Esoteric Testing Market: Research Strategies with Share Analysis, Top Key Players with Opportunities Forecast to 2027

Esoteric testing is the examination of uncommon chemicals or molecules that are not detected in conventional clinical laboratory tests. The demand of esoteric across the globe is witnessing an uptick on account the growing cancer prevalence and rising incidence of viral infections and immunological disorders has served as significant global esoteric testing market growth drivers. For instance, as per CDC, in 2019, Asian persons continued to represent the largest proportion of persons with tuberculosis (35.3%), followed by Hispanic persons (30.2%), Black/African American persons (19.7%), and White persons (11.4%) 

In addition, an increase in government funding for medical and academic research activities would enhance the growth of the market for esoteric testing throughout the forecast period. For instance, according to the National Institutes of Health's (NIH) April 2019 released list of funding for various research, condition, and disease categories (RCDC), funding for stem cell research and regenerative medicine was USD 1.8 billion and USD 1.0 billion, respectively, in 2018. The NIH estimated that the two sectors would get USD 1.7 billion and USD 915 million in funding in 2020, respectively.

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The COVID19 has resulted in a profound re-evaluation of the advantages and costs of cardiovascular care. The pandemic has been a devastating disease worldwide. COVID-19 affected 185 countries and >3000000 patients worldwide in 2020. At the early phase of COVID-19 pandemic, there was no availability of specific diagnostic tests to detect the disease in patients. Alternative diagnostic tests were used initially but were not much effective. This unavailability of specific COVID-19 diagnostic tests presented lucrative opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries utilized this opportunity and introduced COVID-19 diagnostics kits into local as well as global market. For instance, LabCorp launched self-collection kit for COVID-19 test with delivery and collection facility. These players achieved edge over other diagnostics players capitalizing the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis.

According to UnivDatos Market Insights (UMI)’ research report “Global Esoteric Testing Market Analysis, 2020”, the Global Esoteric Testing market is projected to grow at a CAGR of XX% during 2021-27F. The increased prevalence of rare diseases is one of the prominent reasons which is driving the market of the Esoteric Testing. For Instance: According to the European Commission, rare diseases affect nearly 27 to 36 million individuals throughout Europe.  

Based on the Types, the infectious diseases segment acquired the major market share and grabbed US$ XX Billion revenues from the Esoteric Testing market in 2020. Increased prevalence of infectious and rare diseases is boosting the growth. As per Rare Diseases International and EURORDIS, rare diseases currently affect at any point in time 3.5% – 5.9% of the worldwide population, equivalent to a conservative estimate of 300 million people worldwide (4% of an estimated world population of 7.5 billion).

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End-User to Witness Robust growth

Based on the end-user, independent & reference laboratories grabbed XX% revenue share in 2020. The market size of this segment touched US$ XX Billion in 2020. The market share of the segment is expected to maintain its dominance in the forthcoming years as well owing to the prevalence of musculoskeletal disorders is likely to fuel the orthopedics and musculoskeletal. Every year, over 900,000 procedures in the United States require bone replacement or repair, according to the Medicare and Medicaid program. 

North America to Grab Lion’s Share, Bit Europe to witness Explicit Growth

Based on the Region, North America dominated the Global Esoteric Testing market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to the Advanced technology for diagnosis and treatment of chronic disorders, availability of private and government funding, and high healthcare spending. For instance, according to the OECD data, the United States invested roughly 17.2 percent of its GDP in health care systems in June 2018.  

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Esoteric Testing market are LabCorp, Quest Diagnostics, Invitae Corporation, Mayo Medical Laboratories, Spectra Laboratories, Opko Health, Miraca Holdings, Foundation Medicine, Myriad Genetics, and Sonic Healthcare, among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:

·       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

“Global Esoteric Testing Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Esoteric Testing providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.   

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Market Segmentation:

1.     By Type (Infectious Diseases Testing, Endocrinology Testing, Oncology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing, Others)

2.     By Technology (Power Line Chemiluminescence Immunoassay, Enzyme-Linked Immunosorbent Assay, Mass Spectrometry, Real-Time PCR, Flow Cytometry, Radioimmunoassay, Others)

3.     By End-User (Independent & Reference Laboratories, Research Laboratories, Hospital-Based Laboratories)

4.     By Region (North America, Europe, Asia-Pacific, Rest of the World)

5.     By Company (LabCorp, Quest Diagnostics, Invitae Corporation, Mayo Medical Laboratories, Spectra Laboratories, Opko Health, Miraca Holdings, Foundation Medicine, Myriad Genetics, Sonic Healthcare, etc.)

Key questions answered in the study:

1.     What are the current and future trends of the Global Esoteric Testing industry?

2.     How the industry has been evolving in terms of technology and application areas?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the Esoteric Testing industry?

5.     What are the customer orientation, purchase behavior, and expectations from the Esoteric Testing firms across various regions?