Growth in the esoteric testing market is primarily 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 are the major factors driving the growth of the esoteric testing market.
What the Market Looks Like?
[244 Pages Report] 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. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, inadequate reimbursements of the esoteric tests may restrict market growth to a certain extent. The esoteric testing market is segmented based on type, technology, end user and region.
COVID-19 impact on the esoteric testing market
The growth of the esoteric testing market has declined due to the sudden outbreak of the COVID-19 pandemic. 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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What are Key Trends in the Market?
The growth of the Esoteric Testing Market is primarily influenced by the following factors:
1. Growing geriatric population and the increasing prevalence of chronic and infectious diseases
2. Increasing use of esoteric
- 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.
- In March 2019, H.U. Group Holdings’ subsidiary, Miraca Holdings, partnered with the Chugai Pharmaceutical Co., Ltd.