Esoteric Testing Market to Hit $44 Billion by 2028, Says Global Market Insights Inc.

SELBYVILLE, Del., March 15, 2022 /PRNewswire/ -- Esoteric Testing Industry is anticipated to register around 7% CAGR between 2022 and 2028 driven by continuous technological advancements as well as rising awareness regarding the early disease diagnosis.

Global esoteric testing market value is expected to cross USD 44 billion by 2028, according to a new research report by Global Market Insights Inc. Growing prevalence of rare and complex diseases will accelerate the overall market expansion.

The rising prevalence of complex and unusual medical conditions is a major factor driving the industry statistics. Complex diseases are difficult to diagnose, hence esoteric testing plays an important role in early disease detection in term of specificity as well as efficiency. According to the European Commission data, more than 6,000 rare diseases affect 30 million European citizens.

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Increased efficiency and demand for genomics and proteomics further drives the industry landscape. The application in prediction and assessment of therapeutic response along with the increasing prevalence of chronic diseases have stimulated the demand for genomics individualized health solutions. The design and development of novel test methods with numerous advantages will drive the patient preference for such clinical tests. With increased test volume across the developing as well as developed nations, the industry is anticipated to witness considerable growth in the forthcoming years.

Some major findings of the esoteric testing market report include:

• Rising demand for genomics and proteomics in clinical diagnosis will fuel the market statistics.
• Increasing prevalence of cancer with rising associated mortality rate will influence the demand for early disease diagnosis.
• Increasing number of reference laboratories providing specialty testing services will positively impact the industry outlook.
• Innovation in esoteric testing in terms of technologies as well as equipment is expected to propel the market expansion.

Browse key industry insights spread across 130 pages with 131 market data tables & 13  figures & charts from the report, "Esoteric Testing Market By Test Type (Endocrinology, Infectious Disease & Immunology, Oncology, Toxicology, Neurology, Genomics), Technology (Mass Spectrometry, Flow Cytometry, ELISA, Radioimmunoassay, Chemiluminescence, RT-PCR), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/esoteric-testing-market 

Esoteric testing market from oncology segment is expected to register 7.8% CAGR during the analysis timeframe. Increasing prevalence of cancer, globally coupled with rising awareness regarding early disease detection will influence the test volumes. According to the American Institute for Cancer Research, nearly 18.1 million cases were reported with cancer, globally in 2020.

Asia Pacific esoteric testing industry is projected to witness over 8.4% CAGR during the analysis timeframe. Increasing prevalence of rare diseases is one of the major factors driving the market expansion in Asia Pacific region. Furthermore, adoption of unhealthy diet as well as increasing exposure to harmful environmental factors is anticipated to influence the incidence of genetic disorders, thereby augmenting the adoption of esoteric testing in the region.

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Notable key business players operating in esoteric testing market include ACM Global Laboratories, American Esoteric Laboratories (AEL), Arup Laboratories, BioMONTR, Fulgent Genetics Inc, Genomic Health, Invitae, Laboratory Corporation of America, Mayo Medical Laboratories, Miraca Holdings Inc, Myriad Genetics, Nordic Laboratories, OPKO Health Inc, and Quest Diagnostics, Inc, among several others.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Global Market Insights Inc.
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SOURCE Global Market Insights Inc.