Global Esoteric Testing Market 2019-2023

Industry Insights

The global esoteric testing market size will grow by USD 14.53 billion during 2019-2023 at a CAGR of nearly 12%. The rising number of laboratories providing advanced services and improving healthcare infrastructure in emerging economies are some of the factors expected to drive market growth. The market report provides a detailed analysis of the market by end-users (hospital laboratories, clinical research laboratories and medical institutes, and reference laboratories) and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors including Enzo Biochem Inc., Eurofins Scientific, Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, and Sonic Healthcare.

Esoteric testing involves the analysis of assays that are not routinely performed in clinical laboratories. It is related to medical fields, such as endocrinology, genetics, immunology, microbiology, molecular diagnostics, oncology, serology, and toxicology.

Key Insights from Esoteric Testing Market – Global Forecast 2019-2023

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The rising number of laboratories providing advanced services is one of the critical reasons that will drive the growth of the esoteric testing market. These laboratories facilitate the clinical diagnosis of diseases and infections that are not feasible for physicians to conduct in hospitals. Esoteric testing is performed in these labs to monitor and detect health threats from radiological contaminants, rabies, dengue fever, infectious agents, and genetic disorders in newborns. The increasing focus on conducting applied research to develop enhanced testing methods such as esoteric tests in public health laboratories facilitates diagnostic services in various areas including onco-hematology, personalized preventive medicine, molecular pathology, and reproductive medicine. The increasing number of laboratories offering advanced diagnostics services will propel the growth of the esoteric testing market size.

The need to improve access to affordable healthcare and improve the quality of health care is encouraging emerging economies such as Japan to increase their spending in healthcare. Pathologists are completing their cases successfully by partnering with hospitals due to increasing adoption of telehealth and telemedicine platforms. The increasing healthcare infrastructure in emerging economies will further result in an increased number of diagnostic laboratories. This will, in turn, drive esoteric testing market growth at a CAGR of almost 12% during the forecast period since these laboratories consist of instruments for performing lab tests and trained staff personnel with skills to perform esoteric tests.

Industry Analysis

End-user Insights

The end-user segment has been segregated into hospital laboratories, clinical research laboratories and medical institutes, and reference laboratories. The hospital laboratories segment accounted for the highest esoteric testing market share in 2018. During the forecast period, the clinical research laboratories and medical institutes and reference laboratories segments will grow at a faster pace than the overall market. The hospital laboratories segment will grow at a slower pace than the overall market.

The increasing number of hospitals providing esoteric testing through their in-house specialized laboratories will be one of the significant factors driving the growth of the market in the segment.

Regional Insights

North America accounted for the highest market share in 2018. Though the market’s growth in the region will be slower than the growth of the market in Asia and Europe, the region will account for the largest market share throughout the forecast period. The US is a key market for esoteric testing in the region.

The strong presence of vendors and distributors collaborating with healthcare companies to provide clinics with the necessary diagnostic technology solutions will fuel the esoteric testing market growth in North America.

Top Esoteric Testing Companies

The market is fairly concentrated. To help clients improve their position, the esoteric testing market analysis report provides information on the competitive landscape and the products offered by various companies. Moreover, the esoteric testing market research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the upcoming growth opportunities.

The report offers a detailed analysis of several leading esoteric testing companies, including:

• Enzo Biochem Inc.
• Eurofins Scientific
• Laboratory Corporation of America Holdings
• Quest Diagnostics Incorporated
• Sonic Healthcare

Segments Covered in the Report

Esoteric testing market by end-users

• Hospital laboratories
• Clinical research laboratories and medical institutes
• Reference laboratories

Esoteric testing market by region

• Asia
• Europe
• North America
• ROW

Key Highlights of the Esoteric Testing Market Forecast Report for the Period 2019-2023 

• CAGR of the market during the forecast period 2019-2023 
• Detailed information on factors that will accelerate the growth of the esoteric testing market size during the next five years 
• Precise estimation of the global esoteric testing market size and its contribution to the parent market 
• Accurate predictions on upcoming trends and changes in consumer behavior 
• The growth of the industry across Asia, Europe, North America, and ROW 
• A thorough analysis of the market’s competitive landscape and detailed information on several vendors 
• Comprehensive details of factors that will challenge the growth of the companies

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