Global esoteric testing market size is forecast to grow by USD 14.53 billion during 2019-2023 at a CAGR of almost 12%, with hospital laboratories segment having the largest market share. Esoteric testing market analysis indicates growth will be driven by the rising number of laboratories providing advanced services. Esoteric testing market industry growth will also be impacted by the growing healthcare infrastructure in emerging economies.
Technavio researchers, however, project the rising number of laboratories providing advanced services as a key factor that will drive market growth. With the growing focus on conducting applied research to develop enhanced testing methods, the number of laboratories providing an advanced series of tests is increasing. Such laboratories offer advanced diagnostic services such as esoteric tests and are gaining popularity in areas of onco-hematology, personalized preventive medicine, molecular pathology, reproductive medicine, and genetics. In addition, these services require highly specialized health laboratories to monitor various threats including genetic disorders, radiological contaminants, and dengue fever. Hence, the need for laboratories to conduct tests is expected to drive market growth in the coming years.
This market research report on the global esoteric testing market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the improving healthcare infrastructure in emerging economies as one of the key emerging trends in the global esoteric testing market:
Global esoteric testing market: Improving healthcare infrastructure in emerging economies
Emerging economies such as Japan, India, and China are focusing on improving their healthcare infrastructure. They seek to achieve this by increasing the number of screening facilities, providing adequate number of hospital beds and surgeons and adopting telehealth platforms. This is leading to the emergence of more clinical laboratories and healthcare centers to perform various tests such as esoteric tests in various medical fields including toxicology, oncology, microbiology, genetics, endocrinology, immunology, molecular diagnostics, and serology. This is also leading to an increased number of trained personnel that possess skills to perform esoteric tests. Thus, such advances and initiatives are expected to boost market growth during the forecast period.
“Apart from the improving healthcare infrastructure in emerging economies, the increasing prevalence of chronic and infectious diseases, the technological advances in molecular diagnostics, and the advances in genomics and proteomics are some other major aspects that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global esoteric testing market: Segmentation analysis
This market research report segments the global esoteric testing market by end-user (hospital laboratories, clinical research laboratories and medical institutes, and reference laboratories) and geography (Asia, Europe, North America, and ROW).
The hospital laboratories segment held the largest market share in 2019, accounting for nearly 46% of the market. However, the clinical research laboratories and medical institutes segment is expected to dominate the global market throughout the forecast period.
The North American region led the market in 2018 with a market share of nearly 35% of the market share. However, the market share occupied by this region is anticipated to decrease during 2019-2023.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation
Geographical Segmentation
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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