8.3% CAGR from 2022 to 2028. Increased prevalence of infectious disease globally and governmental level initiatives to screen the spreadability of any kind of infections, increased morbidity of genetic diseases, cancers, etc., which require specialized diagnostics necessitate esoteric testing. This high necessity boosts the demand for esoteric testing and pushes the research and development of new technology or methodology for esoteric testing. All these factors give the required thrust for the esoteric testing market growth in the prophecy period.

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The Infectious Disease Testing Segment to Take the Most Share in the Esoteric Testing Market Followed by Genetic Testing and Oncology Testing:
The esoteric testing market outlook manifests that because of the rise in the frequency of infectious diseases, the expansion of healthcare laboratories, and improvements in molecular diagnostic technologies, the infectious disease testing segment dominated the market in 2021 and is anticipated to maintain this trend during the projected period. However, due to the rise in the frequency of genetic illnesses, the surge in demand for stem cell research initiatives, and the demand for genomic models, the genetic testing segment is anticipated to have significant market expansion throughout the forecast period following the infectious disease segment. According to American Cancer Society estimates, In the United States, it is anticipated that there will be 1,898,160 new cancer cases and 608,570 cancer-related deaths. The death rate from cancer decreased steadily from its high in 1991 through 2018, a 31% decrease after rising for most of the 20th century because of early detection and testing. Throughout the forecast period, the Esoteric Testing Market for Oncology is anticipated to grow strongly. The growing significance of early cancer detection and treatment will have a beneficial effect on the expansion of this segment in the esoteric testing market share.

North American Region to Dominate the Esoteric Testing Market:
In 2020, North America dominated the Esoteric Testing market, followed by Europe and the Asia-Pacific region. North America to experience an increase in the demand for Esoteric Testing services as the number of patients with cancers, autoimmune diseases, and genetic diseases is increasing. Moreover, there is governmental level screening for the infectious disease spreadability contemplating to prevent another catastrophe like covid19. Further, the proper awareness campaign by the authorities and health care providers increased the number of patients seeking a solution rather than accepting the disorder as a misfortune which is driving the growth of the esoteric testing market size in the prophecy period.

Strategic New Product Launches, Mergers, Acquisitions, And Agreements Are the Key Strategies Adopted by Market Players:
The global Esoteric Testing market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In September 2021, NHS announced a trial for a new type of blood test which can detect up to 50 types of cancer before the symptoms appear.

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The esoteric testing market is segmented based on type, technology, end user, and geography
Based On the Type, The Market is Segmented into the Following:
• Infectious Disease Testing
• Oncology Testing
• Endocrinology Testing
• Genetic Testing
• Toxicology Testing
• Immunology Testing
• Neurology Testing
• Other Testing

Based On Technology, The Market is Segmented into the Following:
• 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 into The Following:
• Hospital-based Laboratories
• Independent and Reference Laboratories

Based On Geography, The Market is Segmented into the Following:
• North America
• Europe
• Asia-Pacific
• Middle East and Asia
• Latin America

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Key players' profiles in the esoteric testing market are Quest Diagnostics, OPKO Health, Inc., MIRACA HOLDINGS Inc., Myriad Genetics, Inc., Sonic Healthcare, Healthscope, Foundation Medicine, ACM Global Laboratories, ARUP Laboratories, Fulgent Genetics, Invitae Corporation, Mayo Foundation for Medical Education and Research, Fresenius Medical Care, Charles River Laboratories, Pacific Bio labs, Inc., Merck KGaA, WuXi AppTec, North American Science Associates Inc, and Nelson Laboratories LLC.

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This release was published on openPR.