The Global Esoteric Testing Market is estimated to reach USD 41.0 Bn by 2027, growing at a CAGR of 11.7% over the forecast period.
Rising cases of infectious and uncommon diseases, as well as other ailments, are major driver for the esoteric testing market growth. For instance, according to the European Commission, between 27 and 36 million people in Europe suffer from uncommon diseases. Furthermore, rising prevalence of rare diseases is likely to boost demand for esoteric testing during the forecast period. For instance, according to the Centers for Disease Control and Prevention, the number of salmonella cases in 2018 was roughly 54,285. Increasing demand for Enzyme Linked Immunosorbent Assay (ELISA) and Real Time Polymerase Chain Reaction (RT-PCR); increasing fund from private and government organizations for diagnostic service centres; and advancement in technology for esoteric testing are the major driving factors influencing the global esoteric testing market. For instance, according to the World Health Organization (WHO), chronic illness mortality account for 77 percent of deaths in low-income and medium-income countries in 2021.
Moreover, the rise in the geriatric population, which is more susceptible to chronic diseases, also drive the market expansion throughout the forecast period. For instance, according to Beijing, China's senior population has over 180 million people dealing with chronic conditions in 2019. The increasing importance of early cancer diagnosis and treatment will have a positive impact on market growth in this sector. For instance, cancer is the second biggest cause of mortality worldwide, according to the World Health Organization around 1.8 million new cancer cases were recorded worldwide in 2018. Furthermore, the growing need for testing is likely to be fueled by increased R&D investments. For instance, according to the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical industry's global sales in 2018 were estimated to be over USD 852,647 million. However, during the forecast period, the high cost of esoteric testing and a scarcity of experienced technicians are projected to limit the market expansion.
Global Esoteric Testing Market, by Region Outlook (Revenue, USD Billion, 2021-2027)
In 2020, the North America dominated in the esoteric testing market due to an high R&D spendings and investments. For instance, according to the National Organization for Rare Diseases, over 30 million individuals are affected by rare diseases (2019). Furthermore, about one out of every 10 people in the United States suffers from a rare disease, with children accounting for more than half of those affected. According to the Pharmaceutical Research and Manufacturers of America, biopharmaceutical businesses spent roughly 79.6 billion dollars on R&D in the United States in 2018. As a result of the rising prevalence of rare diseases and increased investment in research and development, the demand for esoteric testing is estimated to grow in this region.
The increased prevalence of disease, development of medical infrastructure, rising awareness, and a large patient pool with unmet medical requirements responsible for the Asia Pacific as an emerging market for esoteric testing. However, in regions such as the Middle East and Africa and Latin America, exorbitant costs, a scarcity of skilled personnel, and a lack of patient knowledge are all problems frequently limiting the esoteric testing industry. The scarcity of experienced laboratory personnel is another factor for the growth of the global market.
The Global Esoteric Testing Market Segmentation:
Global Esoteric Testing Market, by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Esoteric Testing Market, by Technology Outlook (Revenue, USD Billion, 2021-2027)
Global Esoteric Testing Market, by Technology Outlook (Revenue, USD Billion, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the esoteric testing market are:
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