Dublin, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The "Esoteric Testing Market Size, Share & Trends by Type (Endocrinology, Oncology, Neurology, Genetic Tests, Autoimmune, Infectious Diseases), Technology (ELISA, CLIA, Flow Cytometry, NGS, RT-PCR, Chromatography, Spectrometry), Specimen (Blood, Urine) - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global esoteric testing market is valued at an estimated USD 32.2 billion in 2024 and is projected to reach USD 48.3 billion by 2029, at a CAGR of 8.5% during the forecast period.
Growth in the esoteric testing market is primarily driven by the increasing prevalence of chronic and infectious diseases, advancements in esoteric tests for personalized medicine, and increasing research funding for precision medicine. 
The Oncology testing segment accounted for the highest CAGR of the esoteric testing market in 2023, by type
Based on type, the esoteric testing market is segmented into 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 chemiluminescence immunoassay (CLIA) segment is projected to witness highest growth rate in the esoteric testing market, by technology, during the forecast period
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, based on technology . Growth in the number of specialized diagnostic laboratories equipped with advanced CLIA technology and the need for early diagnosis have necessitated the use of CLIA tests across the globe. Aggressive R&D expenditures by players and the development of innovative technologies such as chemiluminescent biochips, multiplexed assays, and portable immunoassays are also expected to support the growth of the CLIAs market in the coming years.
The blood, serum, and plasma segment accounted for the largest market share of esoteric testing market, in 2023, by specimen
Based on specimens, the esoteric testing market is segmented into blood, serum, and plasma, urine, and other specimens. The large share of this segment is attributed to the growing number of blood donations globally and the increasing incidence of chronic & infectious diseases worldwide.The use of blood as a specimen in esoteric testing is driven by its minimally invasive nature, comprehensive biomarker potential, and technological advancements. These factors, coupled with the growing emphasis on personalized medicine, regulatory support, and the need for efficient infectious disease testing, are propelling the growth of blood-based esoteric tests.
The independent & reference laboratories segment accounted for the largest share of the esoteric testing market in 2023, by end user
Based on end users, the esoteric testing market is segmented into independent & reference laboratories and hospital-based laboratories. The demand for personalized medicine, the increasing prevalence of chronic and genetic diseases, and the need for cost-effective and efficient diagnostic solutions are key growth factors driving the importance of reference laboratories operating in the esoteric testing market in the coming years.
The Asia Pacific region is projected to witness highest growth rate in the esoteric testing market during the forecast period
The global esoteric testing market is segmented into six regions - North America, Europe, Latin America, Asia Pacific, the Middle East & Africa, and the GCC Countries. The Asia Pacific market, which comprises Japan, Australia, India, China, and the Rest of Asia Pacific, is expected to offer significant growth opportunities to market players and is projected to register the highest CAGR in the esoteric testing market during the forecast period. Government efforts to increase awareness about early disease detection and regular health checkups, rising healthcare expenditure, and the increasing number of hospitals and clinical diagnostic laboratories, 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.
The report provides insights on the following:
- 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 295 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $32.2 Billion |
| Forecasted Market Value (USD) by 2029 | $48.3 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Esoteric Testing Market, by Type, 2024 vs. 2029
- Esoteric Testing Market, by Technology, 2024 vs. 2029
- Esoteric Testing Market, by Specimen, 2024 vs. 2029
- Esoteric Testing Market, by End-user, 2024 vs. 2029
- Geographical Snapshot of Esoteric Testing Market
Premium Insights
- Esoteric Testing Market Overview -Rising Prevalence of Chronic and Infectious Diseases to Drive Market
- Asia-Pacific: Esoteric Testing Market, by Technology and Country (2023) - Elisa Segment Accounted for Largest Share of Asia-Pacific Market in 2023
- Esoteric Testing Market: Geographic Growth Opportunities -China to Register Highest Growth During Forecast Period
- Esoteric Testing Market: Regional Mix (2022-2029) -Asia-Pacific to Witness Highest Growth During Forecast Period
- Esoteric Testing Market: Developed vs. Developing Markets - Developing Markets to Register Higher Growth During Forecast Period
Market Dynamics
Drivers
- Growing Geriatric Population and Increasing Prevalence of Chronic and Infectious Diseases
- Increasing Use of Esoteric DNA Sequencing Technologies in Precision Medicine and Early Diagnosis of Cancer
- Advancements in Esoteric Tests for Personalized Medicine
- Increasing Research Funding for Precision Medicine, Genetic Analysis, and Personalized Medicine
- Growing Number of Collaborations
- Increasing Drug and Alcohol Abuse and Stringent Laws Mandating Drug and Alcohol Testing
Restraints
- Inadequate Reimbursement
- High Capital Investments and Low-Cost-Benefit Ratio for Biomarkers
Opportunities
- Emerging Technologies and Advanced Tests for Screening and Risk Identification in Esoteric Testing
- Advances in Understanding Heterogeneity of Diseases and Safety Signals
- Growth Opportunities in Emerging Economies
Challenges
- Dearth of Skilled Professionals
- Inaccuracies and Misdiagnosis in Diagnostic Testing
Technology Analysis
Key Technologies
- Immunoassay Techniques
Complementary Technologies
- Polymerase Chain Reaction
Adjacent Technologies
- Mass Spectrometry
- Flow Cytometry
Trends/Disruptions Impacting Customer's Business
- Revenue Shift in Esoteric Testing Market
Companies Profiled
- Labcorp
- Quest Diagnostics
- OPKO Health, Inc.
- H.U. Group Holdings, Inc.
- Sonic Healthcare Limited
- Mayo Foundation for Medical Education and Research (MFMER)
- Eurofins Scientific
- Stanford Health Care
- Foundation Medicine, Inc.
- Kindstar Globalgene Technology, Inc.
- Georgia Esoteric & Molecular Laboratory, LLC
- Thyrocare Technologies Limited
- ACM Global Laboratories
- NMS Labs
- HealthQuest Esoterics
- Cerba Xpert
- LeoLabs, Inc.
- Flow Health
- Invitae Corporation
- Myriad Genetics, Inc.
- ARUP Laboratories
- Fulgent Genetics
- Biomontr Labs
- Labgenomics
For more information about this report visit https://www.researchandmarkets.com/r/ocuk09
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