Quest Diagnostics (US) and LABCORP (US) are Leading Players in the Esoteric Testing Market
The global esoteric testing market is valued at an estimated USD 32.2 billion in 2024 and is projected to reach USD 48.3 billion by 2029, at a CAGR of 8.5% during the forecast period. Growth in the esoteric testing market is primarily driven by the growing geriatric population and the increasing prevalence of chronic and infectious diseases, genetic analysis, personalized medicine, and the increase in drug and alcohol abuse and stringent laws mandating drug and alcohol testing. According to the National Council on Aging (NCOA), as of August 2023, 94.9% of adults aged 60 and older have at least one chronic disease and infection, while 78.7% have two or more. Additionally, obesity, which affects 42% of those 60 and older, can raise your chance of developing some malignancies, heart disease, and type 2 diabetes. Due to the rising prevalence of chronic diseases in this population segment, the volume of esoteric tests performed has increased.
The esoteric testing market is highly fragmented, with top companies holding considerable market shares. The top three players in this market include Laboratory Corporation of America (Labcorp) (US), Quest Diagnostics (US), H.U. Group Holdings (Japan). Companies undertake organic and inorganic growth strategies, namely service launches, expansions, agreements, and acquisitions/collaborations to increase their offerings, address customer requirements, augment profitability, and strengthen their presence in the global market.
To know about the assumptions considered for the study download the pdf brochure
QUEST DIAGNOSTICS (US)
Quest Diagnostics accounted for the largest share of the esoteric testing market in 2023. Quest Diagnostics is a diagnostic services company that provides advanced clinical testing services for healthcare management. The company provides advanced testing in many areas, such as immunology, endocrinology, oncology, and neurology. It also has significant testing capabilities, including services for tending to develop cancer and other diseases, as well as for their diagnosis, treatment, and monitoring. The company operates its business through two segments, namely, Diagnostic Information Services (DIS) and Other Diagnostic Information Services (DS). The company offers diagnostic information services through its network of laboratories, patient service centers, and physicians’ office laboratories in the US.
LABCORP (US)
Laboratory Corporation of America (LabCorp) (US) held the second-largest share of the esoteric testing market in 2023. Labcorp delivers world-class diagnostic solutions that offer faster diagnostic technologies for advanced patient care. The company operates through two segments, namely, Diagnostics Laboratories (Dx) and Biopharma Laboratory Services (BLS). The company offers esoteric testing services through the Diagnostics Laboratories (Dx) segment. Labcorp has strengthened its position in the domain of oncology with its advanced precision medicine technology. The company serves clients in over 100 countries. Around 600 million tests have been performed for patients globally. This strategic positioning underscores its leadership status in the industry.
H.U. GROUP HOLDINGS (JAPAN)
H.U. Group Holdings (Japan) held the third largest share of the esoteric testing market in 2023. H.U. Group Holdings is a healthcare company that offers clinical laboratory testing services, manufacturing and sales of diagnostic products globally, esoteric services, and other emerging businesses such as food, environment, cosmetics testing, and self-medication. The company offers a wide range of esoteric testing services through its wholly owned subsidiary SRL, Inc. (Japan). The Lab Testing and Related Services (LTS) business segment provides esoteric testing services for the monitoring of disease progression. The esoteric tests offered by the company are used in oncology and genetic testing.
Related Reports:
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
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
SEND ME A FREE SAMPLE
