Global Esoteric Testing Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth

Global Esoteric Testing Market is expected to reach the market valuation of USD XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX billion in 2020. Esoteric testing is the examination of uncommon chemicals or molecules that are not detected in conventional clinical laboratory tests.

The various factors driving the Esoteric Testing market include the increase in prevalence of chronic diseases & rare disease and rise in awareness related to early diagnostic. For instance, 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. Furthermore, the demand of esoteric across the globe is witnessing an uptick on account the growing cancer prevalence and rising incidence of viral infections and immunological disorders has served as significant global esoteric testing market growth drivers. For instance, as per CDC, in 2019, Asian persons continued to represent the largest proportion of persons with tuberculosis (35.3%), followed by Hispanic persons (30.2%), Black/African American persons (19.7%), and White persons (11.4%).

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The COVID19 has resulted in a profound re-evaluation of the advantages and costs of cardiovascular care. The pandemic has been a devastating disease worldwide. COVID-19 affected 185 countries and >3000000 patients worldwide in 2020. At the early phase of COVID-19 pandemic, there was no availability of specific diagnostic tests to detect the disease in patients. Alternative diagnostic tests were used initially but were not much effective. This unavailability of specific COVID-19 diagnostic tests presented lucrative opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries utilized this opportunity and introduced COVID-19 diagnostics kits into local as well as global market. For instance, LabCorp launched self-collection kit for COVID-19 test with delivery and collection facility. These players achieved edge over other diagnostics players capitalizing the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis.

After the outbreak of COVID-19 the testing for COVID-19 increased significantly. For instance, As of July 14, 2021, the United States had performed around 514 million tests for COVID-19, the highest number of any country worldwide. Russia has conducted almost 157 million tests. This increased the demand for Esoteric Testing.

Based on 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 in 2020 and generated the total revenue of USD XX billion. It is anticipated to maintain its dominance during the forecast period owing to the increased prevalence of infectious and rare diseases.

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Based on technology, the market is fragmented into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others. The chemiluminescence immunoassay (CLIA) segment dominated the market in 2020 and generated the total revenue of USD XX billion. It is anticipated to maintain its dominance during the forecast period owing to its numerous advantages over other testing methods such as wide dynamic range, high signal intensity, absence of interfering emissions (i.e., high specificity), rapid acquisition of the analytical signal, high stability of reagents and their conjugates; etc.

Based on end-user the market is bifurcated into independent & reference laboratories, research laboratories, and hospital-based laboratories. The independent & reference laboratories segment dominate the market and is expected to maintain its dominance during the forecast period owing to increased number of independent diagnostic laboratories. For instance, there are 29,227 Diagnostic & Medical Laboratories businesses in the US as of 2021, an increase of 2% from 2020.

Additionally, the report provides detailed initiatives that are being taken in the field of Esoteric Testing. The market is classified into distinct regions 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, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the important competitors, and high investment in research and development. For instance, according to the Pharmaceutical Research and Manufacturers of America, biopharmaceutical businesses spent roughly 79.6 billion dollars on R&D in the United States in 2018.

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Major key players include 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 develop Esoteric Testing.

Global Esoteric Testing Market Segmentation

Market Insight, by Type

• Infectious Diseases Testing
• Endocrinology Testing
• Oncology Testing
• Genetic Testing
• Toxicology Testing
• Immunology Testing
• Neurology Testing
• Others

Market Insight, by Technology

• Chemiluminescence Immunoassay
• Enzyme-Linked Immunosorbent Assay
• Mass Spectrometry
• Real-Time PCR
• Flow Cytometry
• Radioimmunoassay
• Others

Market Insight, by End-User

• Independent & Reference Laboratories
• Research Laboratories
• Hospital based laboratories

Market Insight, by Region

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • France
  • Germany
  • Italy
  • Spain
  • United Kingdom
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• Myriad Genetics
• LabCorp
• Quest Diagnostics
• Invitae Corporation
• Mayo Medical Laboratories
• Spectra Laboratories
• Opko Health
• Miraca Holdings
• Foundation Medicine
• Sonic Healthcare