by Market Overview:
Esoteric testing includes complex laboratory developed testing procedures that are performed in specialty laboratories. These highly sophisticated tests are used to detect very specific diseases and conditions. Some key advantages of these tests are improved diagnostic accuracy and detection of certain genetic disorders or cancers at an early stage.
Market key trends:
One of the key trends in the esoteric testing market is the shift from centralized laboratories to decentralized testing. With advancements in diagnostic technologies, tests are becoming faster and portable. This has enabled physicians to conduct some specialized tests at the point-of-care instead of sending samples to central labs. Near-patient testing delivers results quicker and provides actionable insights that can improve patient outcomes. It has the potential to transform the esoteric testing market by making specialized diagnostics more accessible and convenient.
The global Esoteric Testing Market Growth is estimated to be valued at US$ 28.66 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The esoteric testing market has high entry barriers due to requirement of skilled professionals and advanced infrastructure which protects the existing players from new entrants.
Weakness: Lack of skilled professionals for advanced testing poses a challenge to expansion of esoteric testing services in developing regions.
Opportunity: Increasing incidence of chronic and rare diseases drives the demand for specialized testing services. Growing healthcare expenditures in developing countries also presents an opportunity.
Threats: Strict regulatory policies for approval of new esoteric tests increases the time taken to commercialize new services posing a threat from substitute tests. Budget constraints in healthcare may limit the market growth.
Key Takeaways
The global esoteric testing market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of chronic and rare diseases. The market size for 2023 is estimated to reach US$ 28.66 Bn.
Regional analysis
North America dominates the global esoteric testing market currently due to presence of majority key players and advanced healthcare infrastructure. It is expected to continue dominating during the forecast period. Asia Pacific exhibits high growth potential owing to growing healthcare spending, increasing awareness and expanding healthcare infrastructure in countries such as China and India.
Key players operating in the esoteric testing market are LabCorp, Quest Diagnostics, OPKO Health, Miraca Holdings, Myriad Genetics, Sonic Healthcare, Healthscope, Foundation Medicine, Primary Health Care, Fulgent Genetics. LabCorp and Quest Diagnostics capture majority market share owing to their robust testing portfolio and global presence. The other players are focusing on strategic collaborations and acquisitions to strengthen their offerings and market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
