The Global Esoteric Testing Market was valued at USD 19.2 Bn in 2020 and is expected to reach USD 41.0 Bn by 2027, growing at a CAGR of 11.7% during the forecast period.
Esoteric Testing Market Definition
Esoteric testing is described as the examination of unusual molecules or chemicals that are not routinely examined in a clinical laboratory. When a clinician needs more specific information about a patient's health to complete a diagnosis or track a therapy regimen, esoteric testing is used. Analysing the results of gathering samples necessitates the use of advanced technologies and materials. Oncology, toxicology, serology, molecular diagnostics, genetics, and endocrinology are some of the medical fields that use esoteric testing.
Esoteric Testing Market Dynamics
Esoteric testing helps in the identification of life-threatening disorders, the management of chronic diseases, and the improvement of overall quality of life are the propelling factors for the growth of the esoteric testing market. Growing advances in esoteric testing technologies in diagnostics, and rising awareness regarding rare diseases boost the growth of esoteric testing market. For instance, according to the survey, the total number of Americans living with rare disease are approximately 30 million. This shows the prevalence of rare diseases among American population. Increasing awareness and advancement in genetic sequencing technology such as next generation sequencing are considerably the boosting factors for the growth of esoteric testing market. However, the reimbursement policies are not available for the diagnostics and coverage for the personalized medicines and precision medicine is constricted by the Medicare is majorly hampering the growth of the global esoteric testing industry.
The Global Esoteric Testing Market Segmentation:
Company Profiles and Competitive Intelligence
The key players operating in the esoteric testing industry are:
Based on type, infectious diseases segment is estimated to dominate in the esoteric testing market in 2020 owing to rising incidence of infectious diseases
Based on the type, the global esoteric testing market has been segmented into infectious diseases, oncology, immunology, endocrinology, genetic testing, and toxicology. The infectious diseases segment dominated the global market over the forecast period. This is due to technological advancement in molecule diagnostics and increasing awareness about early-stage detection of infection rare diseases are the fuelling factors for the growth of this segment.
However, oncology is the fastest growing segment during the forecast period due to increasing prevalence of cancer disease among the population is the driving factor for the growth of this segment. For instance, as per the International Agency for Research on Cancer estimates that the global incidence of cancer will reach 29.5 million by 2040, from 18.1 million in 2018.
Based on technology, chemiluminescence immunoassay CLIA segment is expected to dominate in the market during the forecast period due to its high efficiency
Based on applications, the global esoteric testing market is segmented into Chemiluminescence Immunoassay (CLIA), Enzyme-Linked Immunosorbent Assay (ELISA), Mass Spectroscopy (MS), Real Time Polymerase Chain Reactions (RT-PCR), and others. The other technology is further segmented into radioimmunoassay and flow cytometry. Chemiluminescence Immunoassay CLIA segment is projected to dominate the market over the forecast period owing to its advantages in testing methods such as less limitation for detection, more specificity, better precision, high level of performance are the propelling factors for the growth of CLIA segment.
However, enzyme-linked immunosorbent assay and RT-PCR segments are expected to observe significant growth during the forecast period. The COVID-19 pandemic has put a strain on global healthcare systems, but it has also increased the need for diagnostic service centres and ELISA and RT-PCR tests to detect COVID-19. For instance, in October 2020, VEO Diagnostic has begun to sell the Accel ELISA COVID-19 complete test kit to identify the count of antibodies in human serum in the United States. This increases the number of tests for diagnosis in the less time that save the time of patients and healthcare workers.
The report also provides an in-depth analysis of the global esoteric testing market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Global Esoteric Testing Market
The outbreak of COVID-19 is estimated to have a positive impact on the global esoteric testing market's growth owing to the rises in demand for diagnostic testing, which can be attributed to the rising number of COVID-19 cases, is an important aspect of providing patient care and reducing the disease's spread. For instance, in 2020, the Indian Council of Medical Research (ICMR) received reports from 646 government laboratories and 247 private laboratories for COVID testing. Haematology, maternity-related, genetic disorders and rare diseases, oncology, infectious diseases, neurology, COVID-19-related, and routine testing are among the most common esoteric testing services. As a result, there is a rise in demand for esoteric testing.
The report also provides an in-depth analysis of key trends in global esoteric testing market
|1||Partnerships for the development of early-stage diagnostics for rare diseases||Positive|
|2||Rising expenditure on research and development activities for improving technologies related to esoteric testing||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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