Chicago, June 20, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Genetic Testing), Technology (MS, CLIA, ELISA, PCR), End User (Independent & Reference Laboratories, Hospital Laboratories) - Global Forecast to 2026", is projected to reach USD 36.3 billion by 2026 from USD 21.0 billion in 2021, at a CAGR of 11.6% during the forecast period.
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134 - Tables
47 - Figures
244 - Pages
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The increasing incidence of infectious and chronic diseases and increasing use of esoteric DNA sequencing technologies in precision medicine, are the major factors driving the growth of the esoteric testing market.
Based on the type, the esoteric testing market is segmented into infectious disease testing, immunology testing, oncology testing, endocrinology testing, immunology testing, genetic testing, toxicology testing, neurology testing, and other testing. The infectious disease testing segment accounted the largest share of the esoteric testing market in 2020. The largest share of the segment is attributed to the high incidence of infectious diseases, advancing molecular diagnostics, and healthcare infrastructure. The genetic testing segment is expected to register the highest CAGR during the forecast period, with the advancements in the sequencing technologies.
Based on technology, esoteric testing market is segmented into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), flow cytometry, real-time PCR, DNA sequencing, mass spectrometry, and other technologies. CLIA accounted for the largest share of the esoteric testing market in 2020, due to its high precision of diagnosis.
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Based on end user, the esoteric testing market is segmented into independent & reference laboratories and hospital-based laboratories. Independent & reference laboratories account for the largest share of the esoteric testing market. The largest share is attributed to the high demand of molecular diagnostics, increasing numbers of accredited labs and reimbursement benefits.
Geographical Growth Scenario:
The esoteric testing market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the largest regional market for esoteric testing market in 2020.The large share of the regions is driven by its increasing per capita healthcare expenditure, leading market players, increasing use of rapid diagnostics, and expanding geriatric population.
However, the Asia Pacific market is estimated to register at the highest CAGR during the forecast period. Emerging Asia Pacific nations such as China and India are with their improving healthcare infrastructure, advancing clinical labs, and increasing geriatric population base, expected to see significant growth in the market.
Key Players:
The global esoteric testing market is consolidated. The prominent players operating in this market include Labcorp (US), Quest Diagnostics (US) and OPKO Health Inc. (US).
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