Esoteric Testing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Esoteric Testing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Esoteric Testing Market

The esoteric testing market size was valued at USD 22.21 billion in 2022, and the market is now projected to grow from USD 24.37 billion in 2023 to USD 49.20 billion by 2030, exhibiting a CAGR of 10.6% during the forecast period of 2023-2030.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the esoteric testing market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic. The esoteric testing market was significantly impacted by the COVID-19 pandemic. The global supply chain issues that initially plagued the sector caused delays in the production and delivery of esoteric testing equipment.

Increasing chronic disease burden to drive esoteric testing market growth during forecast period. One of the main reasons driving the esoteric testing market growth is the increasing prevalence of chronic diseases, including autoimmune diseases, genetic disorders, eczema, arthritis, cancers, asthma, chronic obstructive pulmonary disease, and other viral diseases. Increasing Knowledge of Early Disease Diagnosis to Accelerate Market Expansion. Healthcare practitioners are using more esoteric testing as chronic disorders are becoming more commonplace worldwide. The greater knowledge of early disease identification with these modern diagnostics around the world is contributing to the increased use.

The advancement of these technologies has also made individualized therapy possible. This allows for the optimization of outcomes and the minimization of side effects. In order to deliver better services, it has also been noted that a number of laboratories have stepped up their efforts to include cutting-edge technologies into testing.

Comprehensive Analysis of Esoteric Testing Market

The esoteric testing market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by technology, by test type and by end users. The Technology segmentations include Enzyme-linked immunosorbent Assay, Chemiluminescence Immunoassay, Mass Spectrometry, Flow Cytometry, Polymerase Chain Reaction, and Others, By Test Type segmentations include Infectious Disease Testing, Endocrinology Testing, Oncology Testing, Toxicology Testing, and Others, By End-user segmentations include Hospital Based Laboratories and Independent and Referral Laboratories).

The North America region lead the esoteric testing market by benefitting a market size of USD 10.00 billion in 2022 due to mass spectrometry and other cutting-edge methods are being adopted quickly, and people are becoming more conscious of the need of early disease diagnosis.

The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, Eurofins Scientific (Luxembourg), Quest Diagnostics Incorporated (U.S), Laboratory Corporation of America Holdings (U.S.), ACM Global Laboratories (U.S.), Mayo Foundation for Medical Education and Research (U.S.), Sonic Healthcare Limited (Australia), ARUP Laboratories (U.S.), OPKO Health, Inc. (U.S.), Thyrocare (India) these market players provide a level-playing competitive landscape.

In August 2022, The Ministry of Health in Japan has extended the grant coverage for Myriad Genetics, Inc.'s BRAC Analysis Diagnostic System. As an additional diagnostic tool, the system would be utilized to find patients who have breast cancer.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Unit Value (USD Billion)

Growth Rate CAGR of 10.6% from 2023-2030

By Technology, Test Type, End-user, and Region

Segmentation By Technology

Enzyme-linked Immunosorbent Assay

Chemiluminescence Immunoassay

Mass Spectrometry

Flow Cytometry

Polymerase Chain Reaction

Others

By Test Type

Infectious Disease Testing

Endocrinology Testing

Oncology Testing

Toxicology Testing

Others

By End-user

Hospital Based Laboratories

Independent and Referral Laboratories

By Geography

North America (By Technology, Test Type, End-user, and Country)

U.S.

Canada

Europe (By Technology, Test Type, End-user, and Country/Sub-region)

U.K.

Germany

France

Spain

Italy

Scandinavia

Rest of Europe

Asia Pacific (By Technology, Test Type, End-user, and Country/Sub-region)

Japan

China

India

Australia

Southeast Asia

Rest of Asia Pacific

Rest of the World (By Technology, Test Type, and End-user)


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