Market Overview:
Esoteric testing refers to complex and specialized laboratory tests for rare or less common conditions such as genetic disorders, autoimmune disorders, endocrinopathies, toxicology testing, hematology and others. Such tests are conducted when routine clinical chemistry and immunoassay tests do not provide enough clinical information to a health care provider. Esoteric testing involves use of sophisticated analytical instruments, highly trained personnel and unique biochemical reagents.

Market Dynamics:
Growth in the esoteric testing market is driven by increasing prevalence of chronic and rare diseases along with growing geriatric population globally. For instance, according to WHO, chronic diseases are the leading cause of death and disability worldwide, accounting for over 70% of all deaths globally. Moreover, rising awareness regarding early diagnostic benefits of esoteric tests through various awareness programs conducted by key market players and private organizations is also supporting market growth. However, lack of skilled professionals and high cost of diagnostic procedures are the factors hampering growth of this market.

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: Esoteric Testing offer accurate and specialized diagnosis capability that helps physician deliver personalized treatment. Esoteric Testing provide advanced diagnosis techniques using methods such as flow cytometry, immunohistochemistry etc. The market players are continuously investing in R&D to develop new tests.

Weakness: Esoteric Testing require advance infrastructure and highly skilled professional which increases the operational cost. Sample collection, storage and transportation also add additional complexities and costs. Many tests have limited commercial viability.

Opportunity: Increasing prevalence of chronic diseases and growing geriatric population will boost the demand for specialized diagnosis. Developing economies offer huge untapped market potential due to increasing healthcare spends. Many new diseases need specialized diagnosis presenting new revenue opportunities.

Threats: Stringent regulatory approval process increases the timeline and costs for new test commercialization. Reimbursement uncertainties exists regarding the coverage and payment rates which impacts market uptake. Substitution threat from point-of-care testing poses pricing pressure on established tests.

Key Takeaways
The global Esoteric Testing market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing burden of chronic and rare diseases.

Regional analysis: North America dominates the global Esoteric Testing market owing to presence of major market players, developed healthcare infrastructure and availability of reimbursements. Asia Pacific exhibits fastest growth CAGR attributed to rising medical tourism industry and growing healthcare expenditure in emerging countries.

Key players: Key players operating in the Esoteric Testing market are LabCorp, Quest Diagnostics, OPKO Health, Miraca Holdings, Myriad Genetics, Sonic Healthcare and Fulgent Genetics.

Read More: https://blogger-veritas.blogspot.com/2023/12/genetic-testing-is-fastest-growing.html