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. Market growth is largely 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. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, inadequate reimbursements of the esoteric test may restrict market growth to a certain extent. The esoteric testing market is segmented based on type, technology, end user and region.
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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Labcorp (US) is one of the leading players in the esoteric testing market. Labcorp Diagnostics (Dx) is the diagnostic business segment of the company that operates through a network of rapid response laboratories, specialty laboratories, primary laboratories, patient service centers, and branches. The company has a strong presence in the North America, Europe, and others. The company has a strong position in commercializing new diagnostic technologies and delivering a combination of world-class diagnostics, drug development, and knowledge services.
Quest Diagnostics (US) is one of the leading players in the esoteric testing market. The leading position can be attributed to its extensive esoteric test portfolio in this market. The company holds a strong foothold in the North America. The company offers diverse array of general diagnostics, advanced and esoteric diagnostic services in the US.
OPKO Health Inc. (US) held the third position in the esoteric testing market in 2020. The company holds the leading position with its strong geographical presence in the US, Ireland, Spain, Chile and other. The company has increased its strong foothold in the market with the launching of several new esoteric tests.
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
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