(PharmaNewsWire.Com, August 12, 2021 ) The Key Growth Elements in Detailed?
The Growth in Esoteric Testing Market is primarily driven by the rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine are the major factors driving the growth of the market.
Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, inadequate reimbursements of the esoteric tests may restrict market growth to a certain extent. The esoteric testing market is segmented based on type, technology, end user and region.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Esoteric Testing Market 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.
OPPORTUNITY: Emerging technologies in esoteric testing and emerging economies;
Emerging technologies such as biomarker analysis, digital PCR, NGS, pyrosequencing, or Sanger sequencing, digital microfluidic platforms and advanced molecular phenotyping technologies are expected to thrust the growth of the market. The emerging economies such as India, China, and India are expected to offer potential growth opportunities for major players operating in the esoteric testing market. This can be attributed to the growing geriatric population, high prevalence of chronic and infectious diseases, improving healthcare infrastructure, and increasing disposable income in these countries.
Infectious disease testing segment dominated the esoteric testing market in 2020.
Based on type, segmented into infectious disease testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. The infectious disease testing segment accounted the largest share of the esoteric testing market. The largest share of the segment is attributed to the increasing incidence of infectious diseases, technological innovations in molecular diagnostics, and improving healthcare infrastructure in developing nations. The genetic testing segment is expected to register the highest CAGR during the forecast period. The fastest growth of the genetic testing segment is attributed to the advancements in the sequencing technologies such as NGS and increasing awareness.
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 North American market can be attributed to the increasing per capita healthcare expenditure, presence of the leading market players, increasing use of rapid diagnostics, expanding geriatric population, and advancing precision medicine in the region.
However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Emerging APAC economies such as China and India are expected to see significant growth due their advancing healthcare infrastructure, increasing penetration of cutting-edge clinical laboratories, and expanding geriatric population are the major factors driving the growth of this market.
Major Key Players Mentioned in the research report are:
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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