PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373905
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373905
Esoteric testing market size was valued at USD 21,907.6 Million in 2022, expanding at a CAGR of 12.4% from 2023 to 2030.
Esoteric testing includes the scientific analysis of uncommon substances and molecules that aren't frequently done in a clinical laboratory. These tests are performed when a doctor requires a patient's more detailed information than regular lab testing to finish a diagnosis, determine a prognosis, or choose and monitor a treatment plan. Additionally, these tests frequently need the utilization of specialized materials and tools, along with skilled personnel to carry out the test and analyze the results.
Esoteric Testing Market- Market Dynamics
Rising demand for proteomics and genomics is expected to pave the way for market growth across the globe
Large-scale proteomics testing is crucial for biological research and clinical translation. Detecting and understanding complicated illness characteristics is aided by new advances in widespread proteomics along with stronger collaboration between physicians and researchers. The overall market growth will be driven as an outcome of proteomics and genomics as well as investment in the identification of innovative solutions to identify rare bimolecular. Additionally, the advancement of novel test methods with various fcators for several chronic diseases will boost global esoteric testing market demand. However, limited reimbursement might hinder the growth of the esoteric testing market. Furthermore, the numerous developing technologies and integrated innovations including microfluidic platforms, digital PCR, next-generation sequencing and pyrosequencing, enhanced molecular phenotyping technologies, and genetic studies are propelling the esoteric testing market. The increased utilization of information technology has allowed faster and more improved data transfer. Thus, above mention factors are likely to offer lucrative demand for the esoteric testing market.
Esoteric Testing Market- Key Insights
As per the analysis shared by our research analyst, the global esoteric testing market is estimated to grow annually at a CAGR of around 12.4% over the forecast period (2023-2030)
The esoteric testing industry is projected to grow at a significant rate due to the numerous developing technologies and integrated innovations
Based on type segmentation, infectious diseases testing was predicted to show maximum market share in the year 2022
Based on end-users segmentation, independent & reference laboratories was the leading type in 2022
The technological advancement in esoteric testing and the rise in the number of diagnostic tests drive the growth of the esoteric testing market.
The global esoteric testing market is segmented on the basis of type, technology, end user, and region.
The market is divided into seven categories based on type: neurology testing, infectious diseases testing, endocrinology testing, toxicology testing, oncology testing, genetic testing, immunology testing, and others. The infectious diseases testing segment is accounted to dominate the market over the forecast period. The growth is attributed to the rising demand for specialty testing and increased incidences of infectious diseases will drive up overall sector test volumes. Additionally, in the identification of immunological illnesses, the increasing efficacy of esoteric testing is a significant component driving the segment's growth.
The market is divided into two categories based on end-users: hospital-based laboratories" and independent & reference laboratories. The independent & reference laboratories segment is likely to maintain its dominance during the projected period. The segment growth is being boosted by the rise in accredited laboratories, broad reimbursement acceptance, the ongoing automation technology of diagnostic laboratories, and attractive benefits offered by these providers.
Esoteric Testing Market- Geographical Insights
North America is attributed to dominate the global esoteric testing market owing to the overall increase in community awareness of self-diagnosis, an increase in chronic illness, and an expansion in government diagnostic activities. Additionally, established esoteric testing market trends businesses in developed countries promote globalization by pushing new things as well as administrations into agricultural nations & emerging countries. Moreover, Canada is projected to be the fastest-growing business region, due to the treatment of persistent infections and the growing interest in practical procedures for the diagnosis. The rising cases of chronic diseases and improved focus on early treatment and detection of unusual infections will witness to drive the regional market growth.
Significant initiatives in R&D have been achieved as a result of the increasing market value of esoteric testing for innovatively sound tests, which will improve market development potential in the future. Improved and planned novel diagnostic techniques with major benefits for several ranges of intriguing infections will boost global market demand. The prime factor influencing the growth of the esoteric testing market across the world is insufficient payback. Moreover, market players should take advantage of the prospects offered by growing economies, which is predicted to determine the market's growth over the forecast period. For instance, in November 2021, MENLO PARK, Calif.-PacBio, a leading provider of highly accurate, high-quality sequencing platforms, and ARUP Laboratories announced today they are collaborating on a study intended to evaluate whether the solve rate for rare disease cases can be increased.
For instance, in January 2021, BioReference Laboratories, Inc., an OPKO Health company introduced Scarlet Health™, an in-home, fully integrated digital platform offering access to on-demand diagnostic services. Scarlet has been created similarly to tools consumers use daily, to provide ease-of-use and ubiquitous conveniences.