Global Esoteric Testing Market is Anticipate to Reach at a CAGR of 12% during the forecast period 2020-2027

A new research report published by Fior Markets with the title Esoteric Testing Market by Type (Endocrinology, Infectious Disease, Immunology, Toxicology, Neurology, Genetic Testing), Technology (Mass Spectrometry, ELISA, CLIA, PCR), Lab Type (Hospital Laboratories, Independent Labs), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.

The global esoteric testing market is expected to grow from USD 22.82 billion in 2019 to USD 56.51 billion by 2027, at a CAGR of 12% during the forecast period 2020-2027. North America holds the largest market share, owing to accessibility to advanced technologies, expansion of molecular diagnostic for genetic disorders and cancer screening, presence of a well-established network of independent clinical laboratories, and presence of leading players in the U.S. The South America region market is expected to grow, owing to the increasing demand for treatment options for chronic diseases and technologically advanced devices for diagnosis. The market in the Asia-Pacific region is expected to witness a significant growth. This growth is attributed to the increase in healthcare activities’ funding and massive establishment of clinics, labs, and hospitals in countries like Thailand, Malaysia, India, China, and Singapore. The Middle East and Africa market is witnessing a steady rise due to an increase in the number of healthcare facilities and awareness about esoteric testing.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

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Some of the notable players in the market are Mayo Medical Laboratories, Laboratory Corporation of America, Fulgent Genetics, Quest Diagnostics, Genomic Health, OPKO Health, Nordic Laboratories, Arup Laboratories, American Esoteric Laboratories (AEL), ACM Global Laboratories, Myriad Genetics, BioMONTR, Invitae, and Miraca Holdings. In May 2017, Pathology Associates Medical Laboratories was acquired by LabCorp. This acquisition helped the LabCorp to provide the outreach testing services and reference laboratory services to the hospital, patients, clinicians, and clients.

The type segment includes endocrinology, infectious disease, immunology, toxicology, neurology, immunology, and genetic testing. Infectious disease segment holds the largest market share, owing to the high prevalence of infectious diseases and increasing demand for advanced molecular tests, and the availability of immunology laboratory services. On the basis of technology, the market is segmented into mass spectrometry, ELISA, CLIA, and PCR. CLIA technology segment dominated the market in the year 2019. This growth was due to the advantages of CLIA over other testing methods, low detection limits, superior sensitivity and accuracy delivered, and high adoption of CLIA in esoteric testing. ELISA technology is expected to witness significant growth due to the high throughput screening performed in laboratories. The lab type includes hospital laboratories and independent laboratories. Independent lab segment holds the largest market share, ongoing automation and digitalization of diagnostic laboratories, and significant reimbursement coverage for clinical tests performed at independent laboratories.

The factors driving the market are rising prevalence of chronic and infectious diseases like diabetes, cancer, and various others. Technological advancements such as standardization of advanced instrumentation, antidote automation technology, and analytical systems will propel the market growth. Unfavourable reimbursement scenario, lack of sufficient expertise, and an insufficient number of esoteric testing modules will restrain the market growth. An increase in private and public funding to support research activities will provide market growth opportunities. However, changing regulatory framework will challenge the esoteric testing market.

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About the report:
The global esoteric testing market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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The report can be customized as per client requirements. For further queries, you can contact us on sales@fiormarkets.com or +1-201-465-4211. Our executives will be pleased to understand your requirements and offer you the best-suited reports.

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