Esoteric Testing Market Research Report | Industry Trends & Size to Cross USD 36.3 Billion by 2026
The global esoteric testing market is projected to reach USD 36.3 billion by 2026 from USD 21.0 billion in 2021, at a CAGR of 11.6% during the forecast period. Market growth is largely driven by the rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, inadequate reimbursements of the esoteric test may restrict market growth to a certain extent.
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Global Esoteric Testing Market Dynamics
DRIVER: Growing geriatric population, increasing prevalence of chronic and infectious diseases, advancing esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer and precision medicine.
The chronic diseases such as diabetes, cardiovascular diseases and cancer are on rise across the globe. The prevalence of infectious disease such as Dengue, Hepatitis B, C, HIV, Malaria, Tuberculosis, and others, are also increasing at an alarming rate. The awareness of the esoteric tests is increasing for the early and effective diagnosis of such diseases. The advancing technology of esoteric test are offering expedited results with higher efficacy, detection limits, and sensitivity.
RESTRAINT: Inadequate reimbursement of the esoteric tests
Inadequate reimbursement is a major factor restraining the growth of the esoteric testing market. The coverage of precision medicine and personalized medicine by Medicare are highly confined. In the past few years, there has been a decline in the reimbursement of diagnostic tests, which has negatively impacted the volume of tests.
OPPORTUNITY: Emerging technologies in esoteric testing and emerging economies
Emerging technologies such as biomarker analysis, digital PCR, NGS, pyrosequencing, or Sanger sequencing, digital microfluidic platforms and advanced molecular phenotyping technologies are expected to thrust the growth of the market. The emerging economies such as India, China, and India are expected to offer potential growth opportunities for major players operating in the esoteric testing market.
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North America was the largest regional market for the esoteric testing market
The esoteric testing market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the largest regional market for esoteric testing market. The large share of the North American market can be attributed to the increasing per capita healthcare expenditure, presence of the leading market players, increasing use of rapid diagnostics, expanding geriatric population, and advancing precision medicine in the region.
Key Market Players
The global esoteric testing market is consolidated. The prominent players operating in this market include Labcorp (US), Quest Diagnostics (US) and OPKO Health Inc. (US).
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