Pune, India, June 23, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Esoteric Testing Market Size Report, Forecasts to 2025 – COVID-19 Impact and Global Analysis – by Technology, Test Type, and End User,” the market is expected to grow from $45 billion by 2025 from $19.86 billion in 2017. Based on technology, real-time PCR is expected to grow at the fastest rate during 2018-2025 owing to the capacity of the PCR to bind with sequence-specific probes.
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Global Esoteric Testing Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | USD 19.86 Billion in 2017 |
| Market Size Value by | USD 45 Billion by 2025 |
| Growth rate | CAGR of 11.7% from 2018 to 2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
| No. of Pages | 160 |
| No. of Tables | 62 |
| No. of Charts & Figures | 63 |
| Historical data available | Yes |
| Segments covered | Technology, Test Type, and End User |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Browse key market insights spread across 160 pages with 62 list of tables & 63 list of figures from the report, "Esoteric Testing Market Forecast to 2025 - Global Analysis by Technology (Chemiluminescence Immunoassay, Real-Time PCR, Flow Cytometry, Mass Spectrometry, Enzyme-Linked Immunosorbent Assay and Others), Test Type (Infectious Diseases Testing, Oncology Testing, Genetic Testing, Neurology Testing, Endocrinology Testing, Toxicology Testing and Others), End User (Hospital Laboratories, and Independent & Reference Laboratories)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/esoteric-testing-market
Global Esoteric Testing Market: Competitive Landscape and Key Developments:
Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings, Sonic Healthcare, Caris Life Science, ACM Global Laboratories, Foundation Medicine, Inc., Miraca Holdings Inc., Agendia, Primary Health Care Limited and Rennova are a few of the key companies operating in the esoteric testing market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name. A few of the recent developments in the global esoteric testing market are mentioned below:
In September 2022: Neogen Corporation launched its innovative Veratox VIP assay to detect cashew, the second assay in Neogen's new Veratox VIP line of enhanced quantitative ELISA products.
In March 2022: Waters Corporation launched the Xevo TQ Absolute system, a highly sensitive and compact benchtop tandem mass spectrometer. As per the company, this latest mass spectrometer is up to 15X more sensitive for quantifying negatively ionizing compounds than its predecessor, is 45% smaller and uses up to 50% less electricity and gas supply.
In June 2021, Thermo Fisher Scientific introduced the Invitrogen Attune CytPix flow cytometer, which allows users to better comprehend cell morphology and quality. Thus, all the aforementioned factors are expected to boost market growth over the forecast period. However, the high price of diagnostic procedures has limited the growth of the market.
Esoteric testing allows the analysis of rare substances or molecules that are not performed in a routine clinical laboratory. These are additional tests ordered when a physician requires additional detailed information outside routine lab testing to complete a diagnosis, establish a prognosis or choose and monitor a therapeutic regimen. Esoteric testing generally requires sophisticated instruments and materials as well as specialized personnel to perform and analyze results.
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Growing Awareness Regarding Early Detection Using Specific Diagnostic Tests to Drive Global Esoteric Testing Market Growth During 2018-2025:
Early diagnosis of a medical condition opens the door to treatment and future care. The earlier diagnosis of diseases helps the medical professionals and patients to take up various important medical decisions in terms of care, support needs, financial and legal matters. There exists a large number of advantages to obtaining accurate and early diagnosis after noticing of cognitive symptoms related to a particular medical condition. These benefits include reversal of symptoms, effective, sooner and early treatment of the individual, empowerment of the patient, time for better decision making and others. Laboratory examination is one of the very effective and popularly practiced testing technique for diagnosis of diseases associated with various medical specialties including neurological disorders, genetic diseases, cancer, endocrinological disorders and others. The esoteric testing and genetic testing are performed in the field of diabetes, cardiovascular, lipid disorders and cancer, and genetic diseases. The increasing awareness among global populace regarding the importance of early disease detection is a major factor responsible to drive the growth of global esoteric testing market.
Various government regulatory bodies are also taking initiatives and conducting campaigns to promote the early diagnosis practice. The increasing awareness of the patient population is driving the demand of surgical procedures to treat sudden unmet medical conditions. Thus, the increasing awareness generated among the patients as well as healthcare practitioners regarding the health benefits of early diagnosis is expected to fuel the growth of esoteric testing market over the forecast years.
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The esoteric testing market is the fastest growing in the Asia Pacific region. In the region, China accounts for the largest share of the esoteric testing market. The Asia Pacific esoteric testing market is likely to growing due to the large population countries such as China and India, increasing focus of independent esoteric testing providers and the collaborated service providers and rising prevalence of the cancer. The Asia Pacific esoteric testing market is expected to grow with CAGR of 12.5% to US$ 9,467.1 Mn 2025 from US$ 3,945.3 Mn in 2017. The alarming conditions of the chronic diseases are leading to the concerns, the governments in China had collaborated on public health priorities with the Centers for Disease Control and Prevention (CDC). In addition, the collaboration has enabled to identify and contain the infectious diseases. The collaboration supported the surveillance and operational research for foodborne diarrheal infections, healthcare-associated infections, respiratory diseases, and viral hepatitis. The incidences have increased awareness about antibiotic-resistant organisms, identified risk factors for disease transmission, and helped reduce under-reporting of infections.
Moreover, the development of commercial laboratories in China has reformed the circumstances in the healthcare sector. In China, the Independent Medical Laboratories (IML) were established to provide quality managerial system. The collaboration of IML and Community Medical Hospitals was done to provide esoteric testing and supplement services. Thus, the increase in the chronic diseases, collaboration of CDC with the Chinese government to control the infectious disease and the collaboration of the community hospitals and laboratories for the esoteric testing are likely to propel the growth of the esoteric testing market in the forecast years.
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