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Esoteric Testing Market Size, Trends & Forecast 2024-2033
Esoteric Testing Market Size
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According to The Business Research Company's, The esoteric testing market size has grown rapidly in recent years. It will grow from $29.24 billion in 2023 to $32.73 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to advancements in biotechnology, rising chronic diseases, precision medicine evolution, increased focus on rare diseases, genomic discoveries.
The esoteric testing market size is expected to see rapid growth in the next few years. It will grow to $51.62 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to demand for early disease detection, expanding geriatric population, precision oncology growth, expansion of rare disease research, global health challenges. Major trends in the forecast period include liquid biopsies and circulating biomarkers, microbiome analysis, ai and machine learning integration, point-of-care esoteric testing, expanded genetic and molecular testing.
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Market Drivers and Trends:
The increasing prevalence of infectious diseases is expected to propel the growth of the esoteric testing market going forward. Infectious diseases are caused by infectious pathogens such as bacteria and viruses, migration, travel, and environmental changes. Esoteric testing involves advanced technology, such as nucleic acid technology, which can detect the genetic material of infectious agents. This can provide more accurate and sensitive results than traditional methods such as microbiological culture. For instance, in March 2023, according to the World Health Organization, a Switzerland-based voluntary health organization of the United Nations, in 2021, 247 million people suffered from malaria, an increase of 2 million compared to the reported 245 million in 2020. Therefore, the increasing prevalence of infectious diseases is driving the esoteric testing market.
Technological advancements are a key trend gaining popularity in the esoteric testing market. Major companies operating in the esoteric testing market are developing innovative products based on advanced technologies to sustain their position in the market. For instance, in January 2021, OPKO Health Company, a US-based diagnostics and pharmaceuticals company, launched the Scarlet Health digital platform. The new platform is an in-home, mobile, and flexible platform for on-demand diagnostic services. The new platform leverages the national presence and infrastructure of Bio-Reference, a US-based medical laboratory company.
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Major Key Players of the Market:
LabCorp Holdings, Quest Diagnostics Inc., Eurofins Scientific SE, Sonic Healthcare Limited, Miraca Holdings Inc., H.U. Group Holdings Inc., Arup Laboratories Inc., OPKO Health Inc., Mayo Medical Laboratories, SYNLAB International GmbH, Myriad Genetics Inc., Bio-Reference Laboratories Inc., NeoGenomics Laboratories, Foundation Medicine Inc., Health Network Laboratories, Fulgent Genetics Inc., Grifols S.A., Adaptive Biotechnologies Corporation, Genova Diagnostics, Kind star Globalgene Technology Inc., National Medical Services Inc. (NMS), ACM Global Laboratories LLC, Miraca Life Sciences Inc., Leo Labs Inc., Pacific Bio labs Inc., Lab21 Healthcare Ltd., HealthQuest Esoterics Inc., Georgia Esoteric And Molecular Laboratory LLC., Atherotech Diagnostics Lab, Spectra Laboratories Inc
Esoteric Testing Market 2024 Key Insights:
• The esoteric testing market size is expected to see rapid growth in the next few years. It will grow to $51.62 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Growing Demand For Esoteric Testing Amid Rising Infectious Diseases
• Esoteric Testing Market Embraces Technological Advancements
• North America was the largest region in the esoteric testing market in 2023
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