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

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.

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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:

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.

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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.

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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.

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