Esoteric Testing Market size is set to surpass USD 44 billion by 2028, according to a new research report by Global Market Insights Inc.
Rapid technological advancements in esoteric testing industry will boost the overall market expansion over the forecast period. Esoteric tests are uncommon or specialized tests that are reliant on physician interpretation skill. Advancements in antidote automation technology that lessens the chance of error by proliferating productivity and ameliorate quality metrics across all the areas of sample analysis, standardization of advanced instrumentation and analytical systems will fuel the market growth.
Furthermore, the accuracy of information technology enabled data transfer and receiving results in less time creating opportunities for research on large datasets. Such developments have in turn led to accurate results and improved patient care creating momentous demand for esoteric testing. Further, the incremental changes often make testing processes more simple, conducive, and cost-effective that will boost the demand for esoteric testing in nearby future.
Increasing prevalence of cancer and infectious diseases in low and middle-income countries is further projected to impel the demand for esoteric testing. As per the American Cancer Society, in 2020, around 10 million deaths due to cancer were reported globally, and 70% of deaths were in low and middle-income countries. Hence, the specificity of esoteric tests in such disease diagnosis offering precise and accurate results that assist in reducing mortality rate will drive the overall esoteric testing market expansion.
Expansion of specialty testing services providing diagnosis of endocrine disorders will influence the industry landscape
Based on test type, the esoteric testing market is segmented as endocrinology, oncology, infectious diseases & immunology, toxicology, neurology, genomics, and others. Endocrinology segment was accounted for over 18% market share in 2021. The segment growth is attributable to increasing prevalence of endocrine disorders along with developments in diagnostic technologies. Early diagnosis of such conditions allow access to in-time treatment, thereby leading to beneficial patient outcomes. Thus, need for expansion of specialty testing platforms to identify factors affecting endocrine systems will drive the segment demand in the coming years.
Browse key industry insights spread across 130 pages with 131 market data tables & 13 figures & charts from the report, “Esoteric Testing Market Forecasts By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, RT-PCR), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Increasing demand for immunoassay tests will strengthen the industry growth potential
Based on technology, the esoteric testing market is segmented as mass spectrometry, flow cytometry, ELISA, radioimmunoassay, chemiluminescence, RT-PCR and others. ELISA technology segment exceeded USD 5 billion revenue in 2021. Enzyme-linked-immunosorbent-assay (ELISA) is the most common and robust technology used for the detection of various analytes. Marked up variety of reagents as well as analytical techniques are preeminent factors adding to the use of ELISA, thereby driving the segment landscape. Moreover, escalating use of immunoassay tests in cancer, infectious disease testing, and other point-of-care in-vitro diagnostics is the additional factor that will contribute to the segment revenue growth in the forthcoming years.
Growing elderly population susceptible to emerging unknown diseases in Europe will fuel the regional industry statistics
Europe esoteric testing market is forecast to register over 6.8% CAGR during the analysis period. The regional growth is significantly attributable to the growing geriatric population base. Due to weakened immunity with aging, this population base is highly susceptible to several new infections and immunological conditions that will gradually increase the demand for esoteric testing. Further, the companies operating in the region are increasingly focusing on the introduction of highly specific diagnostic tests. Well-equipped facilities having ability to incorporate and adopt advanced technologies will further boost the regional market forecasts.
Strategic collaborations by the leading industry players will strengthen their business reach
The esoteric testing market consists of several players. Few of the renowned players include ACM Global Laboratories, Laboratory Corporation of America, Quest Diagnostics, Fulgent Genetics, Arup Laboratories, Mayo Medical Laboratories, Invitae, OPKO Health, Myriad Genetics, Nordic Laboratories, Genomic Health, American Esoteric Laboratories (AEL), Miraca Holdings and BioMONTR among others.
These companies are highly focused on undertaking several business growth strategies such as collaborations and acquisitions to expand their business presence. For instance, in February 2021, Quest Diagnostics, Inc announced collaboration with GRAIL, Inc., a healthcare company that offers advanced technologies for early-stage cancer detection. Such collaborations and agreements help the company to strengthen their market position and generate more revenues.