Esoteric Testing Market: Current Analysis and Forecast (2021-2027)
$4999 – $8699
Emphasis on Type (Infectious Diseases Testing, Endocrinology Testing, Oncology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, Others); Technology (Chemiluminescence Immunoassay, Enzyme-Linked Immunosorbent Assay, Mass Spectrometry, Real-Time PCR, Flow Cytometry, Radioimmunoassay, Others); End-User (Independent & Reference Laboratories, Research Laboratories, Hospital-Based Laboratories); Region and Country
Esoteric testing is the examination of uncommon chemicals or molecules that are not detected in conventional clinical laboratory tests. Endocrinology, genetics, immunology, microbiology, molecular diagnostics, oncology, serology, and toxicology are some of the areas where esoteric testing is performed. In-house esoteric testing is usually outsourced to independent and specialized clinical reference laboratories Over the forecast period, the market will be driven by an increase in the frequency of rare and complex diseases, as well as increased awareness about early disease detection and treatment. According to the European Commission, rare diseases affect nearly 27 to 36 million individuals throughout Europe. The rapidly growing healthcare sector in developing countries, as well as an increase in the number of sophisticated laboratories providing advanced services, will help the industry flourish. The growing number of baby boomers who are susceptible to a variety of chronic illnesses will have a significant impact on industry growth. North America and Asia-Pacific would be the top two market for Esoteric Testing, owing to the increasing patient population suffering from chronic diseases and rising increased adoption rapid diagnostics.
Over the forecast period, the market will be driven by an increase in the frequency of rare and complex diseases, as well as increased awareness about early disease detection and treatment. According to the European Commission, rare diseases affect nearly 27 to 36 million individuals throughout Europe. The rapidly growing healthcare sector in developing countries, as well as an increase in the number of sophisticated laboratories providing advanced services, will help the industry flourish.
Furthermor, the increase in incidences of cancer globally owing to the increase in geriatric population has been one of the prime factors that augment market growth. In 2020, according to WHO, cancer was considered as the leading cause of death in the world. Nearly 10 million people die due to cancer each year, making it the second leading cause of death across the world. Esoteric Testing scans can help in finding tumors and to analyze how much the cancer has spread in the body (called the cancer’s stage). They can also be used to determine whether treatment is effective.
Cancer cases worldwide, 2020
LabCorp, Quest Diagnostics, Invitae Corporation, Mayo Medical Laboratories, Spectra Laboratories, Opko Health, Miraca Holdings, Foundation Medicine, Myriad Genetics, and Sonic Healthcare are some of the prominent players operating in the global Esoteric Testing market. Several M&A’s along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst type, infectious diseases testing segment holds the major share”
Based on the type, the market is fragmented into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others. The infectious diseases testing segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the increasing incidence of infectious diseases, technological innovations in molecular diagnostics.
“Amongst technology, chemiluminescence immunoassay is anticipated to grow at the highest CAGR during the analyzed period”
Further based on technology, the market is fragmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others. In 2020, chemiluminescence immunoassay accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to to its advantages over other testing methods, such as high-performance levels, low detection limits; etc.
“Amongst end-user, chemiluminescence immunoassay is anticipated to grow at the highest CAGR during the analyzed period”
Based on end-user, the market is fragmented into independent & reference laboratories, research laboratories, and hospital-based laboratories. In 2020, independent & reference laboratories accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to to presence improved diagnostic equipment and devices.
“North America signifies one of the largest markets of Esoteric Testing Market”
For a better understanding of the market dynamics of the Esoteric Testing market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 advanced technology for diagnosis and treatment of chronic disorders, availability of private and government funding, which is fueling market expansion.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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1.1 Market Definitions
1.2 Objective of the Study
1.4 Stake Holders
1.5 Currency Used in Report
1.6 Scope of the Global Esoteric Testing Market Study
2.1 Research Methodology for the Global Esoteric Testing Market
2.1.1 Main Objective of the Global Esoteric Testing Market
TOP START-UPs UNDER ESOTERIC TESTING INDUSTRY
GLOBAL ESOTERIC TESTING MARKET REVENUE
8.1 Infectious Diseases Testing
8.2 Endocrinology Testing
8.3 Oncology Testing
8.4 Genetic Testing
8.5 Toxicology Testing
8.6 Immunology Testing
8.7 Neurology Testing
9.1 Chemiluminescence Immunoassay
9.2 Enzyme-Linked Immunosorbent Assay
9.3 Mass Spectrometry
9.4 Real-Time PCR
9.5 Flow Cytometry
10.1 Independent & Reference Laboratories
10.2 Research Laboratories
10.3 Hospital based laboratories
|11.1||NORTH AMERICA ESOTERIC TESTING MARKET|
|11.1.3||Rest of North America|
|11.2||EUROPE ESOTERIC TESTING MARKET|
|11.2.6||Rest of Europe|
|11.3||ASIA PACIFIC ESOTERIC TESTING MARKET|
|11.3.6||Rest of Asia Pacific|
|11.4||REST OF THE WORLD ESOTERIC TESTING MARKET|
12.1 Market Drivers
12.2 Market Challenges
12.3 Impact Analysis
13 LEGAL & REGULATORY FRAMEWORK
14.1 Demand Side Analysis
14.2 Supply Side Analysis
14.2.1 Top Product Launches
14.2.2 Top Business Partnerships
14.2.3 Top Merger & Acquisitions
15 VALUE CHAIN ANALYSIS
16 ESOTERIC TESTING MARKET OPPORTUNITIES
17 ESOTERIC TESTING MARKET TRENDS & INSIGHTS
18.1 Porter’s Five forces analysis
18.1.1 Bargaining power of Supplier
18.1.2 Bargaining power of Buyer
18.1.3 Industry Rivalry
18.1.4 Availability of Substitute
18.1.5 Threat of new Entrants
19.1 Myriad Genetics
19.1.1 Key Facts
19.1.2 Business Description
19.1.3 Key Product/Services Offerings
19.1.4 Growth Strategy
19.1.5 SWOT Analysis
19.1.6 Key Financials
126.96.36.199 Revenue Split
188.8.131.52 Financial Overview of Medtronics plc
19.1.7 Recent Developments
184.108.40.206 Product Launch
220.127.116.11 Business Expansion and Investments
18.104.22.168 Merger and Acquisition
19.3 Quest Diagnostics
19.4 Invitae Corporation
19.5 Mayo Medical Laboratories
19.6 Spectra Laboratories
19.7 Opko Health
19.8 Miraca Holdings
19.9 Foundation Medicine
19.1 Sonic Healthcare
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Esoteric Testing Market were the three major steps undertaken to create and analyze the adoption of Esoteric Testing for the different diseases across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Esoteric Testing sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Esoteric Testing through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Esoteric Testing market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are technology and application. Further country-level analyses were conducted to evaluate the overall adoption of Esoteric Testing in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Esoteric Testing. Further, we conducted factor analysis using dependent and independent variables such as increasing chronic disease incidences and the growing geriatric population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Esoteric Testing industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Esoteric Testing market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of Esoteric Testing across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Esoteric Testing market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Esoteric Testing market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the technology and application end-user of the Esoteric Testing market.
Main Objective of the Esoteric Testing Market Study
The current & future market trends of Esoteric Testing were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Esoteric Testing in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, technology, and end-user
- Define and analysis of the regulatory framework for the Esoteric Testing industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Esoteric Testing market for the major region
- Major regions studied in the report include North America (the United States, and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and, Rest of the World
- Company profiles of the Esoteric Testing market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry