ID: MRFR/LS/4531-HCR | February 2021 | Region: Global | 100 pages
Synopsis of the Global Esoteric Testing Market
The esoteric testing market was valued at USD 1200 million in 2017 and is expected to register a CAGR of 8.6% during the forecast period. The global esoteric testing market is majorly driven by the increasing prevalence of chronic diseases, increasing technical advanced devices, growing awareness of personalized medicine, and growing penetration by market players. Additionally, factors such as increasing government and private funding to support research activities are likely to boost the market growth during the forecast period.
However, factors such as unfavorable reimbursement scenario may hamper the growth of the market during the assessment period.
The global esoteric testing market is segmented on the basis of test type, technology, end-user, and region. Considering the test type, the market is segmented into infectious diseases testing, endocrinology testing, oncology testing, genetic testing, toxicology testing, immunology testing, neurology testing, and others. By technology, the market is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, flow cytometry, radioimmunoassay, and others. By end-user, the market is segmented into independent and reference laboratories, research laboratories, and others. Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa.
Source: World Health Organization, Centers for Disease Control and Prevention, European Society of Clinical Microbiology and Infectious Diseases, U.S. National Library of Medicine, National Organization for Rare Disorders, The American Autoimmune Related Diseases Association, The International Society for Human and Animal Mycology, Expert Interview Market Research Future Analysis, Annual report, White paper, Company Presentation
Regional Market Summary
The American esoteric testing market is segmented into two regions, namely, North America and South America. North Americas, being the largest market, is mainly driven by the increasing number of research activities in healthcare, growing investment in healthcare by major market players, and increasing patient population suffering from chronic diseases. Moreover, established market players in developed countries lead the globalization by pushing new products and services into developing countries and emerging economies. Canada is expected to be the fastest growing market which is driven by the overall increasing demand for cost-effective methods for diagnosis and treatment of chronic diseases. South America is expected to be the fastest growing market due to technologically advanced devices for diagnosis and increasing demand for treatment options of chronic diseases.
The European esoteric testing market exhibits a positive growth with an increasing emphasis on research and developmental activities for improvement in diagnosis and treatment methods. Moreover, Germany and the U.K. are the major contributors to the growth of the market. Additionally, increasing expenditure on healthcare by major countries in Europe also accelerates the growth of the market.
Asia Pacific is expected to be the fastest growing market whose growth is attributed to the increasing burden of chronic diseases and increasing focus on early diagnosis and treatment of rare diseases. Furthermore, other factors contributing to the growth of the market are lifestyle changes, the influence of western culture among adults, and addiction to smoking. Additionally, the increasing environmental pollution and exposure to harmful chemicals also attribute to the growth of the market.
The Middle Eastern and African market for esoteric testing exhibits a steady rise with an increase in the number of healthcare facilities providing treatment of chronic conditions and the flourishing growth of the medical device sector, especially diagnostic devices. In the African region, the awareness about esoteric testing is also fueling the growth of the market.
FIGURE 1: Global Esoteric Testing Market, by Region, 2016 (%)
Source: Centers for Disease Control and Prevention, World Health Organization, population reference bureau, Statistics Canada, StatsCan, Centers for Medicare & Medicaid Services, U.S. Census Bureau, Organization for Economic Co-operation and Development, Expert Interview, Market Research Future Analysis, Annual report, White paper, Company Presentation
Market Segmentation & Key players
Esoteric Testing Market, by Test Type
Esoteric Testing Market, by Technology
Esoteric Testing Market, by End-User
Esoteric Testing Market, by Region
Middle East and Africa
Frequently Asked Questions (FAQ) :
The market valuation was USD 1200 million.
The predicted CAGR is 8.6% for the duration period involving 2018 to 2023.
The market could be deterred by unfavorable reimbursement policies.
The test types are endocrinology testing, infectious diseases testing, genetic testing, toxicology testing, oncology testing, neurology testing, immunology testing, and others.
The America has the scope to outdo others in terms of growth.