0

Esoteric Testing Market Expected to Reach $68.5 Billion by 2032—Allied Market Research

 
2022
Esoteric Testing Market

Report Code : A12022

quote Increase in the prevalence of chronic diseases such as cancer, hypertension, diabetes and chronic infectious diseases, surge in awareness about importance of early disease diagnosis and increase in new test launches are the factors expected to drive the esoteric testing market. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Esoteric Testing Market," The esoteric testing market was valued at $24.2 billion in 2022, and is estimated to reach $68.5 billion by 2032, growing at a CAGR of 11% from 2023 to 2032. Esoteric testing refers to specialized laboratory tests that are not performed in routine clinical settings. Esoteric testing is conducted when a doctor requires additional detailed information about patient health to complete a diagnosis and monitor a therapeutic regimen. These tests are used to diagnose and evaluate rare diseases, and other complex medical conditions. These tests are performed in specialized reference laboratories and academic medical centers. Examples of esoteric tests include specialized cancer marker tests, genetic testing for rare inherited disorders, complex autoimmune disease panels, and tests for unusual infections.

Factors that drive the growth of esoteric testing industry are the increase in geriatric population, surge in incidences of infectious diseases and rare diseases, and increase in demand for real time polymerase chain reaction (RT-PCR) testing. Esoteric testing is conducted for rare diseases, genetic disorders, and autoimmune conditions. Thus, rising incidences of rare diseases is the key factor driving the growth of esoteric testing market. For instance, according to EspeRare Foundation 2023, about 8%-10% of the global population is affected by rare diseases. Furthermore, various key players are developing advanced esoteric testing technology which also drives the market growth. For instance, Laboratory Corporation of America Holdings, a global healthcare company launched its new test that measures Lymphocyte-activation gene 3 (LAG-3) expression levels by immunohistochemistry (IHC) in tumor tissue in May 2022. 

In addition, Quest Diagnostics, a global leader in diagnostic information services, launched its first consumer-initiated genetic test, to help people understand their potential risk of developing certain inheritable health conditions in 2023. Thus, development and launches of advanced esoteric tests further boost the market growth. Further, increase in awareness about personalized medicine also boosts the market growth. Personalized medicine therapies are designed to target the specific pathways in cancer patients and for the identification of right therapy esoteric testing is employed. This has increased the demand for esoteric tests which further propels esoteric testing market growth.

However, the high cost of esoteric testing restrains market growth. These high costs limit the adoption of esoteric testing in underdeveloped countries and hinder the development and commercialization of esoteric testing.  On the other hand, advancement of esoteric DNA sequencing technologies in precise medicine, and increase in awareness among the population for early diagnosis led to the enhancement of the esoteric testing sector. This encourages many key players to enter emerging markets, which is expected to create lucrative esoteric testing market opportunity during the forecast period.

On the basis of type, the esoteric testing market analysis is categorized into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. The infectious disease testing segment dominated the esoteric testing market size in 2022, owing to increase in number of specialty testing for infectious diseases and launch of new esoteric tests for infectious disease diagnosis. However, genetic testing is expected to be the fastest growing segment during the forecast period. This is attributed to the development of next generation sequencing technology and surge in prenatal and newborn testing for genetic abnormalities. 

Depending on technology, the market is divided into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. The chemiluminescence immunoassay segment dominated the global esoteric testing market size in 2022. This is attributed to the high sensitivity of the assay to detect low concentration of analytes and provide rapid results where timely diagnosis is essential. However, DNA sequencing is expected to be the fastest growing segment during the forecast period, owing to advancement in genome sequencing.

On the basis of end user, the market is bifurcated into hospital-based laboratories and independent & reference laboratories. The independent & reference laboratories segment dominated the global esoteric testing market share in 2022, owing to rise in number of laboratories and digitalization of diagnostic laboratories. However, the hospital-based laboratories segment is expected to be the fastest growing segment during the esoteric testing market forecast. This is attributed to increase in prevalence of chronic diseases and rise in the number of patients undergoing diagnosis from hospital-based laboratories.

Region wise, North America had the highest esoteric testing market share in 2022, and is expected to maintain its lead 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 in the region. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period, owing to increase in government initiatives for diagnostic services, increase in prevalence of diabetes, and development of medical technology industry.

Key Findings of the Study

  • By type, infectious disease testing segment dominated the market in 2022.
  • On the basis of technology, chemiluminescence immunoassay segment dominated the market in 2022.
  • Depending on end user, independent and reference laboratories segment dominated the esoteric testing market trends in 2022.
  • By region, North America dominated the esoteric testing industry in 2022. However, Asia-Pacific is the fastest growing segment during the forecast period with CAGR of 12.1%

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Esoteric Testing Market by Type (Infectious Disease Testing, Oncology Testing, Endocrinology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, Other Testings), 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, Independent and Reference Laboratories): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Esoteric Testing Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers