This study involved four major activities in estimating the current size of the esoteric testing market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Research Methodologies Followed:
Primary Research
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess prospects of the market.
Secondary Research
Secondary research was used mainly to identify and collect information for the extensive, technical, market-oriented, and commercial study of the esoteric testing market. The secondary sources used for this study include National Center for Biotechnology Information (NCBI), Royal Society of Chemistry, Springer Nature, Society for Laboratory Automation and Screening, ScienceDirect, World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), Nature Journals, Springer Journals, US Food and Drug Administration (US FDA), Annual Reports, SEC Filings, Investor Presentations, and Press Releases of Key Players, White Papers, Journals/Magazines, and News Articles SEC Filings, Annual Reports, Expert Interviews, and MarketsandMarkets Analysis.
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Revenue Gains Expectations:
The report "Esoteric Testing Market by Type (Infectious Disease, Endocrinology, Oncology, Toxicology, Immunology, Genetic Testing), Technology (MS, CLIA, ELISA, PCR), End User (Independent & Reference Laboratories, Hospital Laboratories) - Global Forecast to 2026", The global esoteric testing market is projected to reach USD 36.3 billion by 2026 from USD 21.0 billion in 2021, at a CAGR of 11.6% during the forecast period
RESTRAINT: Inadequate reimbursement of the esoteric tests
Inadequate reimbursement is a major factor restraining the growth of the esoteric testing market. The coverage of precision medicine and personalized medicine by Medicare are highly confined.
CHALLENGES: Dearth of Skilled Professionals
The dearth of a skilled workforce has been a challenge for several decades, resulting in an aging workforce and declining enrolment in training programs. It takes almost five to ten years of continuous practice in clinical laboratory work for technicians to gain expertise.
Recent Developments
- In May 2021, Labcorp will acquire Myriad Genetics’ autoimmune business unit.
- In February 2021, Quest Diagnostics collaborated with GRAIL to support a first-of-its-kind multi-cancer early detection blood test called Galleri.
- In January 2021, OPKO Health Inc. (BioReference Laboratories) launched Scarlet Health, an in-home diagnostic, fully integrated digital platform, in the US.
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Infectious disease testing segment dominated the esoteric testing market
Based on type, the market is segmented into infectious disease testing, neurology testing, toxicology testing, endocrinology testing, genetic testing, immunology testing, oncology testing, and other testing.
North America was the largest regional market for esoteric testing market
The esoteric testing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America held the largest share in the global market, followed by Europe.
