[150+ Pages Research Report] According to the recent analysis research report; the global Esoteric Testing Market in 2020 was approximately USD 20.1 Billion. The market is expected to grow at a CAGR of 12.1% and is anticipated to reach around USD 38.0 Billion by 2027. Top market players are Labcorp (US), Quest Diagnostics (US), and OPKO Health (US). The other players operating into this market include, H.U. Group Holdings, Inc. (Japan), Healius Limited (Australia), Sonic Healthcare (Australia), Mayo Foundation for Medical Education and Research (MFMER, US), Eurofins Scientific (Luxembourg), Stanford Clinical Pathology (US), Foundation Medicine (US), Kindstar Global (Beijing) Technology, Inc. (China), ARUP Laboratories (US), Georgia Esoteric & Molecular Laboratory, LLC (US),
Overview of Esoteric Testing Market Study
Esoteric Testing market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Growth in the esoteric testing market is primarily driven by the rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine are the major factors driving the growth of the esoteric testing market.
Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, inadequate reimbursements of the esoteric tests may restrict market growth to a certain extent. The esoteric testing market is segmented based on type, technology, end user and region.
Global Esoteric Testing Market Dynamics
DRIVER: Growing geriatric population, increasing prevalence of chronic and infectious diseases, advancing esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer and precision medicine.
The chronic diseases such as diabetes, cardiovascular diseases and cancer are on rise across the globe. The prevalence of infectious disease such as Dengue, Hepatitis B, C, HIV, Malaria, Tuberculosis, and others, are also increasing at an alarming rate. The awareness of the esoteric tests is increasing for the early and effective diagnosis of such diseases. The advancing technology of esoteric test are offering expedited results with higher efficacy, detection limits, and sensitivity. The increasing use of esoteric DNA sequencing, NGS technologies and whole genome sequencing in the early diagnosis of cancer, precision and personal medicine are also pushing the growth of the market.
RESTRAINT: Inadequate reimbursement of the esoteric tests
Inadequate reimbursement is a major factor restraining the growth of the esoteric testing market. The coverage of precision medicine and personalized medicine by Medicare are highly confined. In the past few years, there has been a decline in the reimbursement of diagnostic tests, which has negatively impacted the volume of tests. This resulted due to the increased controls over the utilization of laboratory services by Medicare, Medicaid, and other third-party payers, particularly managed care organizations (MCOs).
OPPORTUNITY: Emerging technologies in esoteric testing and emerging economies
Emerging technologies such as biomarker analysis, digital PCR, NGS, pyrosequencing, or Sanger sequencing, digital microfluidic platforms and advanced molecular phenotyping technologies are expected to thrust the growth of the market. The emerging economies such as India, China, and India are expected to offer potential growth opportunities for major players operating in the esoteric testing market. This can be attributed to the growing geriatric population, high prevalence of chronic and infectious diseases, improving healthcare infrastructure, and increasing disposable income in these countries.
CHALLENGES: Dearth of Skilled Professionals
The dearth of a skilled workforce has been a challenge for several decades, resulting in an aging workforce and declining enrolment in training programs. It takes almost five to ten years of continuous practice in clinical laboratory work for technicians to gain expertise. Esoteric tests are more advanced clinical laboratory tests than routine molecular tests.
Infectious disease testing segment dominated the esoteric testing market in 2020.
Based on type, the esoteric testing market is segmented into infectious disease testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. The infectious disease testing segment accounted the largest share of the esoteric testing market. The largest share of the segment is attributed to the increasing incidence of infectious diseases, technological innovations in molecular diagnostics, and improving healthcare infrastructure in developing nations. The genetic testing segment is expected to register the highest CAGR during the forecast period. The fastest growth of the genetic testing segment is attributed to the advancements in the sequencing technologies such as NGS and increasing awareness.
CLIA account for the largest share of the esoteric testing market during the forecast period.
Based on technology, esoteric testing market is segmented into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), mass spectrometry, real-time PCR, flow cytometry, DNA sequencing, and other technologies. CLIA accounted for the largest share of the esoteric testing market. The large share of this segment can be attributed to its advantages over other testing methods, such as high-performance levels, low detection limits, higher specificity, high signal intensity, and good precision.
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COVID-19 Impact on Esoteric Testing Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Esoteric Testing market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Esoteric Testing market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Esoteric Testing market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Esoteric Testing market include:
Labcorp (US), Quest Diagnostics (US), and OPKO Health (US). The other players operating into this market include, H.U. Group Holdings, Inc. (Japan), Healius Limited (Australia), Sonic Healthcare (Australia), Mayo Foundation for Medical Education and Research (MFMER, US), Eurofins Scientific (Luxembourg), Stanford Clinical Pathology (US), Foundation Medicine (US), Kindstar Global (Beijing) Technology, Inc. (China), ARUP Laboratories (US), Georgia Esoteric & Molecular Laboratory, LLC (US), Thyrocare Technologies Ltd. (India), ACM Global Laboratories(US), BioAgilytix Labs (US), National Medical Services Inc. (NMS) (US), Baylor Esoteric and Molecular Laboratory (US), Cerba Xpert (Belgium), HealthQuest Esoterics (US), BUHLMANN Diagnostics Corp (BDC, US), BP Diagnostic Centre SDN BHD (Malaysia), Flow Health (US), and Leo Labs, Inc. (India).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Infectious Diseases Testing
- Endocrinology Testing
- Oncology Testing
- Genetics Testing
- Toxicology Testing
- Immunology Testing
- Neurology Testing
- Other Testing
- Chemiluminescence Immunoassay
- Enzyme-Linked Immunosorbent Assay
- Mass Spectrometry
- Real-Time PCR
- DNA Sequencing
- Flow Cytometry
- Other Technologies
By End User
- Independent & Reference Laboratories
- Hospital-Based Laboratories
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The purpose of Nova one advisor’s Esoteric Testing market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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