Esoteric Testing Market worth $48.3 billion by 2029
The report "Esoteric Testing Market by Type (Endocrinology, Oncology, Neurology, Genetic Tests, Autoimmune, Infectious Diseases), Technology (ELISA, CLIA, Flow Cytometry, NGS, RT-PCR, Chromatography, Spectrometry), Specimen (Blood, Urine) - Global Forecast to 2029", is projected to reach USD 48.3 billion by 2029 from USD 32.2 billion in 2024, at a CAGR of 8.5% during the forecast period. Growth in this market is primarily driven by the increasing use of esoteric DNA sequencing technologies in precision medicine and early diagnosis of cancer, increasing research funding for precision medicine, genetic analysis, and the growing number of collaborations in the esoteric testing market.
Browse 273 market data Tables and 48 Figures spread through 304 Pages and in-depth TOC on "Esoteric Testing Market by Type (Endocrinology, Oncology, Neurology, Genetic Tests, Autoimmune, Infectious Diseases), Technology (ELISA, CLIA, Flow Cytometry, NGS, RT-PCR, Chromatography, Spectrometry), Specimen (Blood, Urine) - Global Forecast to 2029"
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The oncology testing segment is projected to register the highest CAGR in the forecasted period for esoteric testing market, by type segment, in 2023
Based on type, the esoteric testing market is segmented as 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 rising geriatric population is one of the major factors resulting in the increasing incidence of cancer.
In 2023, the enzyme-linked immunosorbent assay (ELISA) segment held the largest share of the esoteric testing market, by technology segment.
Based on technology, 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. The ELISA, or Enzyme-Linked Immunosorbent Assay, is a widely used biochemical technique for detecting the presence of an antigen (such as a protein) or an antibody in a sample. It relies on the principle of antigen-antibody interactions and utilizes enzymes to generate a measurable signal. The large share of the ELISA segment is attributed to the advantages of ELISA over other testing methods, such as high efficiency, as simultaneous analyses can be performed without complicated sample pre-treatment, high specificity and sensitivity because of an antigen-antibody reaction, cost-effectiveness, as low-cost reagents are used, and safe and eco-friendly nature.
The blood, serum, and plasma segment accounted for largest market share of esoteric testing market, by specimen, in 2023
Based on specimens, the esoteric testing market is segmented into blood, serum, and plasma, urine, and other specimens. The blood, serum, and plasma segment accounted for the largest share of the esoteric testing market in 2023. The large share of the blood, serum, and plasma segment can be attributed to the rising prevalence of chronic and infectious diseases and the increasing number of blood donations globally.
The independent & reference laboratories segment accounted for the largest share of the esoteric testing market, by end user, in 2023
Based on end users, the esoteric testing market is segmented into independent & reference laboratories and hospital-based laboratories. The independent & reference laboratories segment accounted for the largest share of the esoteric testing market, as of 2023. The large share of this segment is attributed to the preference of highly accurate and reliable diagnostic tests, improved insurance coverage for complex diagnostic tests, and digitalization of diagnostic laboratories across major countries.
The Asia Pacific market is expected to witness the highest growth during the forecast period.
The global esoteric testing market is divided into six key regions: North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and the GCC Countries. The Asia Pacific is projected to register the highest CAGR of 10.1% in the esoteric testing market during the forecast period. The presence of emerging economies such as China, India, and Japan, the rising prevalence of chronic diseases, improving standard of living, growing demand for quality medical care, increasing healthcare spending, favorable government initiatives, 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.
Prominent players in the market include Quest Diagnostics (US), Labcorp (US), H.U. Group Holdings, Inc. (Japan), Sonic Healthcare (Australia), OPKO Health, Inc. (US), Myriad Genetics, Inc. (US), The Mayo Foundation for Medical Education and Research (MFMER) (US), Eurofins Scientific (Luxembourg), Stanford Health Care (US), Foundation Medicine, Inc. (US), Kindstar Globalgene Technology, Inc. (China), Georgia Esoteric & Molecular Laboratory, LLC (US), Thyrocare Technologies Ltd. (India), ACM Global Laboratories (US), NMS Labs (US), HealthQuest Esoterics (US), Cerba Research (US), LeoLabs (India), Flow Health (US), Invitae Corporation (US), ARUP Laboratories (US), Fulgent Genetics (US), bioMONTR Labs (US), and LabGenomics (South Korea).
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