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Esoteric Testing Market to Reach $68.5 Billion, Globally, by 2032 at 11.0% CAGR: Allied Market Research

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Allied Market Research

25 Oct, 2023, 23:30 GMT

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The global esoteric testing market is driven by factors such as an increase in geriatric population, surge in prevalence of infectious diseases, and rise in demand of real time polymerase chain reaction testing.

PORTLAND, Ore., Oct. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Esoteric Testing Market, By Type (Infectious Disease Testing, Oncology Testing, Endocrinology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, and Other Testing), By Technology (Enzyme-Linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass-Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, and Other Technologies) and By End User (Hospital-Based Laboratories And Independent and Reference Laboratories): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the esoteric testing industry was estimated at $24.2 billion in 2022, and is anticipated to reach $68.5 billion by 2032, registering a CAGR of 11.0% from 2023 to 2032.

Request Sample of the Report on Esoteric Testing Market Forecast 2032- https://www.alliedmarketresearch.com/request-sample/12387 

Esoteric tests refer to specialized laboratory procedures that are not commonly available in typical clinical labs. These tests are conducted in specialized labs due to their complexity, their relevance to rare disorders, or the need for specialized expertise to interpret the results. Esoteric diagnostics encompass advanced biomarker assays, specific tests for uncommon infections, and genetic tests for rare conditions. Unlike routine blood or urine tests, esoteric diagnostics are often outsourced to reference labs equipped with the necessary tools and expertise. While there may be less demand for these tests, they can be invaluable in specific clinical settings or for research purposes. Esoteric testing makes use of advanced technologies like next-generation sequencing, real-time polymerase chain reaction, and others.

Prime determinants of growth

Increase in the prevalence of chronic diseases such as hypertension, cancer, diabetes, and chronic infectious diseases and surge in awareness about early disease diagnosis drive the growth of the esoteric testing market. However, high cost of esoteric testing instruments and shortage of skilled laboratory technicians are hampering the esoteric testing market growth. On the contrary, technological advancement in esoteric testing and surge in number of diagnostic testing are expected to offer remunerative opportunity for expansion of the esoteric testing market during the forecast period.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$24.2 billion

Market Size in 2032

$68.5 billion

CAGR

11.0 %

No. of Pages in Report

307

Segments covered

Type, Technology, End User, and Region.

Drivers

Increase in prevalence of chronic and infectious diseases

Increase in awareness about early disease diagnosis and personalized medicine

Increase in number of medical laboratories

Opportunity

Technological advancements in esoteric testing

Restraint

High cost of esoteric testing


Economic Downturn Analysis: Impact of Recession in 2023 on the Esoteric Testing Market-

  • In the economic recession, the growth esoteric testing market is driven by various actions taken by the market players such as arrangement of various programs to reduce cost structure.
  • However, fluctuations in the shipping cost and increase in manufacturing and operating costs impact the esoteric testing market growth.

Want to Explore More, Connect to our Analyst- https://www.alliedmarketresearch.com/connect-to-analyst/12387 

The infectious disease testing segment to maintain its leadership status throughout the forecast period

Based on type, the infectious disease segment held the highest market share in 2022, accounting for more than one-fifth of the esoteric testing market revenue and is estimated to rule the roost throughout the forecast timeframe. The growth is attributed to an increase in prevalence of infectious diseases and increase in number of infectious diseases testing. However, genetic testing is expected to witness the fastest CAGR of 13.0% from 2023 to 2032, owing to launch of new advanced genetic testing methods and increase in genetic testing.

The chemiluminescence immunoassay segment to maintain its lead position during the forecast period

Based on technology, the chemiluminescence immunoassay segment accounted for the largest share in 2022, contributing to nearly one-fourth of the esoteric testing market revenue and is expected to retain its dominance during the forecast period. This is due to the rapid analysis of analytes by chemiluminescence immunoassay. However, DNA sequencing is expected to witness the fastest CAGR of 13.1% from 2023 to 2032, owing to increase in use of DNA sequencing method for esoteric testing.

The independent and reference laboratories segment to maintain its leadership status throughout the forecast period

Based on end user, the independent and reference laboratories segment held the highest market share in 2022, accounting for more than half of the esoteric testing market revenue and is expected to maintain its dominant status during he forecast period. The growth is attributed to a surge in number of testing from independent and reference laboratories and increase in number of laboratories. However, hospital-based laboratories is expected to witness the fastest CAGR of 11.2% from 2023 to 2032, owing to surge in number of patients undergoing esoteric testing from hospital settings.

For Procurement Information- https://www.alliedmarketresearch.com/purchase-enquiry/12387 

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the esoteric testing market revenue and is expected to rule the roost during the forecast period. This is due to the availability of developed healthcare infrastructure and increase in number of diagnostic tests. However, Asia-Pacific is expected to witness the fastest CAGR of 12.1% from 2023 to 2032, owing to increase in prevalence of chronic diseases and development of medical technology company.

Leading Market Players:

  • Laboratory Corporation of America Holdings
  • ARUP Laboratories
  • Opko Health Inc.
  • Quest Diagnostics Inc.
  • F. Hoffmann-La Roche Ltd.
  • Mayo Foundation for Medical Education and Research
  • Stanford Health Care
  • Healius Limited
  • Athena Esoterix LLC
  • Sonic Healthcare Limited.  

The report provides a detailed analysis of these key players of the esoteric testing market. These players have adopted strategies such as, product launch, collaboration, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Comprehensive Healthcare Industry Research Studies:

Syphilis Testing Market - Global Opportunity Analysis and Industry Forecast, 2020-2032

Capsule Endoscopy System Market - Global Opportunity Analysis and Industry Forecast, 2020–2032

Micromanipulators Market- Global Opportunity Analysis and Industry Forecast, 2020–2032

Flow Cytometry Market- Global Opportunity Analysis and Industry Forecast, 2020–2032

Postpartum Hemorrhage (PPH) Devices Market- Wearable Injectors Market - Global Opportunity Analysis and Industry Forecast, 2020–2032

Extremity Reconstruction Market - Global Opportunity Analysis and Industry Forecast, 2020–2032

Automated Radiosynthesis Modules Market - Global Opportunity Analysis and Industry Forecast, 2020–2032

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact
David Correa
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Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
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help@alliedmarketresearch.com  
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