Esoteric Testing Market to Cross $71.54 billion Revenue by 2030

Esoteric Testing Market Overview

“The global Esoteric Testing Market is expected to grow rapidly at a 10.5% CAGR consequently, it will grow from its existing size of from $26.85 billion in 2023 to $71.54 billion by 2030.”

Esoteric testing is a method used to analyze unusual substances or compounds not typically studied in medical labs. Large commercial laboratories often outsource this testing to specialized facilities, leading to the rapid mainstreaming of tests that are now considered exotic. These tests are typically produced by research and development personnel and are used by doctors for more detailed information than regular lab testing.

Esoteric testing involves complex techniques, equipment, and qualified personnel for various fields like endocrinology, genetics, immunology, microbiology, molecular techniques, cancer, serological tests, and toxicology. These tests are more important and performed frequently than normal testing. The field is rapidly expanding, but challenges include finding trained medical technologists and paying staff at higher rates. Additionally, materials for these tests can be expensive, especially when they are rarely obtained in sufficient quantities for reimbursement.

Labs in the United States offer a range of skills, including allergy, platform pathologists for complex anatomic abnormalities, bone indicators, genetic analysis, HLA genotyping, autoimmune response functional assays, and environmental toxicology. Institutions like Architects Facility, Mayo Healthcare Laboratory, Analysis and Information Corporation, and Medical Corporations of America perform these procedures, while specialized esoteric testing centers like Myriad Genomics, Genetic Healthcare, and Basis Medicine provide proprietary assays.

What exactly is Esoteric Testing?

Esoteric tests are unique, niche assays not typically performed in clinical laboratories due to their need for expert expertise. These tests are often performed using the time-consuming and expensive RIA (radioimmunoassay) approach. As population growth and aging increase, the number of tests per patient and the trend towards personalized treatments for esoteric and genomic testing will benefit all laboratories, resulting in increased volume and cost savings.

The clinical context is crucial for an expert witness in esoteric testing.

The COVID-19 pandemic has prompted a surge in esoteric testing, specifically the COVID-19 RT-PCR test. This real-time rRT-PCR test is used to detect SARS-CoV-2 RNA in respiratory specimens, including nasal, nasopharyngeal, and sputum samples, collected from individuals suspected of COVID-19 by their healthcare providers. This qualitative detection of nucleic acid is crucial for early detection and treatment.

The market for processing blood samples to assess COVID-19 recovery patients' immunity is expanding, with vendors opening esoteric testing facilities in states like Alabama, Arkansas, and Florida, and service centers and phlebotomy locations collecting nasopharyngeal specimens.

The following factors will be crucial for achieving economic growth in this sector:

• The focus is on developing robust business models that adhere to insurance reimbursement, medical coding, and medical billing standards.
• The management of regulatory compliance risk is a crucial aspect of risk management.

Key Takeaways

• North America had the biggest revenue in 2022.
• Infectious illness tests contributed the most (30%) in 2022.
• In terms of technology, the chemiluminescence immunoassay (CLIA) category will have the largest market share in 2022.
• Endocrinology held a 18% sales share by teste type in 2022.
• In terms of technology, the ELISA segment was valued at USD 6.12 billion in 2022.
• From 2023 to 2030, the North American esoteric testing market is estimated to develop at a 6.85% CAGR.

>>> Download Sample Report Now: https://marketreportservice.com/request-sample/esoteric-testing-market-54509

Market Dynamics

Growth Factors

Healthcare practitioners worldwide aim to provide high-quality medical treatment and value to patients. This has led to a growing emphasis on outsourcing complex clinical testing, contributing to global growth trends in the cryptic diagnostics industry. The industry is expected to grow significantly over the next decade due to numerous specializations in the medical field and its wide range of application areas in fields like serological testing, pharmacology, bacteriology, diagnostic tools, genetics, cardiology, immunology, and forensic science.

The rise of personalized genomics technology in healthcare has expanded the scope of predicting medication reactions, pharmaceutical expansion, and illness prevalence. However, the industry's progress will be hindered by strict legislation and knowledge gaps in emerging nations. This could mitigate the negative effects of economic stimulus in the coming years. Esoteric analysis, which uses complex instruments and equipment, requires qualified individuals to test hypotheses and evaluate results, requiring additional information beyond standard laboratory testing.

The specialized market for testing complex disorders is expected to grow due to increased awareness and cost. The market's size is driven by the rise in complicated disorders and third-party telecommunications firms' focus on supply chain efficiency. However, the expansion of this sector is limited by a lack of knowledge and training programs for new graduates, limiting its potential.

The business's potential is weakened by the high costs of conducting tests, which generate externalities. The increasing prevalence of viral diseases like cancer and diabetes may increase the need for specialist testing. Technological advancements, such as antidote mechanization and standardization of tools, will accelerate esoteric research. Increased interest in pharmacogenomics and funding for advanced body identification testing procedures will help the company expand.

Market Segment Analysis

CLIA dominates the specialized screening market, with the chemiluminescence enzyme-linked-linked immunosorbent assay segment holding the largest share in the esoteric diagnostics industry. This trend is expected to persist due to rising prevalence of immune disorders, diabetes, heart problems, and melanoma, as well as advancements in research and innovation for product development and manufacturing events. The company's advantages include peak performance, sensitivity, selectivity, and signal power strength requirements.

The prevalence of communicable diseases like liver damage, AIDS, neurological issues, hemorrhagic fever, and melanoma is expected to increase due to aging populations and the growing demand for affordable diagnostic testing services, while the Generation sequencing region is also expected to grow significantly.

The specialized market research primarily focuses on individuals and reference institutions, driven by increased testing volumes, automation technology, national accreditation boards, payment coverage, and aggressive incentives from suppliers. The growth of this sector is fueled by continuous diagnostic laboratory automation, independent lab expansion, substantial insurance coverage, and strong incentives provided by vendors.

The autonomous and comparison research facilities sector, popular in 2020, is expected to maintain its trend due to increased examination throughput, advancements in programs, and digitization in laboratory testing.

The healthcare research labs sector is expected to experience significant growth in the coming years due to the rise in long-term illnesses, clinical laboratory developments, and increased demand for preventative medication.

Competitive Landscape of the Esoteric Testing Market

• Foundation Medicine (US)
• Georgia Esoteric & Molecular Laboratory, LLC (US)
• H.U. Group Holdings, Inc. (Japan)
• Helius Limited (Australia)
• HealthQuest Esoterics (US)
• Kind star Global (Beijing) Technology, Inc. (China)
• Labcorp (US)
• Leo Labs, Inc. (India).
• Mayo Foundation for Medical Education and Research (US)
• National Medical Services Inc. (NMS) (US)
• OPKO Health (US). 
• Quest Diagnostics (US)
• Sonic Healthcare Limited (US)
• Stanford Clinical Pathology (US)
• Thyrocare Technologies Ltd. (India)
• ACM Global Laboratories (US)
• ARUP Laboratories (US). 
• Baylor Esoteric and Molecular Laboratory (US)
• BioAgilytix Labs (US)
• BP Diagnostic Centre SDN BHD (Malaysia)
• BUHLMANN Diagnostics Corp (BDC, US)
• Cerba Xpert (Belgium) 
• Eurofins Scientific (Luxembourg)
• Flow Health (US)

Recent Developments in Esoteric Testing Market

• The autoimmunity operations segment of Myriad Genomics would be purchased by Labcorp, in May 2021.
• Quest Laboratories and GRAIL partnered to develop Galleri, a ground-breaking complete blood count for the early diagnosis of several cancers In Feb 2021.
• In the US, OPKO Healthcare Inc. (In addition to its core Laboratory) introduced Scarlett Healthcare in Jan 2021, a seamlessly engaged in-home testing platform.
• H.U., in Mar 2019, Tokyo Chugai Pharma. and sourced from local Enterprises, a division of Group Acquired, collaborated.
• ARUP Laboratory and PacBio confirmed their participation in research to boost the identification of uncommon diseases in Nov 2021, these have given the firm the ability to find cutting-edge paramount in ensuring and presenting corporate development opportunities.
• Fulgent Genomics, Inc. reported in Aug 2021 that it will purchase CSI Laboratory to expand cellular molecular biology techniques and tumor detection. The business scope of the company has benefited from this transaction.

Regional Insights

The United States holds the largest market share in the global diagnostics industry, largely due to its massive health spending, large elderly population, and presence of major firms. North America's dominance is attributed to increased degenerative disease incidence, growth in screening procedures, and technological advancements in obscure screening, which has led to the market being liberated in 2022.

India is predicted to experience the fastest growth in the global market for personality testing due to an increase in degenerative diseases, policy measures for clinical testing, increased supply of Enzyme-linked immunosorbent assay and RT-PCR tests, and public understanding of its benefits. The United States holds the highest market share, followed by the United Kingdom, due to rising healthcare spending, major market players, effective measures utilization, prevalence, and the development of effective measures.

Segments Covered in the Esoteric Testing Market

Esoteric Testing Market By Type

• Infectious Diseases Testing
• Endocrinology Testing
• Oncology Testing
• Genetics Testing
• Toxicology Testing
• Immunology Testing
• Neurology Testing
• Other Testing

Esoteric Testing Market By Technology

• Chemiluminescence Immunoassay
• Enzyme-Linked Immunosorbent Assay
• Mass Spectrometry
• Real-Time PCR
• DNA Sequencing
• Flow Cytometry
• Other Technologies

Esoteric Testing Market By End User

• Independent & Reference Laboratories
• Hospital-Based Laboratories

Esoteric Testing Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of esoteric testing market?

The global Esoteric Testing Market is expected to grow rapidly at a 10.5% CAGR consequently, it will grow from its existing size of from $26.85 billion in 2023 to $71.54 billion by 2030.

What will be the CAGR of global esoteric testing market?

The global esoteric testing market is poised to grow at a CAGR of 10.5% from 2023 to 2030.

Who are the prominent players operating in the esoteric testing market?

The major players operating in the esoteric testing market are ACM Global Laboratories (US), ARUP Laboratories (US)., Baylor Esoteric and Molecular Laboratory (US), BioAgilytix Labs (US), BP Diagnostic Centre SDN BHD (Malaysia), BUHLMANN Diagnostics Corp (BDC, US), Cerba Xpert (Belgium), Eurofins Scientific (Luxembourg), Flow Health (US), Foundation Medicine (US), Georgia Esoteric & Molecular Laboratory, LLC (US), H.U. Group Holdings, Inc. (Japan), Helius Limited (Australia), HealthQuest Esoterics (US), Kind star Global (Beijing) Technology, Inc., and others

Which are the driving factors of the esoteric testing market?

The esoteric testing market has been growing as just a result of the rising utilization of esoteric Genetic analysis, Generation sequencing methods, and whole functional genomics for the detection of cancer, targeted therapy, and personalized medicine.

Which region will lead the global esoteric testing market?

North America region will lead the global esoteric testing market during the forecast period 2023 to 2030.

1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

3. Executive Summary

3.1. Market Snapshot

4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

5. COVID 19 Impact on Esoteric Testing Market 

5.1. COVID-19 Landscape: Esoteric Testing Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

8. Global Esoteric Testing Market, By Type

8.1. Esoteric Testing Market, by Type

8.1.1 Infectious Diseases Testing

8.1.1.1. Market Revenue and Forecast

8.1.2. Endocrinology Testing

8.1.2.1. Market Revenue and Forecast

8.1.3. Oncology Testing

8.1.3.1. Market Revenue and Forecast

8.1.4. Genetics Testing

8.1.4.1. Market Revenue and Forecast

8.1.5. Toxicology Testing

8.1.5.1. Market Revenue and Forecast

8.1.6. Immunology Testing

8.1.6.1. Market Revenue and Forecast

8.1.7. Neurology Testing

8.1.7.1. Market Revenue and Forecast

8.1.8. Other Testing

8.1.8.1. Market Revenue and Forecast

9. Global Esoteric Testing Market, By Technology

9.1. Esoteric Testing Market, by Technology

9.1.1. Chemiluminescence Immunoassay

9.1.1.1. Market Revenue and Forecast

9.1.2. Enzyme-Linked Immunosorbent Assay

9.1.2.1. Market Revenue and Forecast

9.1.3. Mass Spectrometry

9.1.3.1. Market Revenue and Forecast

9.1.4. Real-Time PCR

9.1.4.1. Market Revenue and Forecast

9.1.5. DNA Sequencing

9.1.5.1. Market Revenue and Forecast

9.1.6. Flow Cytometry

9.1.6.1. Market Revenue and Forecast

9.1.7. Other Technologies

9.1.7.1. Market Revenue and Forecast

10. Global Esoteric Testing Market, By End User 

10.1. Esoteric Testing Market, by End User

10.1.1. Independent & Reference Laboratories

10.1.1.1. Market Revenue and Forecast

10.1.2. Hospital-Based Laboratories

10.1.2.1. Market Revenue and Forecast

11. Global Esoteric Testing Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Type

11.1.2. Market Revenue and Forecast, by Technology

11.1.3. Market Revenue and Forecast, by End User

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Type

11.1.5.2. Market Revenue and Forecast, by Technology

11.1.5.3. Market Revenue and Forecast, by End User

11.2. Europe

11.2.1. Market Revenue and Forecast, by Type

11.2.2. Market Revenue and Forecast, by Technology

11.2.3. Market Revenue and Forecast, by End User

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Type

11.2.7.2. Market Revenue and Forecast, by Technology

11.2.7.3. Market Revenue and Forecast, by End User

11.3. APAC

11.3.1. Market Revenue and Forecast, by Type

11.3.2. Market Revenue and Forecast, by Technology

11.3.3. Market Revenue and Forecast, by End User

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Type

11.3.7.2. Market Revenue and Forecast, by Technology

11.3.7.3. Market Revenue and Forecast, by End User

11.4. MEA

11.4.1. Market Revenue and Forecast, by Type

11.4.2. Market Revenue and Forecast, by Technology

11.4.3. Market Revenue and Forecast, by End User

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Type

11.4.7.2. Market Revenue and Forecast, by Technology

11.4.7.3. Market Revenue and Forecast, by End User

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Type

11.5.2. Market Revenue and Forecast, by Technology

11.5.3. Market Revenue and Forecast, by End User

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Type

11.5.5.2. Market Revenue and Forecast, by Technology

11.5.5.3. Market Revenue and Forecast, by End User

12. Company Profiles

12.1. ACM Global Laboratories (US)

12.2. ARUP Laboratories (US).

12.3. Baylor Esoteric and Molecular Laboratory (US)

12.4. BioAgilytix Labs (US)

12.5. BP Diagnostic Centre SDN BHD (Malaysia)

12.6. BUHLMANN Diagnostics Corp (BDC, US)

12.7. Cerba Xpert (Belgium)

12.8. Eurofins Scientific (Luxembourg)

12.9. Flow Health (US)

12.10. Foundation Medicine (US)

13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

14. Appendix

14.1. About Us

14.2. Glossary of Terms

Segments Covered in the Esoteric Testing Market

Esoteric Testing Market By Type

• Infectious Diseases Testing
• Endocrinology Testing
• Oncology Testing
• Genetics Testing
• Toxicology Testing
• Immunology Testing
• Neurology Testing
• Other Testing

Esoteric Testing Market By Technology

• Chemiluminescence Immunoassay
• Enzyme-Linked Immunosorbent Assay
• Mass Spectrometry
• Real-Time PCR
• DNA Sequencing
• Flow Cytometry
• Other Technologies

Esoteric Testing Market By End User

• Independent & Reference Laboratories
• Hospital-Based Laboratories

Esoteric Testing Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)