“Esoteric testing market projected to grow at a CAGR of 11.6%”
The esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%. Growth in this market is primarily driven by the increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, and increasing government funding for the research and development of innovative esoteric tests. Moreover, the introduction of a new range of condition-specific markers and tests, with advances in genomics and proteomics, is expected to offer significant growth opportunities for market players during the forecast period. However, the dearth of skilled laboratory technicians and inadequate reimbursement will limit the growth of this market.
“The infectious diseases testing segment is expected to dominate the market during the forecast period”
In 2018, on the basis of type, the infectious diseases testing segment is expected to account for the largest share of the market during the forecast period.The large share of this segment is primarily attributed to the rising incidence/prevalence of target diseases (chronic, infectious, & lifestyle related diseases), the increasing adoption of advanced technologies, and the growing healthcare expenditure across the globe.
“The independent & reference laboratories segment is projected to be the fastest growing during the forecast period”
In 2018, on the basis of laboratory type, the independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a large number of patient diagnosis undertaken for target diseases worldwide and competitive benefits offered by these providers over hospital-based laboratories.
“Asia Pacific is expected to register the highest growth rate during the forecast period”
Geographically, the esoteric testing market is segmented into North America, Europe, Asia Pacific, Rest of Latin America, and Middle East & Africa. In 2018, North America is expected to account for the largest share of the market followed by Europe. However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, development in healthcare infrastructure, and significant rise in the disposable income in the region.
Breakdown of supply-side primary interviews: by company type, designation, and region:
- By Company Type - Tier 1 – 48%, Tier 2 – 40% and Tier 3 – 12%
- By Designation – C-level – 26%, Director-level – 30%, Others – 44%
- By Region – North America - 34%, Europe – 26%, APAC – 23%, RoW – 17%
List of companies profiled in the report
• Labcorp (US)
• Quest Diagnostics (US)
• OPKO Health (US)
• Miraca holdings (Japan)
• Myriad Genetics (US)
• Sonic Healthcare (Australia)
• Primary Healthcare (Australia)
• Healthscope (Australia)
• Foundation Medicine (US)
• ACM Global Laboratories (US)
• Arup Laboratories (US)
• Fulgent Genetics (US)
• InVitae (US)
• Mayo Medical Laboratories (US)
• Spectra Laboratories (US)
This report studies the esoteric testing market based on type, technology, laboratory type, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth. It analyzes opportunities and challenges in the market for stakeholders and provides in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of revenues for the overall esoteric testing market and its segments. This report will help stakeholders to understand the competitive landscape better and gain insights to position their businesses and help companies make suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provide them with information regarding key market drivers and opportunities.