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Esoteric Testing Market by Type, Lab Type, Technology - Global Forecast to 2023

Esoteric Testing Market: Global Forecast until 2023

  • January 2018
  • 225 pages
  • ID: 5304233
In this report:
In 2018, on the basis of laboratory type, the independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a large number of patient diagnosis undertaken for target diseases worldwide and competitive benefits offered by these providers over hospital-based laboratories

Summary

Table of Contents

Esoteric testing market forecasted to grow at a CAGR (Compound annual growth rate) of 11.60 percent

The esoteric testing market is estimated to grow ~$35.2B by 2023 from ~$20.4B in 2018, at a compound annual growth rate (CAGR) of 11.60 percent. Increase in this industry is primarily influenced by the growing burden of chronic diseases, growing prevalence of infectious diseases, increasing demand for early disease diagnosis using specialized tests, increasing awareness on personalized medicine, and rising government funding for the industry research and development of innovative esoteric tests.

Furthermore, the introduction of a new range of condition-specific markers and tests, with advances in genomics and proteomics, is anticipated to offer significant increase opportunities for market actors during the outlook period. On the other hand, the dearth of skilled laboratory technicians and inadequate reimbursement will limit the increase of this market

The infectious diseases testing segment is forecasted to dominate the sector during the estimate period

In 2018, on the basis of class, the infectious diseases testing segment is intended to account for the largest market share during the outlook period.The important share of this segment is primarily attributed to the growing incidence/prevalence of target diseases (chronic, infectious, & lifestyle related diseases), the growing adoption of advanced technologies, and the increasing healthcare expenditure across the world

The independent & reference laboratories segment is forecasted to be the quickest increasing during the estimate period

In 2018, on the basis of laboratory type, the independent & reference laboratories segment is projected to record the highest rise rate during the outlook period, owing to a big number of patient diagnosis undertaken for target diseases worldwide and competitive benefits provided by these providers over hospital-based laboratories

APAC is expected to record the maximum growth rate during the estimate period

Geographically, the esoteric testing market is divided into north america, Europe (EU), Asia-Pac, Rest of Latin America area, and Middle East (ME) & African continent. In 2018, North America (NA) is forecasted to account for the biggest share of the market succeeded by EU.

Nevertheless, Asia Pacific (APAC) is projected to register the highest compound annual growth rate (CAGR) during the outlook period owing to increasing penetration of cutting-edge clinical laboratory technologies among masses in Asia Pacific countries, development in healthcare infrastructure, and significant increase in the disposable income in the territory.

Breakdown of supply-side primary interviews: by company category, description, and area:

• By Company category - Tier 1 - 48.0 percent, Tier 2 - 40.0 percent and Tier 3 - 12.0 percent

• By Description - C-suite - 26.0 percent, Director-level - 30.0 percent, Others - 44.0 percent

• By Area - North America continent - 34.0 percent, Europe (EU) - 26.0 percent, Asia-Pac - 23.0 percent, RoW - 17.0 percent

Segment Research

This report studies the esoteric testing market established on category, technology, laboratory type, and area. The market research also studies factors (including drivers, market restraints, alternatives, and opportunities) affecting the market increase.

It examines possibilities and opportunities in the industry for partners and offers detailed competitive review of the main actors in the sector together with their company descriptions, recent evolutions, and key industries strategies. Moreover, the industry report examines micromarkets with respect to their individual progress trends, prospects, and contributions to the overall industry. The study forecasts the revenue of the market segments with respect to four main regions.

Main highlights

The analysis will facilitate the market top players/new sector entrants in this sector by providing them with the closest approximations of revenues for the global esoteric testing market and its segments. This industry report will facilitate partners to comprehend the competitive landscape better and acquire business insights to position their businesses and help firms make suitable go-to-market approaches. The market research also benefits partners comprehend the pulse of the sector and offer them with info concerning main market drivers and alternatives.

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