CHICAGO, June 4, 2024 /PRNewswire/ -- Esoteric Testing Market in terms of revenue was estimated to be worth $32.2 billion in 2024 and is poised to reach $48.3 billion by 2029, growing at a CAGR of 8.5% from 2024 to 2029 according to a new report by MarketsandMarkets.
Growth in this market is primarily driven by the increasing use of esoteric DNA sequencing technologies in precision medicine and early diagnosis of cancer, increasing research funding for precision medicine, genetic analysis, and the growing number of collaborations in the esoteric testing market.
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Esoteric Testing Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | $32.2 billion |
Estimated Value by 2029 | $48.3 billion |
Growth Rate | Poised to grow at a CAGR of 8.5% |
Market Size Available for | 2022-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Technology, Specimen, End User, and region |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and the GCC Countries |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Emerging technologies and advanced tests for screening and risk identification in esoteric testing |
Key Market Drivers | Increasing research funding for precision medicine, genetic analysis, and personalized medicine |
The oncology testing segment is projected to register the highest CAGR in the forecasted period for esoteric testing market, by type segment, in 2023
Based on type, the esoteric testing market is segmented as infectious disease testing, autoimmune disease testing, endocrinology testing, oncology testing, genetic testing, toxicology and drug monitoring testing, neurology testing, and other types of testing. Esoteric oncology tests are used to determine the hereditary risk of cancer and are essential in diagnosis, prognosis, and treatment decisions. The growth of the oncology testing segment is driven by the rising prevalence of cancer and the increased adoption of various esoteric tests. The rising geriatric population is one of the major factors resulting in the increasing incidence of cancer.
In 2023, the enzyme-linked immunosorbent assay (ELISA) segment held the largest share of the esoteric testing market, by technology segment.
Based on technology, the esoteric testing market is segmented into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), real-time PCR, chromatography and mass spectrometry, flow cytometry, DNA sequencing and next-generation sequencing, and other technologies. The ELISA, or Enzyme-Linked Immunosorbent Assay, is a widely used biochemical technique for detecting the presence of an antigen (such as a protein) or an antibody in a sample. It relies on the principle of antigen-antibody interactions and utilizes enzymes to generate a measurable signal. The large share of the ELISA segment is attributed to the advantages of ELISA over other testing methods, such as high efficiency, as simultaneous analyses can be performed without complicated sample pre-treatment, high specificity and sensitivity because of an antigen-antibody reaction, cost-effectiveness, as low-cost reagents are used, and safe and eco-friendly nature.
The blood, serum, and plasma segment accounted for largest market share of esoteric testing market, by specimen, in 2023
Based on specimens, the esoteric testing market is segmented into blood, serum, and plasma, urine, and other specimens. The blood, serum, and plasma segment accounted for the largest share of the esoteric testing market in 2023. The large share of the blood, serum, and plasma segment can be attributed to the rising prevalence of chronic and infectious diseases and the increasing number of blood donations globally.
The independent & reference laboratories segment accounted for the largest share of the esoteric testing market, by end user, in 2023
Based on end users, the esoteric testing market is segmented into independent & reference laboratories and hospital-based laboratories. The independent & reference laboratories segment accounted for the largest share of the esoteric testing market, as of 2023. The large share of this segment is attributed to the preference of highly accurate and reliable diagnostic tests, improved insurance coverage for complex diagnostic tests, and digitalization of diagnostic laboratories across major countries.
The Asia Pacific market is expected to witness the highest growth during the forecast period.
The global esoteric testing market is divided into six key regions: North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and the GCC Countries. The Asia Pacific is projected to register the highest CAGR of 10.1% in the esoteric testing market during the forecast period. The presence of emerging economies such as China, India, and Japan, the rising prevalence of chronic diseases, improving standard of living, growing demand for quality medical care, increasing healthcare spending, favorable government initiatives, and growing awareness regarding the use of esoteric tests among physicians are some of the major factors driving the growth of the esoteric testing market in the Asia Pacific.
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Esoteric Testing Market Dynamics:
Drivers:
1. Increasing research funding for precision medicine, genetic analysis, and personalized medicine
Restraints:
1. High capital investments and low-cost-benefit ratio for biomarkers
Opportunities:
1. Emerging technologies and advanced tests for screening and risk identification in esoteric testing
Challenge:
1. Inaccuracies and misdiagnosis in diagnostic testing
Key Market Players of Esoteric Testing Industry:
Prominent players in the market include Quest Diagnostics (US), Labcorp (US), H.U. Group Holdings, Inc. (Japan), Sonic Healthcare (Australia), OPKO Health, Inc. (US), Myriad Genetics, Inc. (US), The Mayo Foundation for Medical Education and Research (MFMER) (US), Eurofins Scientific (Luxembourg), Stanford Health Care (US), Foundation Medicine, Inc. (US), Kindstar Globalgene Technology, Inc. (China), Georgia Esoteric & Molecular Laboratory, LLC (US), Thyrocare Technologies Ltd. (India), ACM Global Laboratories (US), NMS Labs (US), HealthQuest Esoterics (US), Cerba Research (US), LeoLabs (India), Flow Health (US), Invitae Corporation (US), ARUP Laboratories (US), Fulgent Genetics (US), bioMONTR Labs (US), and LabGenomics (South Korea).
The primary interviews conducted for this report can be categorized as follows:
- By Company Type: Tier 1 - 45%, Tier 2 - 38%, and Tier 3 - 17%
- By Designation: C-level - 24%, D-level - 32%, and Others - 44%
- By Region: North America - 35%, Europe - 26%, Asia Pacific - 24%, Latin America - 12%, Middle East & Africa - 1%, and the GCC Countries - 2%
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Recent Developments of Esoteric Testing Industry:
- In April 2024, Labcorp launched glial fibrillary acidic protein (GFAP), a critical blood-based biomarker for the early detection of neurodegenerative diseases and neurological injuries.
- In April 2024, Quest launched a new blood biomarker test for phosphorylated tau 217, or p-tau217. P-tau217 is useful for the early diagnosis of AD.
- In March 2024, Labcorp launched pTau217 test to identify the presence or absence of phosphorylated tau 217 (pTau217), a pivotal blood biomarker designed to aid in the diagnosis of Alzheimer's disease and the subsequent monitoring of patients undergoing treatment with new Alzheimer's disease therapies.
Esoteric Testing Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall esoteric testing market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, challenges, trends, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers: (Advancements in esoteric tests for personalized medicine, increasing research funding for precision medicine, genetic analysis, and personalized medicine, growing number of collaborations), challenges (Dearth of skilled professionals and inaccuracies and misdiagnosis in diagnostic testing), opportunities (Emerging technologies and advanced tests for screening and risk identification in esoteric testing, and advances in understanding heterogeneity of diseases and safety signals), and restraints (Inadequate reimbursement, high capital investments and low-cost-benefit ratio for biomarkers) influencing the growth of the in esoteric testing market.
- Service Development/Innovation: Detailed insights on research & development activities and new service launches in the esoteric testing market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the esoteric testing market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the esoteric testing market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Quest Diagnostics (US), LabCorp (US), and H.U. Group Holdings, Inc. (Japan), among others, in the esoteric testing market strategies.
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