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%. 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.
North America is expected to command the largest share of the market in 2018 owing to the government initiatives to promote awareness about preventive screening, growing public and private funding for research on the development of clinical laboratory tests, and increasing adoption of genome-based laboratory tests. However, Asia Pacific is expected to register the highest growth rate during the forecast period due to rising healthcare expenditure, increasing number of hospitals and clinical diagnostic laboratories in India and China, and strong research bases for esoteric testing procedures across India, China, and Japan.
The major factors driving the growth of this market in the North American region include accessibility to advanced technologies, the presence of a well-established network of independent & reference laboratories, expansion of molecular diagnostics for genetic disorders and cancer screening, and presence of major leading companies in the US.
Rising Geriatric Population and Subsequent Growth in the Prevalence of Chronic Diseases
Increasing Burden of Infectious Diseases
Rising Demand for Early Disease Detection Using Specialized Diagnostic Tests
Growing Awareness of Personalized Medicine
Increasing Funding and Research Grants for the Development of Innovative Esoteric Tests
Unfavorable Reimbursement Scenario
Condition-Specific Markers and Tests With Advances in Genomics and Proteomics
Growth Opportunities in Emerging Countries
Changing Regulatory Landscape
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Insights
7 Esoteric Testing Market, By Type
8 Esoteric Testing Market, By Technology
9 Global Esoteric Testing Market, By Laboratory Type
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