Esoteric Testing Market Share, Overview, Trends and COVID-19 Analysis Forecast to 2023
Research Reports
Jan 18, 2021
The increasing geriatric population, rising prevalence of diseases like diabetes, rheumatoid arthritis, growing per capita healthcare expenditure, and changing lifestyle are the major drivers for the market growth. However, factors like stringent FDA drug approvals, lack of skilled ophthalmologists, and low per capita healthcare expenditure in the middle and low-income countries are estimated to restrain the market growth during the forecast period.
According to Market Research Future (MRFR), the global esoteric testing market held a valuation of USD 1200 million in 2017 and is expected to register a CAGR of 8.6% from 2018 to 2023 (forecast period).
Segmentation
The global market for esoteric testing has been segmented based on test type, technology, and end-user.
Based on the type of test, the global market for esoteric testing has been segmented into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others.
By technology, the global market for esoteric testing has been segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others.
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By the end-user, the global market for esoteric testing has been segmented into independent and reference laboratories, research laboratories, and others.
Market Dynamics
The growing prevalence of chronic diseases, rising technological developments, increasing awareness of personalized medicine, and increasing market penetration are expected to drive the global market for esoteric testing. In addition, factors such as increased government and private funding to support research activities are expected to fuel demand growth during the forecast period.
However, factors such as the unfavorable reimbursement scenario may hinder the growth of the global market during the assessment period.
Key Players
Some of the leading participants in the global esoteric testing market are LabCorp, Quest Diagnostics, Invitae Corporation, Mayo Medical Laboratories, Spectra Laboratories, Opko Health, Miraca Holdings, Foundation Medicine, ACM Global Laboratories, Arup Laboratories, Myriad Genetics, Sonic Healthcare, Primary Health Care, Healthscope, Fulgent Genetics.
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Regional Analysis
Regionally, the global esoteric testing market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The American esoteric testing market is divided into two parts, namely North America and South America. North America, which is the largest region, is driven primarily by a growing number of health research initiatives, increased spending in healthcare by key market players, and a rising number of patients suffering from chronic diseases. In addition, existing market players in developed countries are leading globalization by introducing new products and services to developing and emerging countries. Canada is anticipated to witness the fastest-growing market propelled by the overall increasing demand for cost-effective diagnostic and treatment methods for chronic diseases.
The European esoteric testing market is expected to show positive growth, with a growing focus on research and development activities to enhance diagnosis and treatment methods. In addition, Germany and the United Kingdom are the key contributors to the growth of the sector. Moreover, rising expenditure on healthcare by major countries in Europe also accelerates demand growth.
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