Esoteric Testing Market Trends:
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. Market growth is largely driven by the rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine.
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Key Market Players of Esoteric Testing Market:
The global esoteric testing market is consolidated. The prominent players operating in this market include Labcorp (US), Quest Diagnostics (US) and OPKO Health Inc. (US).
Labcorp (US) is one of the leading players in the esoteric testing market. Labcorp Diagnostics (Dx) is the diagnostic business segment of the company that operates through a network of rapid response laboratories, specialty laboratories, primary laboratories, patient service centers, and branches. The company has a strong presence in the North America, Europe, and others.
COVID-19 impact on the esoteric testing market
The market growth has seen a decline in its pace, due to the sudden outbreak of the COVID-19. In the first quarter of 2020, companies faced certain operational and logistic challenges due to the imposition of lockdowns. Eventually, with the massive influx of COVID-19 patients and tremendous demand for mass scale diagnosis in various regions, companies escalated and deviated their focus from esoteric tests to the diagnostic offerings for COVID-19.
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OPPORTUNITY: Emerging technologies in esoteric testing and emerging economies
Emerging technologies such as biomarker analysis, digital PCR, NGS, pyrosequencing, or Sanger sequencing, digital microfluidic platforms and advanced molecular phenotyping technologies are expected to thrust the growth of the market. The emerging economies such as India, China, and India are expected to offer potential growth opportunities for major players operating in the esoteric testing market. This can be attributed to the growing geriatric population, high prevalence of chronic and infectious diseases, improving healthcare infrastructure, and increasing disposable income in these countries.
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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