The MnM repository is referred to for high-level insights into the esoteric testing market. Each of the technologies, types, and end users involved in the esoteric testing services were analyzed through secondary research and validated with primary interviews. MnM also identified the key service providers in this market for the assigned countries and conducted interviews with the key industry experts to arrive at the market splits and shares. MnM triangulated all of this data to estimate the market size and forecast the growth of this market.
Major Growth Drivers:
The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market. The objective of the report is to define, describe, and forecast the esoteric testing market size based on type, technology, laboratory type, and regions.
Expected Revenue Growth:
MarketsandMarkets forecasts the global esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.
Accessories to Fuel the Growth of Esoteric Testing Market :
Growing patient awareness about the benefits of personalized medicine is one of the key factors resulting in the increased use of molecular diagnostics and genomics & proteomics technologies. Esoteric tests, which involve the analysis of ‘rare’ molecules or substances, are an essential part of individualized treatment regimens for many chronic diseases and conditions.
These tests enable healthcare providers to make an informed clinical decision and reduce the likelihood of unnecessary adverse events. Some of the most widely used personalized treatment regimens include chemotherapy selection for breast cancer using gene expression profiles; therapeutic drug monitoring tests to select drugs for resistant HIV strains; and drugs selection based on the genetics and molecular profile of patients with autoimmune diseases.
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By type, infectious diseases testing segment is expected to dominate the market during the forecast period
Among the type segment, the infectious diseases testing segment is expected to account for the largest share of the market during the forecast period. The large share of this segment is primarily attributed to the rising incidence/prevalence of target diseases (chronic, infectious, & lifestyle related diseases), the increasing adoption of advanced technologies, and the growing healthcare expenditure across the globe.
By technology, real-time PCR (qPCR) segment is expected to register the highest CAGR during the forecast period
The real-time PCR (qPCR) segment is expected to register the highest CAGR during the forecast period mainly due to factors such as growing geriatric population, rising incidence of infectious diseases and genetic disorders, increasing investments and availability of funds for PCR-based research, increasing preference for real-time PCR in prenatal genetic testing, and increasing use of biomarker profiling for disease diagnosis.
By laboratory type, independent & reference laboratories segment is projected to be the fastest growing during the forecast period
The independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a large number of patient diagnosis undertaken for target diseases worldwide and competitive benefits offered by these providers over hospital-based laboratories.
North America to account for the largest market size during the forecast period.
North America is expected to account for the largest share of the market followed by Europe. However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, development in healthcare infrastructure, and significant rise in the disposable income in the region.
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Key Market Players
LabCorp (US), Quest Diagnostics (US), OPKO Health (US), Miraca Holdings (US), ARUP Laboratories (US), Myriad Genetics (US), Genomic Health (US), American Medical Laboratories (US), Foundation Medicines (US), Mayo Medical Laboratories (US), Primary Healthcare (Australia), Healthscope (Australia), Sonic Healthcare (UK), Fulgent Genetics (US), Spectra Laboratories (US), Nordic Lifesciences (US), InVitae (US), Unilabs (Switzerland), and SYNLAB (Germany).