Esoteric testing is the analysis of rare substances or molecules which are not routinely examined in clinical laboratories. Esoteric testing is mainly categorized into various types such as biochemical genetics, flow cytometry, microbiology, molecular genetic pathology, special studies, special coagulation, and virology.
Major factors driving growth of the global esoteric testing market are increasing geriatric population and high prevalence of chronic diseases across the globe. Additionally, increasing funding from government for research & development of esoteric testing is another factor expected to propel growth of the target market over the forecast period. But, high costs and unfavorable reimbursement policies are major factors expected to hamper growth of the target market over the forecast period.
The global esoteric testing market is segmented on the basis of testing type, laboratory type, technology, and region. On the basis of testing type, the target market is segmented into infectious diseases testing, endocrinology testing, oncology testing, immunology testing, genetic testing, neurology testing, and others. Among the testing type segments, the infectious diseases testing systems segment accounted for highest revenue share in the target market over the forecast period, owing to increasing prevalence of infectious diseases globally.
On the basis of laboratory type, the target market is segmented into independent & reference laboratories and hospital laboratories. On the basis of technology, the target market is segmented into chemiluminescence immunoassay (CLIA), enzyme-linked immunosorbent assay (ELISA), mass spectrometry, real time – PCR, flow cytometry, radioimmunoassay, and others. On the basis of region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market accounted for highest share in terms of revenue in the global market, as compared to that of markets in other regions. This can be attributed to increasing government initiatives for spreading awareness about preventive screening methods and presence of major players in countries in countries in the region. The market in Asia Pacific is expected to witness considerable growth and is projected to register highest CAGR of X.X% over the forecast period, owing to improving healthcare infrastructure in emerging economies such as China, India, etc.
Key players in the global esoteric testing market include Laboratory Corporation of America Holdings, Quest Diagnostics Incorporated, Miraca Holdings Inc., Myriad Genetics, Inc., Sonic Healthcare Limited, ACM Global Laboratory Inc., ARUP Laboratories, Inc., Sonic Healthcare Limited, Enzo Biochem, Inc., and Eurofins Scientific SE.