US Esoteric Testing Market Outlook 2031:
The US esoteric testing market size was valued at USD 7.49 Billion in 2022 and is projected to reach USD 13.43 Billion by 2031, expanding at a CAGR of 6.7% during the forecast period 2023 - 2031. The growth of the market is attributed to increasing awareness regarding early diagnosis of rare diseases. Moreover, ongoing technological advancements is driving the market growth.
Esoteric testing refers to the analysis of molecules that are not performed in clinical laboratories. These tests require precise instruments and are carried out by specialized personnel. According to the American Cancer Society, around 23% of cancer patients are diagnosed with the rarer form of cancers. These tests are outsourced owing to requirement of sophisticated instruments.
US Esoteric Testing Market Drivers, Restraints, Trends, and Opportunities
- Growing prevalence of rare genetic conditions is driving the market growth.
- Rapid rise in the public-private investments for research funding & increasing number of grants to develop innovative laboratory testing procedures are the key factors driving the growth of the market
- Rising demand for precise diagnosis & treatment and advancements in genomics and proteomics are expected to spur the growth of the market
- Strict regulatory framework can hinder the market growth
- Lack of awareness about the tests can restrict the market expansion in the projected timeline.
- The COVID-19 pandemic has increased the awareness about the infectious disease and encouraged people for early diagnosis, positively influencing the market growth.
- Increasing use of molecular diagnostics and genomics & proteomics technologies are some of the factors that can boost the market growth during the forecast period.
Scope of Esoteric Testing Market Report
The report on the US esoteric testing market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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US Esoteric Testing Market- Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Infectious Diseases Testing, Endocrinology Testing, Oncology Testing, Genetic Testing, Toxicology Testing, Immunology Testing, Neurology Testing and Others) and Technology (Chemiluminescence Immunoassay, Enzyme-linked Immunosorbent Assay, Mass Spectrometry, Real-time PCR, Flow Cytometry, Radioimmunoassay, Others)
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Geography
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The US
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Report Coverage
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Market Analysis and Size, Market Segment, Competitive Landscape, Driving Factors, and Trends, and Revenue Forecast.
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Key Players Covered in the Report
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Laboratory corporation of America, Opko health company, Mayo medical laboratories, myriad genetics, Genomic heal, Miraca holdings Inc, Fulgent genetics Inc. and Invitae.
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Global High Capacity Power Bank Market Segment Insights
Infectious disease testing market account a large market share
Based on types, the market is divided into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others. The infectious disease testing segment is anticipated to account for a large market shares due to increasing demand for diagnosis of diseases caused by pathogenic organisms such as viruses, bacteria, fungi, or parasites.
Infectious diseases such as influenza, HIV, hepatitis, malaria, and others can be detected easily. The infectious disease testing segment is expected to expand at a CAGR of 8% in the US during the forecast period.
The oncology testing segment is expected to grow at a healthy rate during the forecast period. Increasing prevalence of cancer is driving the growth of the market segment. The improvement in the insurance plans and increasing government expenditure on healthcare infrastructure are spurring the growth of the oncology testing equipment.
Mass spectrometry to dominate the market
On the basis of technology, the market is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, others. The mass spectrometry market size in the US was around USD 1.1 Billion in the year 2020 and is expected to propel at rapid pace during forecast period, 2021-2028.
Increasing demand for cost-effective testing is driving the segment growth. Conversely, the real-time PCR segment is expected to grow at a healthy rate in the coming years.
Segments
Types
- Infectious Diseases Testing
- Endocrinology Testing
- Oncology Testing
- Genetic Testing
- Toxicology Testing
- Immunology Testing
- Neurology Testing
- Others
Technology
- Chemiluminescence Immunoassay
- Enzyme-Linked Immunosorbent Assay
- Mass Spectrometry
- Real-Time PC
- Flow Cytometry
- Radioimmunoassay
- Other Technologies
Key players
Competitive Landscape
The major players covered in US esoteric testing market are laboratory corporation of America, Opko health company, Mayo medical laboratories, myriad genetics, Genomic heal, Miraca holdings Inc, Fulgent genetics Inc. and Invitae.
Companies are engaging in acquisitions and mergers, research & developments, and product development to expand their market share.
