Esoteric Testing Market To Generate Revenue worth $56,643 Million by 2030

The global esoteric testing market is projected to generate USD 56,643 million revenue by 2030, advancing at a CAGR of 11.70% during 2022–2030. This can be ascribed to the high prevalence of infectious and chronic diseases, advancements in precision medicine, and increase in the need for the early diagnosis of diseases. Additionally, the growing demand for the esoteric DNA sequencing technology and increasing research funding for developing novel tests contribute to the market expansion.

Growing Pace of Technological Advancements in Esoteric Testing

Globally, the booming usage of emerging technologies such as enhanced molecular phenotyping, digital PCR, NGS, pyrosequencing, as well as biomarker analysis is set to drive the market's expansion. Additionally, the developments in the R&D infrastructure globally, rise in the geriatric population, high frequency of infectious and chronic diseases, advancement of the healthcare system, and rise in the disposable income propel the market. Further, doctors are accepting esoteric tests for the early detection and treatment of genetic disorders and chronic illnesses, such as cancer.

Independent and Reference Laboratories Dominate Market

On the basis of end user, the independent and reference laboratories category dominates the market, and it is expected to continue this trend during the forecast period. This will be due to the rapid diagnostic laboratory digitalization, rise in the count of infectious disease patients, growth in the geriatric population, high testing volumes, and expansion in laboratory numbers.

Governments have taken the initiative to raise the number of diagnostic laboratories due to the surge in the incidence of infectious and chronic diseases worldwide. These efforts were at their most extensive during the COVID-19 pandemic, when the existing network of healthcare and diagnostics centers found it difficult to cater to the huge swarms of suspected patients.

In the same way, due to the rise in chronic illness frequency, advancements in hospital laboratories, and growth in the demand for preventive healthcare, the hospital-based laboratories category is expected to have significant growth throughout the forecast period.

Geographically, the APAC market will experience the highest CAGR of around 12% over the forecast period. The increase in the prevalence of chronic diseases, rise in the count of government initiatives for offering low-cost yet precise diagnoses, surge in the usage of ELISA and RT-PCR tests, and rise in the population’s awareness of self-diagnosis are the major factors behind the market expansion in the region.

Moreover, the market in China is forecast to witness significant growth, owing to the rising prevalence of infectious diseases. The sharp increase in the prevalence of COVID-19 in the country and the rise in the utilization of advanced approaches for the detection of infections makes the country a major market.

Additionally, due to an increase in the prevalence of degenerative diseases, implementation of policies to encourage the early clinical testing for diseases a massive increase in the supply of RT-PCR and ELISA kits, and a greater public awareness of the benefits of infectious disease testing, India is predicted to experience the fastest growth over this decade in the region.

Moreover, the Indian government provides assistance for the construction of new healthcare facilities, to fight infectious and chronic illnesses. Although, practically, all social services were impacted by the pandemic, the spending on the health sector in India surged from INR 2.73 lakh crore in 2019–20 (prior to COVID–19) to INR 4.72 lakh crore in 2021–22.

Some of the major players operating in the esoteric testing market are Laboratory Corporation of America Holdings, Quest Diagnostics, OPKO HEALTH INC., Thyrocare Technologies Limited, Fresenius Medical Care AG & Co. KGaA, Nelson Laboratories LLC, Leo Labs Inc., Merck KGaA, and Sonic Healthcare Limited.