The esoteric testing market was valued at $24.2 billion in 2022 and is estimated to reach $68.5 billion by 2032, exhibiting a CAGR of 11.0% from 2023 to 2032. Esoteric testing is defined as the analysis of rare molecules that are not performed in routine clinical labs. This analysis is done by using various technologies such as real time polymerase chain reaction, enzyme linked immunosorbent assay, flow cytometry, and DNA sequencing. These tests require specialized equipment and are performed on a small scale. It requires skilled personnel to conduct these tests and analyze the result by using various chemical agents and sophisticated instruments. Esoteric testing is generally performed for the diagnosis of rare diseases, infectious diseases, and endocrine diseases.
The esoteric testing market growth is significantly driven by increase in the prevalence of chronic diseases such as cancer, hypertension, diabetes and chronic infectious diseases; surge in awareness about importance of early disease diagnosis; and increase in new test launches. Esoteric tests are designed to detect specific markers to enable more precise diagnosis and prognosis of chronic diseases such as cancer and HIV. For instance, according to American Cancer Society (ACS), about 1.9 million new cancer cases are expected to be diagnosed in the U.S. in 2022. Thus, rise in prevalence of chronic diseases drives the demand for specialized, esoteric tests.
Furthermore, surge in awareness about early disease diagnosis among the general population has increased the demand for esoteric testing. Awareness campaigns, educational seminars, and training programs emphasize the importance of early disease diagnosis. For instance, F. Hoffmann-La Roche Ltd., supports local community partners to run screening programs and counselling programs for diseases such as cancers, hepatitis, tuberculosis, HIV, HPV, cardiovascular disease and diabetes. Moreover, technological advancements and new product launches further drive the market growth. For instance, Laboratory Corporation of America Holdings, a global life sciences company, launched its new Neurofilament Light Chain (NfL) blood test that provides direct evidence of neurodegeneration and neuronal injury. This test will allow doctors to identify and verify signs of neurodegenerative diseases.
However, the high cost associated with esoteric testing and lack of skilled laboratory technicians are anticipated to hinder the market growth during the forecast period. On the other hand, increase in the number of diagnostic testing and technological advancements in DNA sequencing are expected to create lucrative opportunities for market growth during the forecast period.
The esoteric testing market is segmented into type, technology, end user, and region. By type, the market is categorized into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. By technology, the market is divided into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. By end user, the market is bifurcated into hospital-based laboratories and independent & reference laboratories. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global esoteric testing market are Laboratory Corporation of America Holdings, ARUP Laboratories, Opko Health, Inc., Quest Diagnostics Inc., F. Hoffmann-La Roche Ltd., Mayo Foundation for Medical Education and Research, Stanford Health Care, Healius Limited, Athena Esoterix, LLC, and Sonic Healthcare Limited. Key players operating in the market have adopted product launch, collaboration, and product approval as key strategies to expand their market share and product portfolio.
The esoteric testing market growth is significantly driven by increase in the prevalence of chronic diseases such as cancer, hypertension, diabetes and chronic infectious diseases; surge in awareness about importance of early disease diagnosis; and increase in new test launches. Esoteric tests are designed to detect specific markers to enable more precise diagnosis and prognosis of chronic diseases such as cancer and HIV. For instance, according to American Cancer Society (ACS), about 1.9 million new cancer cases are expected to be diagnosed in the U.S. in 2022. Thus, rise in prevalence of chronic diseases drives the demand for specialized, esoteric tests.
Furthermore, surge in awareness about early disease diagnosis among the general population has increased the demand for esoteric testing. Awareness campaigns, educational seminars, and training programs emphasize the importance of early disease diagnosis. For instance, F. Hoffmann-La Roche Ltd., supports local community partners to run screening programs and counselling programs for diseases such as cancers, hepatitis, tuberculosis, HIV, HPV, cardiovascular disease and diabetes. Moreover, technological advancements and new product launches further drive the market growth. For instance, Laboratory Corporation of America Holdings, a global life sciences company, launched its new Neurofilament Light Chain (NfL) blood test that provides direct evidence of neurodegeneration and neuronal injury. This test will allow doctors to identify and verify signs of neurodegenerative diseases.
However, the high cost associated with esoteric testing and lack of skilled laboratory technicians are anticipated to hinder the market growth during the forecast period. On the other hand, increase in the number of diagnostic testing and technological advancements in DNA sequencing are expected to create lucrative opportunities for market growth during the forecast period.
The esoteric testing market is segmented into type, technology, end user, and region. By type, the market is categorized into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. By technology, the market is divided into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. By end user, the market is bifurcated into hospital-based laboratories and independent & reference laboratories. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global esoteric testing market are Laboratory Corporation of America Holdings, ARUP Laboratories, Opko Health, Inc., Quest Diagnostics Inc., F. Hoffmann-La Roche Ltd., Mayo Foundation for Medical Education and Research, Stanford Health Care, Healius Limited, Athena Esoterix, LLC, and Sonic Healthcare Limited. Key players operating in the market have adopted product launch, collaboration, and product approval as key strategies to expand their market share and product portfolio.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the esoteric testing market analysis from 2022 to 2032 to identify the prevailing esoteric testing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the esoteric testing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global esoteric testing market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Infectious Disease Testing
- Oncology Testing
- Endocrinology Testing
- Genetic Testing
- Toxicology Testing
- Immunology Testing
- Neurology Testing
- Other Testings
By Technology
- Enzyme-linked Immunosorbent Assay
- Chemiluminescence Immunoassay
- Mass Spectrometry
- Real Time Polymerase Chain Reaction
- DNA Sequencing
- Flow Cytometry
- Other Technologies
By End User
- Hospital-based Laboratories
- Independent and Reference Laboratories
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Key Market Players
- ARUP Laboratories
- Quest Diagnostics Inc.
- F. Hoffmann-La Roche Ltd.
- Stanford Health Care
- Healius Limited
- Laboratory Corporation of America Holdings
- Opko Health, Inc.
- Mayo Foundation for Medical Education and Research
- Athena Esoterix, LLC.
- Sonic Healthcare Limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ESOTERIC TESTING MARKET, BY TYPE
CHAPTER 5: ESOTERIC TESTING MARKET, BY TECHNOLOGY
CHAPTER 6: ESOTERIC TESTING MARKET, BY END USER
CHAPTER 7: ESOTERIC TESTING MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the esoteric testing market was valued at $24.2 billion in 2022, and is estimated to reach $68.5 billion by 2032, growing at a CAGR of 11% from 2023 to 2032.The esoteric testing market is likely to experience a significant growth rate of 11.0% from 2023-2032 owing to increase in demand from healthcare sector.
Esoteric testing is laboratory analysis of rare molecules and substances, which is not performed in a routine clinical laboratory. These tests are performed by various technologies such as flow cytometry, mass spectrometry, real time polymerase chain reaction, enzyme linked immunosorbent assay, and DNA sequencing. These tests are performed when a physician requires some addition and detailed information about the patient's health condition. It requires sophisticated instruments, materials, and skilled technician to analyze the result. The various esoteric testing includes infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, and other testing.
Key factors driving the growth of the esoteric testing market include alarming increase in the prevalence of infectious and chronic diseases, such as cancer, diabetes, cardiovascular disease, malaria, and hypertension, rise in government initiative for diagnostic testing, and surge in demand for ELISA and RT-PCR test. Increase in prevalence of chronic and infectious diseases drives the demand for specialized testing which, in turn, contribute towards the market growth. For instance, according to American Heart Association (AHA), in 2020, about 244.1 million people were living with ischemic heart disease (IHD), and it was more prevalent in males than in females globally. Further, North Africa and the Middle East, Central and South Asia, and Eastern Europe had the highest prevalence rates of IHD in the world.
Furthermore, rise in government initiatives for early disease diagnosis and testing also boost the market growth. For instance, free diagnostic service initiative is intended by the National Health Mission to provide a set of essential diagnostics at various levels of care so that providers are able to make rational decisions regarding treatment and patients benefit by getting their tests conducted within the facility free of cost. Further, National Cancer Institute (NCI), expand use of cancer prevention and early detection strategies to reduce cancer risk in all populations. In addition, rise in demand for ELISA and RT-PCR diagnostic tests also contribute toward the market growth.
Increase in the number of diagnostic testing and surge in demand for personalized medicine are the major factors that drive the global esoteric testing market. In addition, rise in demand for advanced tools for esoteric testing in healthcare to enhance efficiency fuel the growth of esoteric testing market. Furthermore, rise in concern regarding health and fitness and increase in demand for early diagnostic testing are expected to create lucrative opportunities for the market growth during the forecast period. Personalized medicine is the tailoring of medical treatment by using available biological information through biomarker and genetic testing.
Moreover, various awareness programs are conducted on early diagnosis for timely and better treatment, which surge the demand for oncology testing, immunology testing, serology testing, and genetic testing. For instance, in January 2021, Fortis Memorial Research Institute organized a health camp in order to create awareness and provide knowledge to people about the importance of regular screening for early diagnosis and better treatment. Thus, rise in awareness about importance of early disease diagnosis through various programs further fuels the demand for esoteric testing and in turn, contribute towards the market growth.
The esoteric testing market is segmented into type, technology, end user, and region. By type, the market is categorized into infectious disease testing, oncology testing, endocrinology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and other testing. By technology, the market is divided into enzyme-linked immunosorbent assay, chemiluminescence immunoassay, mass-spectrometry, real time polymerase chain reaction, DNA sequencing, flow cytometry, and other technologies. By end user, the market is bifurcated into hospital-based laboratories and independent & reference laboratories.
On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA). The key players profiled in the study include Laboratory Corporation of America Holdings, ARUP Laboratories, Opko Health, Inc., Quest Diagnostics Inc., F. Hoffmann-La Roche Ltd., Mayo Foundation for Medical Education and Research, Stanford Health Care, Healius Limited, Athena Esoterix LLC, and Sonic Healthcare Limited.
Key Market Insights
By type, the infectious disease testing segment was the largest revenue contributor to the market in 2022 and is estimated to reach $13.40 billion by 2032.On the basis of technology, the chemiluminescence immunoassay segment dominated the global market in 2022. However, DNA sequencing segment is expected to register fastest CAGR of 13.1% during the forecast period.
By end user, the independent & reference laboratories segment dominated the global market in 2022.
Based on region, North America garnered the largest revenue share in 2022. However Asia-Pacific is anticipated to grow at the highest CAGR of 12.1% during the forecast period.
Companies Mentioned
- ARUP Laboratories
- Quest Diagnostics Inc.
- F. Hoffmann-La Roche Ltd.
- Stanford Health Care
- Healius Limited
- Laboratory Corporation of America Holdings
- Opko Health, Inc.
- Mayo Foundation for Medical Education and Research
- Athena Esoterix, LLC.
- Sonic Healthcare Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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