Esoteric Testing Market Size

Esoteric Testing Market Size

Esoteric Testing Market size surpassed USD 26 billion in 2021 and is projected to register over 6.9% CAGR between 2022 and 2028. Growing incidence of complex and rare medical disorders is pivotal factor contributing towards the overall market growth.

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Complex diseases are strenuous to diagnose and hence, esoteric testing plays a vital role in early diagnosis of such diseases. As per the National Institutes of Health (NIH), there are nearly 7,000 distinct types of sustained rare diseases, with new ones being identified every day that has tremendously impacted the volume of genetic testing over the past decade.

Further, according to the Genetic and Rare Diseases Information Center (GARD), presently more than 25 million Americans are living with rare diseases, while the global number reaches to 350 million. Thus, with the need to cater increasing demand of disease diagnosis, the esoteric testing market will foresee unprecedented demand during the forecast period.

Along with the increasing occurrence of complex and rare diseases, rising awareness about early disease diagnosis and treatment will drive the market outlook. For instance, the National Organization for Rare Disorders is aimed towards the identification, diagnosis, and treatment of rare disorders through various supportive programs including education, research, advocacy, and patient services. Such initiatives to broaden knowledge regarding available diagnosis options for complex genetic as well as non-genetic rare disorders will expand market reach.
 

The COVID-19 pandemic has negatively impacted the esoteric testing market growth in 2020, however, the industry gained momentum in 2021. Although, sudden spike in the demand for COVID-19 testing significantly impacted other clinical tests volume in laboratories during the pandemic, with declining number of cases leading to reduced demand for COVID-19 tests in 2021, the industry experienced continued growth at pre-pandemic rate.
 

Esoteric testing is classified as clinical laboratory tests that are performed to analyse rare molecules or substance in the patient’s body. These tests are performed in specialized laboratories by skilled technician. Esoteric testing helps to classify disease condition and provide additional and detailed information about patient health.