What is Esoteric Testing market growth?
Expected Revenue Growth:
[244 Pages Report] 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.
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What This Report Will Provide?
This study involved four major activities in estimating the current size of the esoteric testing market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Major Growth Boosters:
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 are the major factors driving the growth of the esoteric testing market.
COVID-19 impact on the esoteric testing market
The market growth has seen a decline in its pace, due to the sudden outbreak of the COVID-19. In the first quarter of 2020, companies faced certain operational and logistic challenges due to the imposition of lockdowns. Eventually, with the massive influx of COVID-19 patients and tremendous demand for mass scale diagnosis in various regions, companies escalated and deviated their focus from esoteric tests to the diagnostic offerings for COVID-19.
Recent Developments
- In May 2021, Labcorp will acquire Myriad Genetics’ autoimmune business unit.
- In February 2021, Quest Diagnostics collaborated with GRAIL to support a first-of-its-kind multi-cancer early detection blood test called Galleri.
- In January 2021, OPKO Health Inc. (BioReference Laboratories) launched Scarlet Health, an in-home diagnostic, fully integrated digital platform, in the US.
- In March 2019, H.U. Group Holdings’ subsidiary, Miraca Holdings, partnered with the Chugai Pharmaceutical Co., Ltd.
Frequently Asked Questions (FAQ):
- What is the impact of COVID-19 on the esoteric testing market?
- Who are the key players in the esoteric testing market?
- Which type of esoteric test dominates in the esoteric testing market?
- What factors are driving the esoteric testing market?
- What is the market for global esoteric testing services?
Regional Growth Analysis:
The esoteric testing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America held the largest share in the global market, followed by Europe. The dominance of North America is driven by the massive per capita healthcare expenditure, vast population base of geriatric and chronic disease patients and the presence of leading companies in the region.
Key Market Players
The prominent players operating in this market include Labcorp (US), Quest Diagnostics (US), and OPKO Health Inc. (US).
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