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2021
Esoteric Testing Market

Esoteric Testing Market by Type (Infectious Disease Testing, Oncology Testing, Endocrinology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, and Other Testing), Technology (Enzyme-Linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass-Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, and Other Technologies), and End User (Hospital-based Laboratories and Independent and Reference Laboratories): Global Opportunity Analysis and Industry Forecast, 2021––2030

A12022
Pages: 270
Jul 2021 | 1392 Views
Author(s) : Linu Dash , Onkar Sumant
Tables: 131
Charts: 43
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COVID-19

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Esoteric Testing Market Overview 2030

The global esoteric testing market size was valued at $20,218.60 million in 2020, and is estimated to reach $66,214.79 million by 2030, growing at a CAGR of 12.5% from 2021 to 2030. Esoteric testing is a laboratory analysis of rare molecule and substance, which is not performed in a routine clinical laboratory. These tests are performed when a physician requires some addition and detailed information about the patient's health condition. It requires a sophisticated instrument & materials and skilled technician to analyze the result.

The COVID-19 outbreak is anticipated to have a positive impact on growth of the global esoteric testing market. The COVID-19 pandemic has stressed the healthcare systems in the world but increased the need for diagnostic service center and surged the demand for enzyme-linked immunosorbent assay (ELISA) and real-time polymerase chain reaction (RT-PCR) test to detect COVID-19.

global-esoteric-testing-market

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Growth of the global esoteric testing market is majorly driven by an increase in prevalence of chronic, infectious, and rare genetic disease; rise in demand for enzyme linked immunosorbent assay (ELISA) and real time polymerase chain reaction (RT-PCR); increase in funding from private & government organizations for the diagnostic service center; and advancement in technology for esoteric testing. According to the World Health Organization (WHO), in 2021, it was reported that 77% of the deaths from chronic diseases occur in low and middle income countries. For instance, in May 2021, Cipla Limited, an Indian multinational pharmaceutical company, launched ViraGen, an RT-PCR test kit for detection of COVID-19. It is a real-time detection kit, which is designed to detect and identify ORF Lab gene and SARS CoV-2 N gene having sensitivity of 98.6% and specificity of 98.8% as compared to the standard Indian Council of Medical Research (ICMR) test. In addition, rise in geriatric population who are more vulnerable to chronic diseases fuels the market growth during the forecast period. According to Beijing, in 2019, it was reported that over 180 million geriatric population in China was living with chronic diseases. In addition, in May 2021, Neuberg Diagnostic, a leading company that offers best-in-class laboratories, launched the clinical laboratory's operation in the U.S. to offer genomic and molecular testing on new generation sequencing technology.

Thus, technological advancement in esoteric testing and increase in number of diagnostic tests propel the growth of the esoteric testing market. However, the high cost associated with esoteric testing and lack of skilled technicians are expected to restrict the market growth during the forecast period.

Esoteric Testing Market Segmentation

The esoteric testing market is segmented on the basis of type, technology, end user, and region. By type, the market is categorized into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. 

By technology, it is divided into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. By end user, the market is fragmented into hospital-based laboratories and independent and reference laboratories. On the basis of hospital-based laboratories, the market is further classified into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. By independent and reference laboratories, the market is further categorized into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies.

Region-wise, the esoteric testing market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).

Segment review

Depending on type, the infectious disease testing segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of infection disease, development in healthcare laboratory, and advancements in technology for molecular diagnostic. However, the genetic testing segment is expected to witness considerable market growth during the forecast period, owing to increase in prevalence of genetic diseases, surge in demand for stem cell research activities, and increase in demand for genomic models.

Esoteric Testing Market
By Type

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Infectious Disease Testing segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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On the basis of technology, the chemiluminescence immunoassay segment dominated the esoteric testing market in 2020, and is expected to continue this trend during the forecast period, owing to increase in prevalence of chronic disease such as autoimmune disease, diabetics, heart disease, and cancer; surge in awareness about early diagnostic of disease; and advancement in R&D for drug discovery and development activities. However, the DNA sequencing segment is expected to witness considerable growth during the forecast period, owing to increase in prevalence of infectious disease, such as hepatitis, neurological disorders, dengue, cancer, and AIDS; rise in geriatric population; and surge in demand for cost-effective diagnostic testing service.

Esoteric Testing Market
By Technology

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Chemilumescence Immunoassay segment is projected as one of the most lucrative segment.

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On the basis of end user, the independent and reference laboratories segment dominated the market in 2020, and is expected to continue this trend during the forecast period, owing to increase in number of laboratories, high testing volumes, and surge in digitalization of diagnostic laboratories. However, the hospital-based laboratories segment is expected to witness considerable growth during the forecast period due to rise in prevalence of chronic disease, development in hospital laboratories, and increasing need for preventive healthcare.

Esoteric Testing Market
By End User

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Independent & Refernce Laboratories segment is projected as one of the most lucrative segment.

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North America accounted for a major share in the esoteric testing market in 2020, and is expected to maintain its dominance during the forecast period, owing to rise in prevalence of chronic disease and increase in number of diagnostic tests and technological advancement for esoteric testing. However, Asia-Pacific is expected to register the highest CAGR of 13.4% from 2021 to 2030, owing to increase in prevalence of chronic disease, rise in government initiative for diagnostic service, surge in demand for ELISA and RT-PCR test, and increase in awareness among population for self-diagnostic testing.

Esoteric Testing Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

North America was holding a dominant position in 2020 and would continue to maintain the lead over the analysis period.

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Key players operating in the global esoteric testing market include ARUP Laboratories, Baylor Esoteric and Molecular Laboratory, Foundation Medicine, Healius Limited, Laboratory Corporation, Mayo Foundation for Medical Education and Research, OPKO Health, Quest Diagnostics, Sonic Healthcare Limited, and Stanford Clinical Pathology.

Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the esoteric testing market, and the current trends and future estimations to elucidate imminent investment pockets.
  • It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing esoteric testing market opportunities.
  • Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
  • Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the esoteric testing market.

Key Market Segments

By Type

  • Infectious Disease Testing
  • Oncology Testing
  • Endocrinology Testing
  • Genetic Testing
  • Toxicology Testing
  • Immunology Testing
  • Neurology Testing
  • Other Testing

By Technology

  • Enzyme-linked Immunosorbent Assay
  • Chemiluminescence Immunoassay
  • Mass Spectrometry
  • Real Time Polymerase Chain Reaction
  • DNA Sequencing
  • Flow Cytometry
  • Other Technologies

By End User

  • Hospital-based Laboratories
    • Enzyme-linked Immunosorbent Assay
    • Chemiluminescence Immunoassay
    • Mass Spectrometry
    • Real Time Polymerase Chain Reaction
    • DNA Sequencing
    • Flow Cytometry
    • Other Technologies
  • Independent and Reference Laboratories
    • Enzyme-linked Immunosorbent Assay
    • Chemiluminescence Immunoassay
    • Mass Spectrometry
    • Real Time Polymerase Chain Reaction
    • DNA Sequencing
    • Flow Cytometry
    • Other Technologies

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • Australia
    • India
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • South Africa
    • Rest of LAMEA

Key Market Players 

  • ARUP Laboratories
  • Baylor Esoteric and Molecular Laboratory 
  • Foundation Medicine
  • Healius Limited
  • Laboratory Corporation
  •  Mayo Foundation for Medical Education and Research
  • OPKO Health 
  • Quest Diagnostics 
  • Sonic Healthcare Limited
  • Stanford Clinical Pathology
 

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Growth of the esoteric testing market is attributed to factors such as technological advancements in the healthcare sector; rise in prevalence of chronic and infectious diseases such as cancer, cardiovascular disease, hypertension, HIV, and diabetics; increase in funds from private and government organizations for various diagnostic service centers; and surge in demand for enzyme linked immunosorbent assay (ELISA) and real time polymerase chain reaction (RT-PCR) test. The esoteric testing market gains interest of pharmaceutical and biotechnology companies, owing to surge in demand for oncology testing, genetic testing, serology testing, and infectious disease testing. This leads to increase in adoption of esoteric testing. Moreover, the market has gained high traction in esoteric testing technology, such as mass spectrometry, chemiluminescence immunoassay, flow cytometry, and DNA sequencing, in recent years as esoteric testing tools are used in diagnosis of chronic, genetic, and infectious diseases.

Further, North America is expected to witness the highest growth, in terms of revenue, owing to rise in prevalence of chronic disease, increase in number of diagnostic tests, and technological advancement for esoteric testing in the region.

Asia-Pacific was the second largest contributor to the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to increase in prevalence of chronic disease, rise in government initiative for diagnostic service, surge in demand for ELISA and RT-PCR test, and increase in awareness among population for self-diagnostic testing.

In addition, high cost associated with esoteric testing and lack of skilled laboratory technician is anticipated to restrain the market growth during the forecast period.

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FREQUENTLY ASKED QUESTIONS?

A. Yes, esoteric testing companies are profiled in the report

A. The key trends in the esoteric testing Market are increase in the prevalence of infectious and chronic diseases, rise in government initiative for diagnostic testing, surge in demand for ELISA and RT-PCR test, and rise in adoption of early diagnosis testing.

A. No, there is no value chain analysis provided in the esoteric testing Market report

A. The market value of esoteric testing Market in 2021 was $22,948.1 million

A. The total market value of esoteric testing Market is $20,218.6 million in 2020.

A. The top companies that hold the market share in esoteric testing market are ARUP Laboratories, Baylor Esoteric and Molecular Laboratory, Foundation Medicine, Healius Limited, Laboratory Corporation, Mayo Foundation for Medical Education and Research, OPKO Health, Quest Diagnostics, Sonic Healthcare Limited, Stanford Clinical Pathology

A. The forecast period in the report is from 2021 to 2030

A. The base year for the report is 2020.

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