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New study: Esoteric testing market worth 35.24 billion USD by 2023

Medical Market Research

According to a new market research report "Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Neurology, Genetic Testing), Lab Type (Independent Labs, Hospital Laboratories), Technology (Mass Spectrometry, CLIA, ELISA, PCR) - Global Forecast to 2023", published by MarketsandMarkets™, the report studies the global Esoteric Testing Market from the forecast period of 2018 to 2023. The market is projected to reach USD 35.24 Billion by 2023 from USD 20.38 Billion in 2018, at a CAGR of 11.6%. Factors such as increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, and increasing government funding for the research and development of innovative esoteric tests are driving the market growth. Moreover, the introduction of a new range of condition-specific markers and tests, with advances in genomics and proteomics, is expected to offer significant growth opportunities for market players during the forecast period.

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Based on type, the infectious diseases testing segment is expected to dominate the market during the forecast period. 

Based on type, the Esoteric Testing Market is broadly divided into infectious diseases, immunology, endocrinology, oncology, genetics, toxicology, neurology, and others (hematological tests, coagulation tests, nephrology tests, cardiovascular test panels, occupational tests, and donor and forensic). The infectious diseases testing segment is expected to grow at the highest CAGR during the forecast period.

This growth is primarily attributed to the large volume of infectious disease tests being performed in clinical laboratories, growing global disease burden of chronic and infectious disorders, technological innovations in molecular diagnostics, and improving healthcare infrastructure in developing nations.

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Based on technology, the chemiluminescence immunoassay (CLIA) segment is estimated to have the largest share of the market in 2018. 

Based on technology, the Esoteric Testing Market is broadly divided into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), mass spectrometry, flow cytometry, radioimmunoassay, real-time PCR (qPCR), and other technologies. The CLIA segment is expected to dominate the market in 2018.

The large share of this segment is attributed to the advantages of CLIA over other testing methods, including high-performance levels, low detection limits, higher specificity, high signal intensity, and good precision.

Based on laboratory type, independent and reference laboratories are expected to witness the highest growth during the forecast period. 

Based on laboratory type, the market is segmented into independent & reference laboratories and hospital-based laboratories. The independent and reference laboratories segment is expected to register the highest CAGR during the forecast period.

The high growth of this segment is attributed to the ongoing automation and digitalization of diagnostic laboratories across major countries and significant reimbursement coverage for clinical tests performed at reference/independent laboratories in developed countries.

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North America is expected to dominate the Esoteric Testing Market in 2018. 

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe.

The market in North America is primarily driven by the accessibility to advanced technologies, the presence of a well-established network of independent clinical laboratories, expansion of molecular diagnostics for genetic disorders and cancer screening, and presence of major leading companies in the US.

The prominent players in the global Esoteric Testing Market include LabCorp (US), OPKO Health (US), ARUP Laboratories (US), Miraca Holdings (Japan), Myriad Genetics (US), Genomic Health (US), Quest Diagnostics (US), American Medical Laboratories (US), Foundation Medicine (US), Mayo Medical Laboratories (US), Primary Healthcare (Australia), Healthscope (Australia), Sonic Healthcare (Australia), Fulgent Genetics. (US), Invitae (US), Spectra Laboratories (US), Eurofins Scientific (Luxembourg), Unilabs (Switzerland), SYNLAB International (Germany), Enzo Biochem (US), Clinical Reference Laboratory (US), Sequenom (US), and American Pathology 

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