What is Esoteric Testing and Why is it Important?
Esoteric testing is a type of medical testing that is used to analyze rare and complex conditions. It requires specialized equipment, expertise, and interpretation. It is used to diagnose and treat conditions that are not typically seen in routine testing. This type of testing is important because it can provide more detailed information about a patient’s condition, which can lead to better health outcomes.
According to the new market research report "Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Genetic Testing), Technology (MS, CLIA, ELISA, PCR), End User (Independent Reference Laboratories, Hospital Laboratories) - Global Forecast to 2026", 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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The Growing Demand for Esoteric Testing
As more people are diagnosed with rare and complex conditions, the demand for esoteric testing is growing. This type of testing is becoming more widely accepted and is increasingly being used to diagnose and treat conditions that were previously difficult to diagnose. As a result, the market for esoteric testing is expected to continue to grow in the coming years.
How the Esoteric Testing Market is Evolving
The esoteric testing market is evolving in order to meet the growing demand for this type of testing. Specialized equipment and other resources are becoming more widely available, and the technology used in esoteric testing is becoming more advanced. Additionally, new techniques and methods are being developed to make esoteric testing more accessible and accurate. As a result, the esoteric testing market is expected to continue to grow and evolve in the coming years.
The Benefits of Esoteric Testing
Esoteric testing provides numerous benefits to patients and healthcare providers. It can provide more accurate and detailed information about a patient’s condition, leading to better health outcomes. It can also help diagnose and treat conditions that were previously difficult to diagnose. Additionally, esoteric testing is often less expensive than traditional testing methods, making it more accessible for patients.
The Future of the Esoteric Testing Market
The future of the esoteric testing market looks bright. As more people are diagnosed with rare and complex conditions, the demand for esoteric testing is expected to continue to grow. Additionally, new technology and methods are being developed to make esoteric testing more accessible and accurate. As a result, the esoteric testing market is expected to continue to grow and evolve in the coming years.
Key Market Players of Esoteric Testing Market:
The global esoteric testing market is consolidated. The prominent players operating in this market include Labcorp (US), Quest Diagnostics (US) and OPKO Health Inc. (US).
Labcorp (US) is one of the leading players in the esoteric testing market. Labcorp Diagnostics (Dx) is the diagnostic business segment of the company that operates through a network of rapid response laboratories, specialty laboratories, primary laboratories, patient service centers, and branches. The company has a strong presence in the North America, Europe, and others.
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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.
OPPORTUNITY: Emerging technologies in esoteric testing and emerging economies
Emerging technologies such as biomarker analysis, digital PCR, NGS, pyrosequencing, or Sanger sequencing, digital microfluidic platforms and advanced molecular phenotyping technologies are expected to thrust the growth of the market. The emerging economies such as India, China, and India are expected to offer potential growth opportunities for major players operating in the esoteric testing market. This can be attributed to the growing geriatric population, high prevalence of chronic and infectious diseases, improving healthcare infrastructure, and increasing disposable income in these countries.
- 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.
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