Westford, USA, Oct. 04, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Esoteric Testing Market will reach a value of USD 53.88 Billion by 2031, with a CAGR of 11.81% during the forecast period (2024-2031). Esoteric testing refers to expert laboratory tests not usually available in regular testing facilities. These tests are mostly complicated and need improved methodologies and technologies. The esoteric testing market is considerably driven by the rising demand for personalized medicine, growing cases of chronic illnesses, and improvements in diagnostic technologies. The market is also fueled by the increasing significance of early detection of diseases and regulatory changes.
Browse in-depth TOC on the "Esoteric Testing Market"
Pages – 206
Tables – 95
Figures – 76
Explore Comprehensive Insights into The Esoteric Testing Market with A Detailed Sample Report: https://www.skyquestt.com/sample-request/esoteric-testing-market
Esoteric Testing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 22.06 Billion |
| Estimated Value by 2031 | USD 53.88 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.81% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Technology, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Innovations and Progresses in the Diagnostic Industry |
| Key Market Drivers | Technological Improvements in Esoteric Testing in the Developing Nations |
Esoteric Testing Market Segmental Analysis
Based on Type the market is segmented as, Infectious Disease Testing, Oncology Testing, Endocrinology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, Other Testing.
Based on Technology the market is segmented as, Enzyme-linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, Other Technologies.
Based on End User the market is segmented as, Hospital-based Laboratories, Enzyme-linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, Other Technologies, Independent and Reference Laboratories, Enzyme-linked Immunosorbent Assay, Chemiluminescence Immunoassay, Mass Spectrometry, Real Time Polymerase Chain Reaction, DNA Sequencing, Flow Cytometry, Other Technologies.
Based on Region the market is segmented as, North America, U.S., Canada, Mexico, Europe, Germany, France, UK, Italy, Spain, Rest of Europe, Asia-Pacific, Japan, China, Australia, India, Rest of Asia-Pacific, LAMEA, Brazil, Saudi Arabia, South Africa, Rest of LAMEA.
Ask for Free Customization: https://www.skyquestt.com/speak-with-analyst/esoteric-testing-market
Infectious Disease Testing Segment to Register Notable Growth Due to Advances in Molecular Diagnostics
By type, the infectious disease testing segment held a notable market share in the past years and is anticipated to lead in future owing to the rising cases of infectious diseases like re-emerging pathogens and emerging pathogens that demands specialized testing on a large scale. Improvements in molecular diagnostics like NGS and PCR that boosts accuracy and speed of infectious disease tests. Furthermore, emphasis on disease prevention and public health, mainly during pandemic drives the demand for effective testing methods.
On the other hand, the genetic testing segment is projected to grow considerably over the estimated period owing to the rising demand for personalized medicine depending on genetic profiles, improvements in technology like genomic sequencing, and rising awareness for the significance of genetic factors in detection of diseases.
Chemiluminescence Immunoassay Segment to Propel Owing to its High Specificity
By technology, the chemiluminescence immunoassay segment registered majority market share owing to its high sensitivity and specificity offered and speedy turnaround times. The CLIA technology offers reliable and accurate outcomes, which make it suitable for identifying low concentrated biomarkers. Moreover, the said technology allows immediate testing, which is vital for timely treatment and diagnostic decisions.
Conversely, the DNA sequencing segment is projected to grow significantly over the forecast period owing to technological improvements and growing demand for personalized medicine. Advances in the NGS technology have notably increased speed and decreased costs of genetic testing, increasing its accessibility.
Heavy Investments in Research and Development to Drive Market in North America
Geographically, North America is expected to lead the market in the coming years due to heavy investments in research and development and the mounting demand for personalized medicine. Major investments in R&D by the biotech and pharmaceutical companies are propelling improvements in diagnostic testing. Furthermore, the rising demand and increased focus on customized healthcare services if boosting the need for expert esoteric testing. Regional growth is also backed by the increasing awareness among patients and medical professionals about the advantages of esoteric testing.
Asia-Pacific is projected to grow as the fastest growing region owing to speedy development of healthcare infrastructure and rising incidences of chronic diseases. Most nations in the region are heavily investing in enhancing laboratory capabilities and healthcare facilities, driving the market growth. Rising number of chronic illnesses and infectious diseases is fueling the demand for expert diagnostic tests. Regional growth is also backed by the increasing disposable income of consumers in the developing regions.
Esoteric Testing Market Insight
Drivers:
- Growing Trend of Personalized Medicine
- Increasing R&D by Biotech and Pharmaceutical Companies
- Improvements in Healthcare Infrastructure
Restraints:
- Complex Regulatory Environment
- Lack of Standardization
- Poor Reimbursement Choices for Esoteric Testing
Prominent Players in Esoteric Testing Market
- LabCorp
- Quest Diagnostics
- OPKO Health
- Miraca Holdings
- Myriad Genetics
- Sonic Healthcare
- Cardio Diagnostics Holdings, Inc
- Veravas
- BPGbio, Inc.
- Fulgent Genetics
- Alveo Technologies, Inc.
- R.L. Diagnostics
- ARUP Laboratories
- Athena Esoterix, LLC
- Bruker
- F. Hoffmann-La Roche Ltd
Take Action Now: Secure Your Esoteric Testing Market Today - https://www.skyquestt.com/buy-now/esoteric-testing-market
Key Questions Answered in Global Esoteric Testing Market Report
- What is the projected size of esoteric testing market in 2031, according to SkyQuest Technology?
- Which are the leading driving factors and opportunities in the global esoteric testing market?
- Which region will lead the esoteric testing market by 2031?
This report provides the following insights:
Analysis of key drivers (growing demand for early detection of diseases, regulatory changes, growing education and awareness), restraints (technical challenges, economic factors, complex regulatory environment), opportunities (growing integration of AI, increasing research investments, emphasis on preventive healthcare), and challenges (high development costs, concerns for data privacy, changing healthcare policies) influencing the growth of esoteric testing market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the esoteric testing market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the esoteric testing market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Read Full Report - https://www.skyquestt.com/report/esoteric-testing-market
Related Reports -
Precision Diagnostics Market is growing at a CAGR of 12.6% in the forecast period (2024-2031)
Veterinary Immunodiagnostics Market is growing at a CAGR of 8.8% in the forecast period (2024-2031)
Drug Testing Market is growing at a CAGR of 9.1% in the forecast period (2024-2031)
U.S. Genetic Testing Market is growing at a CAGR of 7.9% in the forecast period (2024-2031)
Blood Testing Market is growing at a CAGR of 7.5% in the forecast period (2024-2031)
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact Us:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
