Esoteric Testing Market size surpassed USD 25 billion in 2021, owing to rising demand for ELISA and RT-PCR | insightSLICE
The global Esoteric Testing market size was estimated to be US$ 25.5 billion in 2021 and is expected grow at a CAGR of 7.2% between 2023 to 2032.
Esoteric testing refers to the examination of unusual chemicals or compounds. These tests are not possible in a typical clinical facility and necessitate the use of specialist testing equipment and chemicals.
Esoteric testing refers to clinical tests conducted to detect unusual compounds or substances in a patient’s body. Esoteric testing is carried out by qualified technicians in specialized laboratories.
Esoteric testing enables classification and molecular identification of diseases and provides thorough knowledge about a patient’s health. When additional information for a rare disease condition is required, or when a precise prognosis or treatment is to be determined, esoteric testing can be employed.
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Global Esoteric Testing Market Key Segments:
Based on Type
- Immunology testing
- Genetic testing
- Infectious diseases
- Endocrinology test
- Oncology test
- Toxicology testing
- Neurology testing
Based on Esoteric Testing
- Chemiluminescence immunoassay
- Enzyme-linked immunosorbent assay
- Flow cytometry
- Mass spectrometry
- Real time–polymerase chain reaction
Based on Laboratory Type
- Independent and reference laboratories
- Hospital laboratories
Based on Geography
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
Complex disorders are challenging to diagnose; therefore, esoteric testing is essential in the early detection of such disorders. According to the National Institutes of Health (NIH), there are almost 7,000 unique forms of chronic uncommon illnesses, which has significantly increased the volume of genetic and proteomic-based testing over the last few years.
Furthermore, various reports suggest that more people are now living with rare diseases that need treatment with higher efficacy than normal. As a result of the increased need for disease identification, the esoteric testing market will experience increased adoption throughout the projected period.
The key players of the Global Esoteric Testing Market are:
Major players that are operating in the esoteric testing market are ARUP Laboratories, Fresenius Medical Care, Charles River Laboratories, MIRACA HOLDINGS Inc, Myriad Genetics Inc, Merck KGaA, Mayo Foundation for Medical Education and Research, North American Science Associates Inc, Nelson Laboratories LLC, Healthscope Foundation Medicine, ACM Global Laboratories, Fulgent Genetics, Invitae Corporation, OPKO Health Inc, Pacific Bio Labs Inc, Sonic Healthcare, Quest Diagnostics, WuXi AppTec, and others.
Driving factors for the growth of Global Esoteric Testing Market
Qualified employees, as well as sophisticated reagents and tools, are necessary to conduct the tests and interpret the data. These tests are expensive, and they are only carried out by independent, specialist clinical reference laboratories. Such tests are strictly controlled and cannot be conducted in primary care facilities or hospitals.
The ever-increasing population of chronic disease patients will propel the global esoteric testing market expansion. Furthermore, advancements in innovative testing technologies and a greater awareness of customized medicine will drive the esoteric testing industry forward.
As the frequency of chronic infectious and uncommon genetic illnesses rises, so does the need for esoteric tests like enzyme linked immunosorbent assay (ELISA) and real-time polymerase chain reaction (RT-PCR). There is also a significant rise in both government and private sector support for clinical testing and technology breakthroughs in esoteric testing.
Growing demand for genome sequencing and proteomics, as well as increased investment in the development of innovative methods to identify unique chemicals found in the body, will drive overall market growth. Proteomics screening on a large scale is essential for therapeutic applications and biomedical sciences.
New advances in mass-spectrometry-based proteome analysis, as well as improved collaboration between academics and physicians, contribute to recognising and comprehending complicated illness characteristics.
There is a rise in financing for biomedical research activities owing to a rising desire for novel alternative treatments for the COVID-19 worldwide pandemic and related infectious disorders, and the market is expected to increase the awareness of esoteric testing among clinicians and patients, as well as increase health care spending, which will fuel the esoteric testing market expansion in the studied period.
The market forecast will be driven by expanding knowledge about advanced disease detection and treatment, as well as the increasing prevalence of complicated and uncommon diseases.
The National Organization for Rare Disorders, for example, works to identify, diagnose, and treat rare disorders via a variety of supportive programmes such as training, development, campaigning, and medical assistance. Such endeavors to increase awareness of existing diagnostic choices for complicated genetic and non-genetic uncommon illnesses would improve esoteric testing outreach.
As a result of the increasing desire for advanced technological testing amongst patients and clinicians, considerable investment in R&D has been made, which will boost the market’s development potential in the future. The design and creation of innovative diagnostic techniques with multiple benefits for a wide spectrum of rare disorders will drive global market demand.
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Challenges of Global Esoteric Testing Market
The shortage of qualified laboratory staff required to effectively execute the tests and avoid unreliable outcomes due to faulty methods is a significant problem limiting worldwide esoteric testing market growth. Unless medical regulators solve these challenges, strong market growth would be hampered even over the projection period.
Esoteric testing also requires significant investment in sophisticated equipment and rare reagents, which results in slow adoption. The process for testing of rare substances is also very complex and variable. This results in complicated standardization protocols before commercial testing.
The market for esoteric testing is currently very small and, therefore, the economics of large-scale markets are not applicable here. For these reasons, the prices for individual tests are very high and therefore act as a major deterrent for patients, which will continue to hamper the growth prospects of the esoteric testing market.
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COVID-19 impact on Esoteric Testing market
The COVID-19 pandemic hampered the growth of the esoteric testing market in 2020, but the sector recovered in 2021. Initially, the sudden increase in demand and spending for COVID-19 testing had a massive effect on other clinical testing capacity during the pandemic. But as the cases declined, there was a resultant decline in demand for COVID-19 testing, due to which the esoteric testing market started to resurge to pre-pandemic levels.
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