NEW YORK, Aug. 17, 2022 /PRNewswire/ --As per Zion Market Research study, The global esoteric testing market size was worth USD 20,163.10 million in 2021 and is estimated to grow to USD 37917.67 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.10 percent over the forecast period.

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Esoteric Testing Market: Overview

Esoteric testing involves the scientific examination of uncommon molecules and substances that are not often done in a clinical laboratory. These tests are carried out when a doctor needs more comprehensive information regarding the patient's condition. However, as laboratory testing technology develops, tests that are currently thought to be esoteric may end up being common in a short period of time. These tests are recommended by doctors when they require more detailed information than routine lab testing to finish a diagnosis, determine a prognosis, or select and track a treatment plan. Esoteric testing frequently requires the use of specialized tools and materials, as well as skilled personnel to conduct the test and analyze the results. These tests are typically more expensive and ordered less frequently than standard tests. Esoteric tests include those in endocrinology, genealogy, immunology, microbiological, molecular diagnostics, cancer, serology, and toxicity.

The rising esoteric testing market value for innovatively reasonable tests has resulted in significant initiatives in R&D, which will strengthen market development potential in the future. Planned and improved novel diagnostic techniques with diverse benefits for a wide range of intriguing infections will drive global market demand. The key factor influencing the growth of the global esoteric testing market is insufficient payback. Medicaid and Medicare coverage of proper medicine and tailored medication is extremely limited.

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Key Industry Insights & Findings of the Esoteric Testing Market Reports:

As per the analysis shared by our research analyst, the Esoteric Testing Market is expected to grow annually at a CAGR of around 11.10 % (2022-2028).

Through the primary research, it was established that the Esoteric Testing Market was valued at approximately USD 20163.1 million in 2021 and is projected to reach roughly USD 37917.67 million by 2028.

New advances in widespread proteomics, as well as stronger collaboration between researchers and physicians, contribute to understanding and detecting complicated illness characteristics.

Rapid growth for genomics and proteomics, as well as greater investment in the identification of innovative solutions to detect rare biomolecules, will drive overall market growth. Advancement of novel test methods with significant advantages for a variety of chronic illnesses will drive global esoteric testing market demand.

Targeted therapy and personalized medicine are only covered in a few areas under Medicare. Diagnostic test reimbursement has fallen in recent years, reducing the volume of tests performed.

The global esoteric testing market is expected to be driven by several developing technologies and integrated innovations such as genetic studies, digital PCR, next-generation sequencing & Pyrosequencing, microfluidic platforms, and enhanced molecular phenotyping technologies.

North America will continue to dominate the global esoteric testing market during the forecast period due to an increase in chronic illness, an expansion in government diagnostic activities, and an overall increase in community awareness of self-diagnosis.

The increasing prevalence of chronic diseases and an expanded focus on early detection and treatment of unusual infections will also drive the regional market growth.

Zion Market Research published the latest report titled 'Esoteric Testing Market By Type (Infectious Disease Testing, Endocrinology Testing, Oncology Testing), Technology (Enzyme-Linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass-Spectrometry, Real-Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, and Other Technologies), By End-Use (Hospital-based Laboratories and Independent & Reference Laboratories), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 2028.'into their research database.

Industry Dynamics:

Esoteric Testing Market: Growth Drivers

Proteomics testing on a broad scale is fundamental to clinical translation and biological research. New advances in widespread proteomics, as well as stronger collaboration between researchers and physicians, contribute to understanding and detecting complicated illness characteristics. Rapid growth for genomics and proteomics, as well as greater investment in the identification of innovative solutions to detect rare biomolecules, will drive overall market growth. Advancement of novel test methods with significant advantages for a variety of chronic illnesses will drive global esoteric testing market demand

Esoteric Testing Market: Restraints

Limited reimbursements will hinder the expansion of the esoteric testing sector during the forecast period. Targeted therapy and personalized medicine are only covered in a few areas under Medicare. Diagnostic test reimbursement has fallen in recent years, reducing the volume of tests performed.

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Global Esoteric Testing Market: Opportunities

The global esoteric testing market is expected to be driven by several developing technologies and integrated innovations such as genetic studies, digital PCR, next-generation sequencing & Pyrosequencing, microfluidic platforms, and enhanced molecular phenotyping technologies. The increased usage of information technology has enabled faster and more effective data transfer. Industry participants in the esoteric testing market should take advantage of the prospects provided by growing economies such as China and India, which is predicted to determine the market's speedy growth over the forecast period.

Global Esoteric Testing Market: Segmentation

The global esoteric testing market is segregated based on technology, type, end-user, and region.

By type, the market is divided into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. Among these, the infectious disease testing segment dominated the market in 2021. The increased incidences of infectious diseases, combined with rising demand for specialty testing, will drive up overall sector test volumes. Furthermore, the increasing efficacy of esoteric testing in the identification of immunological illnesses is a significant component driving the segment's rapid rise.

By technology, the market is classified into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real-time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. Over the forecast period, chemiluminescence is expected to develop at the fastest rate. The rapid expansion in the use of chemiluminescence in esoteric testing due to its capacity to identify chemicals in small production test samples is driving the market growth.

By end-users, the market is segmented into hospital-based laboratories and independent & reference laboratories. The independent & reference laboratories held a significant share in the market in 2021. Growth is being fueled by the ongoing automation technology of diagnostic laboratories, the rise in accredited laboratories, broad reimbursement acceptance, and attractive benefits provided by these providers. The segment is expanding because of continuous diagnostic laboratory automation & digitization, an increase in accredited laboratories, extensive financing support, and aggressive incentives provided by these providers.

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List of Key Players in Esoteric Testing Market:

LabCorp

Quest Diagnostics

OPKO Health

H.U. Group Holdings Inc.

Helios Limited

Sonic Healthcare

Mayo Foundation for Medical Education and Research (MFMER US)

Eurofins Scientific

Stanford Clinical Pathology

Foundation Medicine

Kind star Global Technology Inc.

ARUP Laboratories

Georgia Esoteric & Molecular Laboratory LLC

Thorofare Technologies Ltd.

ACM Global Laboratories

Biaxiality Labs

National Medical Services Inc. (NMS)

Baylor Esoteric and Molecular Laboratory

Cerda Expert

Health Quest Esoteric

BUHLMANN Diagnostics Corp (BDC US)

BP Diagnostic Centre SDN BHD

Flow Health

Leo Labs Inc.

Key questions answered in this report:

What are the growth rate forecast and market size for Esoteric Testing Market?

What are the key driving factors propelling the Esoteric Testing Market forward?

What are the most important companies in the Esoteric Testing Market Industry?

What segments does the Esoteric Testing Market cover?

How can I receive a free copy of the Esoteric Testing Market sample report and company profiles?

Report Scope:

Report Attribute

Details

Market size value in 2021

USD 20163.1 Million

Revenue forecast in 2028

USD 37917.67 Million

Growth Rate

CAGR of almost 11.10 % 2022-2028

Base Year

2020

Historic Years

2016 2021

Forecast Years

2022 2028

Segments Covered

By Product Type, By Application, And By End Use

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2022 to 2028

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Companies Covered

LabCorp , Quest Diagnostics , and OPKO Health . H.U. Group Holdings, Inc. , Helios Limited , Sonic Healthcare , Mayo Foundation for Medical Education and Research (MFMER, US), Eurofins Scientific, Stanford Clinical Pathology , Foundation Medicine , Kind star Global Technology, Inc. , ARUP Laboratories , Georgia Esoteric & Molecular Laboratory, LLC , Thorofare Technologies Ltd. , ACM Global Laboratories, Biaxiality Labs , National Medical Services Inc. (NMS) , Baylor Esoteric and Molecular Laboratory , Cerda Expert , Health Quest Esoteric , BUHLMANN Diagnostics Corp (BDC, US), BP Diagnostic Centre SDN BHD , Flow Health , and Leo Labs, Inc. .

Report Coverage

Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

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