Press release
Esoteric Testing Market Is Anticipated to Grow Further Up to USD 62.9 Billion by 2032 | Sonic Healthcare, Eurofins Scientific, Leo Labs
The global esoteric testing market was valued at USD 21.4 billion in 2022 and it is anticipated to grow further up to USD 62.9 billion by 2032, at a CAGR of 11.4% during the forecast period.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.
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.
Major Players in the Global Esoteric Testing Market
The key players in the global esoteric testing market are Labcorp(U.S), Sonic Healthcare(Australia), Mayo Foundation for Medical Education and Research(U.S), Eurofins Scientific(Luxembourg), Kindstar Global Technology, Inc.(China), ARUP Laboratories(U.S), BioAgilytix Labs(U.S), HealthQuest Esoterics(U.S), BUHLMANN Diagnostics Corp(U.S), Leo Labs, Inc.(India).
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COVID-19 Impact
Due to the COVID-19's unexpected outbreak, the market's expansion has slowed down. Due to the implementation of lockdowns, businesses saw certain operational and logistical difficulties in the first quarter of 2020. Companies then accelerated and shifted their focus from esoteric tests to the diagnostic options for COVID-19 as a result of the enormous flood of COVID-19 patients and the enormous demand for mass scale diagnosis in various regions.
Global Esoteric Testing Market Segmentation:
By Type
Infectious Diseases Testing
Endocrinology Testing
Oncology Testing
Genetics Testing
Toxicology Testing
Immunology Testing
Neurology Testing
Others
By Technology
Chemiluminescence Immunoassay
Enzyme-Linked Immunosorbent Assay
Mass Spectrometry
Real-Time PCR
DNA Sequencing
Flow Cytometry
Others
By End User
Independent & Reference Laboratories
Hospital Based Technologies
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