Esoteric Testing Market Size By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), By Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, RT-PCR), Industry Analysis

Esoteric Testing Market Size By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), By Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, RT-PCR), Industry Analysis Report, Regional Outlook, Growth Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2028

The esoteric testing market is anticipated to showcase robust growth through 2028 primarily on account of surging product demand among consumers in key regions across the globe. Additionally, latest developments in the technology, along with rising incidences of chronic illnesses, are set to further bolster industry expansion over the forecast period.

Industry players have been implementing effective strategies to gain a competitive edge in the market, which has positively influenced business growth. For instance, in February 2021, Mayo Clinic Laboratories, the U.S.-based medical laboratory, inked a partnership agreement with SRL Diagnostics, an Indian diagnostics expert, with the objective of promoting research, co-hosting seminars, training, conferences, and symposia around esoteric tests.

To cite another instance, in June 2021, ARUP Laboratories, a national reference laboratory under Utah University and a non-profit enterprise specializing in esoteric assays, announced the opening of its new laboratory facility in Salt Lake City, Utah. The novel structure spans two buildings and is a first-of-its-kind facility that has been designed to improve efficiency and boost test turnaround times. As a result, growing presence of diagnostic laboratories in leading regions has played a vital role in the growth of the esoteric testing industry in recent years.

For comprehensive assessment, the esoteric testing market has been categorized on the basis of technology, test type, and region. Based on test type, the market has been segregated further into infectious disease & immunology, endocrinology, toxicology, oncology, genomics, neurology, and others.

The genomics sub-segment garnered a substantial valuation in 2021 and is slated to grow at more than 6.9% CAGR between 2022 and 2028. Notable advancements in the sequencing technologies, including NGS, and surging awareness regarding the early detection of genetic disorders are likely to stimulate segmental growth in the forthcoming years.

From the technology perspective, the esoteric testing market has been divided into flow cytometry, ELISA, mass spectrometry, chemiluminescence, RT-PCR, radioimmunoassay, and others. In 2021, the mass spectrometry sub-segment was valued at over USD 4.0 billion and is projected to observe sizable growth through the assessment period. Increasing R&D investments towards clinical testing, coupled with technological breakthroughs in mass spectrometers, is anticipated to accelerate segmental development in the coming years.

In the regional landscape, the Latin America esoteric testing market accounted for a significant portion of the overall industry revenue in 2021 and is estimated to attain a considerable revenue, growing at a CAGR of approximately 7.1% between 2022 and 2028. Increasing healthcare spending, rising awareness about rare and complex disorders, and prevalent expansion of specialty labs are poised to foster regional market outlook in the future.