Esoteric Testing Market Size to Reach USD 66,214.79 Million by 2030 at a CAGR of 12.5% - Valuates Reports
BANGALORE, India, Aug. 20, 2021 /PRNewswire/ -- The Global Esoteric Testing Market is Segmented by Type (Infectious Disease Testing, Oncology Testing, Endocrinology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, and Other Testing), Technology (Enzyme-Linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass-Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, and Other Technologies), and End User (Hospital-based Laboratories and Independent and Reference Laboratories): Global Opportunity Analysis and Industry Forecast, 2021 - 2030. This report is published on Valuates Reports under Health Category.
The esoteric testing market size was valued at USD 20,218.60 Million in 2020 and is estimated to reach USD 66,214.79 Million by 2030, growing at a CAGR of 12.5% from 2021 to 2030.
Major factors driving the growth of the esoteric testing market:
An increase in the prevalence of chronic, infectious, and rare genetic disease; rise in demand for enzyme-linked immunosorbent assay (ELISA) and real-time polymerase chain reaction (RT-PCR) is expected to increase the market growth.
An increase in funding from private & government organizations for the diagnostic service center and advancement in technology for esoteric testing is also expected to boost the market.
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TRENDS INFLUENCING THE GROWTH OF ESOTERIC TESTING MARKET
Chronic diseases including diabetes, heart disease, and cancer are on the rise all across the world. According to the World Health Organization (WHO), in 2021, it was reported that 77% of the deaths from chronic diseases occur in low and middle-income countries. Infectious diseases including Dengue fever, Hepatitis B, C, HIV, Malaria, Tuberculosis, and others are spreading at an alarming rate. The use of esoteric testing to diagnose diseases early and effectively is becoming more popular. Esoteric test technology is improving, allowing for faster results with improved efficacy, detection limits, and sensitivity. The growing use of esoteric DNA sequencing, NGS technologies, and whole-genome sequencing in cancer early detection, precision medicine, and personalized medicine is further propelling the market forward.
Emerging markets such as India, China, and India are likely to provide significant participants in the esoteric testing market's new growth prospects. The rising senior population, high frequency of chronic and infectious diseases, improved healthcare infrastructure, and rising disposable income in these countries are all contributing to this trend. Furthermore, Emerging technologies in esoteric testing, such as biomarker analysis, digital PCR, NGS, pyrosequencing, or Sanger sequencing, digital microfluidic platforms, and advanced molecular phenotyping technologies.
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ESOTERIC TESTING MARKET SHARE ANALYSIS
Based on type the infectious disease testing segment dominated the market in 2020 and is expected to continue this trend during the forecast period. This is attributed to an increase in the prevalence of infectious disease, development in healthcare laboratories, and advancements in technology for molecular diagnostics.
Based on technology, the chemiluminescence immunoassay segment dominated the esoteric testing market in 2020 and is expected to continue this trend during the forecast period. This is attributed to the increase in the prevalence of chronic diseases such as autoimmune disease, diabetics, heart disease, and cancer; surge in awareness about early diagnosis of disease; and advancement in R&D for drug discovery and development activities.
Based on end user-independent and reference laboratories, the segment dominated the market in 2020 and is expected to continue this trend during the forecast period. This is due to the increase in the number of laboratories, high testing volumes, and surge in digitalization of diagnostic laboratories.
Because of the rise in the prevalence of chronic disease, the increase in the number of diagnostic tests, and technological advancement in esoteric testing, North America accounted for a large share of the esoteric testing market in 2020, and it is expected to maintain its dominance during the forecast period. However, Asia-Pacific is expected to register the highest CAGR of 13.4% from 2021 to 2030.
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ESOTERIC TESTING MARKET SEGMENTATION
Esoteric Market by Type
- Infectious Disease Testing
- Oncology Testing
- Endocrinology Testing
- Genetic Testing
- Toxicology Testing
- Immunology Testing
- Neurology Testing
- Other Testing.
Esoteric Testing Market by Technology
- Enzyme-linked Immunosorbent Assay
- Chemiluminescence Immunoassay
- Mass Spectrometry
- Real Time Polymerase Chain Reaction
- DNA Sequencing
- Flow Cytometry
- Other Technologies.
Esoteric Testing Market by End User
- Hospital-based Laboratories
- Enzyme-linked Immunosorbent Assay
- Chemiluminescence Immunoassay
- Mass Spectrometry
- Real Time Polymerase Chain Reaction
- DNA Sequencing
- Flow Cytometry
- Other Technologies
- Independent and Reference Laboratories
- Enzyme-linked Immunosorbent Assay
- Chemiluminescence Immunoassay
- Mass Spectrometry
- Real Time Polymerase Chain Reaction
- DNA Sequencing
- Flow Cytometry
- Other Technologies.
Key Companies
- ARUP Laboratories
- Baylor Esoteric and Molecular Laboratory
- Foundation Medicine
- Healius Limited
- Laboratory Corporation
- Mayo Foundation for Medical Education and Research
- OPKO Health
- Quest Diagnostics
- Sonic Healthcare Limited
- Stanford Clinical Pathology.
Esoteric Market by Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA.
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SIMILAR REPORTS
- Infectious Disease Testing market is segmented by Type Immunodiagnostics, Clinical Microbiology, PCR, INAAT, DNA Sequencing & NGS, DNA Microarrays, by Application Hospitals/Clinical Laboratories, Reference Laboratories, Academic/Research Institutes and by various regions.
- Hemato Oncology Testing Market is segmented by Type Leukemia Testing, Acute Myeloid Testing, Multiple Myeloma Testing, by Application Clinical Laboratories, Hospitals and by various regions.
- The genetic testing market accounted for USD 12,682 Million in 2019, and is expected to reach USD 21,260 Million by 2027, registering a CAGR of 10.1% from 2020 to 2027.
- Toxicology Testing Market is segmented by Type Cell Culture Technology, High Throughput Technologies, Molecular Imaging Technologies, Omics Technologies and by various regions.
- Enzyme-Linked Immunosorbent Assay (ELISA) market size is projected to reach USD 221.3 Million by 2027, from USD 181 Million in 2020, at a CAGR of 3.6% during 2021-2027.
- Mass Spectrometry Market was valued at USD 4,598 Million in 2016, and is estimated to reach USD 7,922 Million by 2023, registering a CAGR of 8.0% from 2017 to 2023.
- DNA Sequencing market size was USD 13380 Million and it is expected to reach USD 48700 Million by the end of 2027, with a CAGR of 20.4% during 2021-2027.
- Immunoprotein diagnostic testing market was valued at USD 10,136.40 Million in 2019 and is projected to reach USD 18,387.19 Million by 2027, registering a CAGR of 6.6% from 2020 to 2027.
- CTMS market size is projected to reach USD 1693.1 Million by 2026, from USD 950.5 Million in 2020, at a CAGR of 10.1% during 2021-2026.
- Chemiluminescence Immunoassay Analyzer Market
- Real Time Polymerase Chain Reaction Systems Market
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