The global esoteric testing market size was valued at $20,218.60 million in 2020 and is estimated to reach $66,214.79 million by 2030, growing at a CAGR of 12.5% from 2021 to 2030. A specialized laboratory can analyze substances, known as esoteric testing, that aren't generally tested in a clinical laboratory. A physician usually performs these tests when he or she needs to learn more about the patient's health condition. An experienced technician must analyze the results with sophisticated equipment and materials.

Market Dynamics: The Esoteric Testing Market

Driving Forces

Increasing longevity, increasing prevalence and impact of chronic and infectious diseases, and developing novel DNA sequencing technologies in precision medicine, early cancer diagnosis, and precision medicine.

Restraint Forces

There are many factors that hinder the growth of the esoteric testing market, including inadequate reimbursement. There are very few areas in which Medicare covers precision medicine and personalized medicine. Diagnostic tests reimbursement has declined in recent years, which has negatively impacted the volume of tests conducted. The increase in laboratory services utilization is attributable to increased control of laboratory services by Medicare, Medicaid, and other third-party payers particularly managed care organizations (MCOs).

Opportunity

A number of emerging technologies such as genomic analysis, digital PCR, next-generation sequencing and Pyrosequencing, microfluidic platforms, and advanced molecular phenotyping technologies are expected to drive the market. Market players operating in the esoteric testing market should benefit from the opportunities presented by emerging economies such as India, China, and India.

Challenges

The death of skilled workers has been a challenge for several decades, contributing to aging workforces and declining enrollments at training programs. A clinical laboratory technician needs to practice continuously for about five to ten years to become an expert. Clinical laboratory tests performed in esoteric laboratories are more advanced than routine molecular tests.

Covid-19 Impact: The Esoteric Testing Market

As a result of the sudden outbreak of the COVID-19 epidemic, the growth of esoteric testing has declined. The lockdown imposed by the government in the first quarter of 2020 caused some operational and logistical challenges for companies. As more and more COVID-19 patients in different regions came forward and the demand for diagnosis reached a mass scale, companies began to divert their focus from esoteric tests to COVID-19 diagnostic tests.

Regional Outlook: The Esoteric Testing Market

The esoteric testing market in North America reached a major share in 2020 and is expected to continue its dominant position during the forecast period, owing to the rising prevalence of chronic diseases, technological advancements, and the growing number of diagnostic tests available. Although, the Asia-Pacific market is expected to register the largest CAGR from 2021 to 2030 largely due to a rise in chronic morbidity, a rise in government initiatives for diagnostics, and an increase in awareness of self-diagnosis among the general population.

Outline of the Report: The Esoteric Testing Market

Assembling and testing esoteric substances involves analyzing and detecting molecules that are exceptionally rare. The Esoteric Testing Market is segmented by Type, Technology, End-user, and Geography.

Segmentation based on Type

Infectious Disease Testing
Genetic Testing
Oncology Testing
Neurology Testing
Endocrinology Testing
Toxicology Testing
Immunology Testing
Other Testing
Segmentation based on Technology

Flow Cytometry
Mass Spectrometry
Chemiluminescence Immunoassay
Real-Time Polymerase Chain Reaction
Enzyme-linked Immunosorbent Assay
DNA Sequencing
Other Technologies
Segmentation based on End-User

Independent and Reference Laboratories
Mass Spectrometry
Real-Time Polymerase Chain Reaction
Enzyme-linked Immunosorbent Assay
Chemiluminescence Immunoassay
DNA Sequencing
Flow Cytometry
Other Technologies
Hospital-based Laboratories
Enzyme-linked Immunosorbent Assay
Chemiluminescence Immunoassay
DNA Sequencing
Mass Spectrometry
Real-Time Polymerase Chain Reaction
Flow Cytometry
Other Technologies
Segmentation based on Geography

Asia-Pacific
The Middle East and Africa
North America
Europe
Key Competitors: The Esoteric Testing Market

The Esoteric Testing market includes a variety of world-renown companies, including-

ARUP Laboratories
OPKO Health
Baylor Esoteric and Molecular Laboratory
Sonic Healthcare Limited
Foundation Medicine
Mayo Foundation for Medical Education and Research
Healius Limited
Laboratory Corporation
Quest Diagnostics
Stanford Clinical Pathology