Esoteric Testing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The esoteric testing market is expected to register a 12 % of CAGR over the forecast period. The key contributors in the market growth are rising cases of infectious and rare diseases and other diseases. According to the European Commission, approximately 27 to 36 million people suffer from rare disease in European region. Also, according to the Centre for Disease Control and Prevnetion, 2017, the number of cases of salmonella were around 54,285. Hence this growing burden of rare diseases is expected to increase the demand for esoteric testing market growth during the forecast period.
Esoteric Testing Market TrendsOncology Segment is Expected to Exhibit a Significant Market Growth Over the Forecast PeriodOncology is expected to show a healthy growth in the Esoteric Testing Market during the forecast period. The rising importance of early diagnosis and treatment for cancer will impact positively on the market growth in this segment. According to the World Health Organization, cancer is one of the second leading cause of death worldwide. In 2018, around 1.8 million new cases were reported with cancer globally. The most common type of cancers are lung, breast and prostate cancer.
Furthermore, the increasing investments of R&D activities is expected to drive the demand of testing. According to the European Federation of Pharmaceutical Industries and Associations, 2017, the overall sales of pharmaceutical industry worldwide was recorded to be approximately 852,647 million USD. Hence, the aforementioned factors are expected to boost the market growth in this segment.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast PeriodNorth America is expected to be a dominant region in the Esoteric Testing market owing to increasing number of R&D activities and investments on it. As per the data of National Organization of Rare Diseases, around 30 million people were suffering from some type of diseases (2019). Also, almost one out of ten individuals in America have rare diseases and more than half of these are children. According to the Pharmaceutical Research & Manufacturers of America, in 2018, the R&D expenditure by biopharmaceutical companies was around 79.6 billion USD in United States. Thus, with growing burden of rare diseases and increasing investment into research and development activities the demand for esoteric testing is expected to propel the market growth in this region.
Esoteric Testing Market Competitive AnalysisSome of the well-known companies that are operating in Esoteric Testing market include American Esoteric Laboratories, Quest Diagnostics, Laboratory Corporation of America, bioMontr Labs, Arup Laboratories, Miraca Holdings Inc., Fulgent Genetics Inc., Nordic Laboratories and Grifols, S.A.
Additional Benefits:- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
- 1 INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Increasing Burden of Chronic Diseases
- 4.2.2 Rising Cases of Rare Diseases
- 4.2.3 Increasing Spending in Research & Development Activities
- 4.3 Market Restraints
- 4.3.1 Stringent Regulatory Framework
- 4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
- 5 MARKET SEGMENTATION
- 5.1 By Test Type
- 5.1.1 Endocrinology
- 5.1.2 Infectious Disease
- 5.1.3 Oncology
- 5.1.4 Neurology
- 5.1.5 Toxicology
- 5.1.6 Others
- 5.2 By Technology
- 5.2.1 Flow Cytometry
- 5.2.2 Chemiluminescence Immunoassay
- 5.2.3 Mass Spectrometry
- 5.2.4 Radio Immunoassay
- 5.2.5 Others
- 5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle-East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle-East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
- 6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 American Esoteric Laboratories
- 6.1.2 Arup Laboratories
- 6.1.3 bioMontr Labs
- 6.1.4 Fulgent Genetics Inc.
- 6.1.5 Grifols, S.A.
- 6.1.6 Laboratory Corporation of America
- 6.1.7 Miraca Holdings Inc.
- 6.1.8 Nordic Laboratories
- 6.1.9 Quest Diagnostics
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook