The global esoteric testing market size is anticipated to reach USD 47.98 billion by 2030, expanding at a CAGR of 11.81% from 2024 to 2030. Major factors contributing to the market growth include rising prevalence of cancer and growing need for safe and effective tests. The International Agency for Research on Cancer reports that 19,292,789 cancer cases were recorded in 2020 and estimates that number will rise to 50,550,287 by 2025. The most frequently reported cancers are breast, colorectal, lung, prostate, and stomach.
Moreover, the rising prevalence of chronic and infectious diseases aided by the advancements in esoteric DNA sequencing technologies is further anticipated to drive overall growth of the market. For instance, according to CDC, heart disease are leading cause of death in the U.S., and accounts for the death of one person every 33 seconds. Furthermore, according to the National Diabetes Statistics Report, 11.6% of the total population in the U.S. suffer from diabetes. Such a high prevalence of major infectious diseases is anticipated to drive the demand for esoteric testing.
The growing preference for esoteric testing, attributed to advantages like high efficacy and specificity, high signal intensity, good precision, and high accuracy, is projected to drive the demand for advanced tests during the forecast period. Furthermore, rising awareness of esoteric testing devices among physicians and patients for early disease diagnosis. This shift is anticipated to substantially boost the adoption of tests, thereby driving market growth.
Moreover, the rising healthcare expenditure aided with rising preference and awareness regarding preventive healthcare is fueling the growth of the market. For example, the Affordable Care Act (ACA) helps in providing accessible and affordable for people in U.S. by providing insurance plans for recommended preventive services. Additionally, the growing patient participation in disease management and the shift towards evidence-based treatment are also contributing to the growth of the market.
Similarly, these tests are a simple way to identify rare diseases. Therefore, the population's increasing incidence of rare diseases is anticipated to support market expansion. As per the U.S. Department of Health and Human Services, around 2,205 new West Nile virus disease cases in the U.S. The esoteric testing market is growing because esoteric tests for infectious diseases can easily detect these rare diseases. Government-sponsored initiatives, including awareness campaigns, screening programs, and specific cancer schemes, are projected to increase the number of diagnosed cases. For instance, India's Health Minister Cancer Patient Fund (HMCPF) program financially assists deprived cancer patients. This is anticipated to increase demand for esoteric testing and promote regional growth.
Key players operating in the market are constantly focusing on development of novel products to meet the rising demand for preventive and early diseases diagnosis. For instance, in July 2023, Quest Diagnostics announced the launch of consumer-initiated genetic tests with unique feature including robust NGS support services, ordering, and access to one-on-one genetic testing. Moreover, major players are focusing on geographic expansion to enhance their presence and expand access to effective products. For instance, in June 2022, SRL Diagnostics opened a reference laboratory in Ashok Nagar, Chennai, India. The 20,000-square-foot laboratory can perform over one lakh monthly tests, ranging from widespread examinations to unidentified and genetic tests.
Moreover, the rising prevalence of chronic and infectious diseases aided by the advancements in esoteric DNA sequencing technologies is further anticipated to drive overall growth of the market. For instance, according to CDC, heart disease are leading cause of death in the U.S., and accounts for the death of one person every 33 seconds. Furthermore, according to the National Diabetes Statistics Report, 11.6% of the total population in the U.S. suffer from diabetes. Such a high prevalence of major infectious diseases is anticipated to drive the demand for esoteric testing.
The growing preference for esoteric testing, attributed to advantages like high efficacy and specificity, high signal intensity, good precision, and high accuracy, is projected to drive the demand for advanced tests during the forecast period. Furthermore, rising awareness of esoteric testing devices among physicians and patients for early disease diagnosis. This shift is anticipated to substantially boost the adoption of tests, thereby driving market growth.
Moreover, the rising healthcare expenditure aided with rising preference and awareness regarding preventive healthcare is fueling the growth of the market. For example, the Affordable Care Act (ACA) helps in providing accessible and affordable for people in U.S. by providing insurance plans for recommended preventive services. Additionally, the growing patient participation in disease management and the shift towards evidence-based treatment are also contributing to the growth of the market.
Similarly, these tests are a simple way to identify rare diseases. Therefore, the population's increasing incidence of rare diseases is anticipated to support market expansion. As per the U.S. Department of Health and Human Services, around 2,205 new West Nile virus disease cases in the U.S. The esoteric testing market is growing because esoteric tests for infectious diseases can easily detect these rare diseases. Government-sponsored initiatives, including awareness campaigns, screening programs, and specific cancer schemes, are projected to increase the number of diagnosed cases. For instance, India's Health Minister Cancer Patient Fund (HMCPF) program financially assists deprived cancer patients. This is anticipated to increase demand for esoteric testing and promote regional growth.
Key players operating in the market are constantly focusing on development of novel products to meet the rising demand for preventive and early diseases diagnosis. For instance, in July 2023, Quest Diagnostics announced the launch of consumer-initiated genetic tests with unique feature including robust NGS support services, ordering, and access to one-on-one genetic testing. Moreover, major players are focusing on geographic expansion to enhance their presence and expand access to effective products. For instance, in June 2022, SRL Diagnostics opened a reference laboratory in Ashok Nagar, Chennai, India. The 20,000-square-foot laboratory can perform over one lakh monthly tests, ranging from widespread examinations to unidentified and genetic tests.
Esoteric Testing Market Report Highlights
- Based on type, the oncology segment dominated the market in 2023 owing to prominent application of esoteric testing in cancer diagnosis and genetic testing segment is expected to grow at the fastest CAGR over the forecast period
- Based on technology, the chemiluminescence immunoassay technology segment dominated the market in 2023. However, enzyme-linked immunosorbent assay is anticipated to witness fastest growth over the forecast period
- Based on end-use, the independent and reference laboratories segment held the largest share in 2023. However, hospital-based laboratories is anticipated to witness fastest growth over the forecast period
- North America dominated the market owing to factors such as rising incidence of infectious diseases, government support for quality healthcare, high purchasing power, and efficient reimbursement scenario
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Esoteric Testing Market Variables, Trends & Scope
Chapter 4. Esoteric Testing Market: Type Estimates & Trend Analysis
Chapter 5. Esoteric Testing Market: Technology Estimates & Trend Analysis
Chapter 6. Esoteric Testing Market: End-use Estimates & Trend Analysis
Chapter 7. Esoteric Testing Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Laboratory Corporation of America Holdings
- OPKO Health, Inc.
- Quest Diagnostics Incorporated
- Sonic Healthcare Limited
- H.U. Group Holdings, Inc.
- Kindstar Globalgene Technology, Inc.
- Stanford Health Care
- Mayo Foundation for Medical Education and Research
- ARUP Laboratories.
- Athena Esoterix
- ACM Global Laboratories
- Healius Limited.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 115 |
| Published | May 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 22.06 Billion |
| Forecasted Market Value ( USD | $ 47.98 Billion |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
