Report Code : A12022
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.
Onkar Sumant - Manager
Life Sciences at Allied Market Research
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
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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
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