Global Esoteric Testing Market Assessment & Opportunity...

Global Esoteric Testing Market Assessment & Opportunity Forecast till 2032

Posted 2024-01-31 18:18:45

According to a new report published by K D Market Insights, titled, “Esoteric Testing Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global esoteric testing market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The rising demand for advanced diagnostic tests that provide detailed insights into complex medical conditions. Increasing prevalence of infectious and chronic diseases, advancements in precision medicine, and the emphasis on early diagnosis. Which are the major factors augmenting the growth of the global esoteric testing market. The global esoteric testing market is anticipated to grow at a high CAGR of 12.5% from 2023 to 2032. The market's revenue surged to $23.6 billion in 2022, and it is expected to further accelerate, reaching a notable $76.6 billion by 2032.

The rising prevalence of rare and complex diseases propels the demand for esoteric tests that offer accurate and detailed diagnostic insights. These tests aid in early disease detection, leading to timely and appropriate treatment are further expected to create ample growth opportunities for the global esoteric testing market during the forecast period i.e., 2023-2032. Moreover, advancements in esoteric DNA sequencing technologies, including next-generation sequencing has propelled market expansion. Increasing awareness and adoption of esoteric tests, is expected to contribute towards the market growth during the period.

The North America region accounted for the largest share in the global esoteric testing market in 2022. The region is further projected to continue dominating in the market during the forecast period. This can be attributed to the well-established healthcare infrastructure and increased awareness of personalized medicine.

According to type, the infectious disease testing segment accounted for the largest market share in the esoteric testing market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.

The global esoteric testing market is segmented into type, technology, end user and region. Based on type, the market is bifurcated into infectious disease, neurology testing, toxicology testing, endocrinology testing, genetic testing, immunology testing, oncology testing, other testing. Based on technology, it is classified into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, flow cytometry, real-time PCR, DNA sequencing, mass spectrometry, other technologies. Based on end user, it is classified into independent & reference laboratories, hospital laboratories

The global esoteric testing market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).

Key Insights of Esoteric Testing Market

On the basis of type, the infectious disease testing segment accounted for the largest market share in the esoteric testing market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
On the basis of region, North America accounted for the largest share in the global esoteric testing market in 2022. The region is further projected to continue dominating in the market during the forecast period.
On the basis of region, Asia-Pacific is estimated to account for the second largest share in the market during the forecast period.

Some of the major esoteric testing companies profiled in the report include Baylor Esoteric and Molecular Laboratory, Stanford Clinical Pathology, Laboratory Corporation, Healius Limited, Mayo Foundation for Medical Education and Research, ARUP Laboratories, OPKO Health Inc. (OPK), Quest Diagnostics, Foundation Medicine, Inc., and Sonic Healthcare Limited.