Esoteric Testing Market to Grow with a CAGR of 6.83% through 2029
Increasing Research and Development is expected to
drive the Global Esoteric Testing Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Esoteric Testing Market - Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, the Global
Esoteric Testing Market stood at USD 24.96 Billion in 2023 and is anticipated
to grow with a CAGR of 6.83% through 2029. Continuous research and development
(R&D) play a pivotal role in advancing diagnostic technologies such as
high-throughput sequencing, next-generation sequencing (NGS), and advanced
immunoassays. These innovations significantly improve the accuracy, sensitivity,
and specificity of esoteric tests, making them more effective in diagnosing
complex and rare conditions. R&D efforts also broaden the scope of test
panels and assays, enabling the detection of a wider range of diseases,
including emerging conditions, genetic disorders, and novel biomarkers, thereby
expanding market opportunities. For instance, the “C the
Signs” AI tool has improved cancer detection rates at GP practices from 58.7%
to 66.0%, as reported in the Journal of Clinical Oncology in July 2024, by
analyzing detailed patient data. Additionally, early-stage investor Karna D Shinde's
investment in Navaux, a company specializing in early cancer detection with its
ACTIVH blood test, underscores the critical role of R&D in advancing new
diagnostic technologies. In June 2024, DELFI Diagnostics, Inc. received an
equity investment from the Merck Global Health Innovation Fund to further
develop its cancer detection technology, which leverages AI to analyze
cell-free DNA patterns.
Research and development (R&D)
efforts are concentrated on improving diagnostic accuracy and reliability by
refining existing methodologies and incorporating new technologies. For
instance, in 2023, The Bangalore Gastro Centre (BGC) signed a Memorandum of
Understanding (MoU) with 3BIGS from South Korea, a leading global expert in
Biodata and Artificial Intelligence (AI), to enhance diagnostic practices in
India. Additionally, in March 2024, Biodesix, Inc. announced a master
collaborative research agreement (MCRA) with Memorial Sloan Kettering Cancer
Center (MSK) to jointly develop diagnostic tests aimed at advancing cancer
treatment. Such collaborations between diagnostic companies and research
institutions foster innovation and accelerate the development of new esoteric
tests. Ongoing R&D efforts aim to optimize testing processes and reduce
costs, making esoteric testing more accessible and affordable. These
advancements contribute to the growth and expansion of the market.
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Global Esoteric Testing Market is segmented into type,
technology, specimen, end user, regional distribution, and company.
Based on Specimen, Blood emerged as the dominating segment in the
global market for Esoteric Testing in 2023. Blood
testing is versatile, capable of diagnosing a wide range of conditions such as
genetic disorders, hormonal imbalances, infections, and cancer markers. This
adaptability makes blood the preferred specimen for various esoteric tests. Blood
tests offer in-depth insights into a patient's health by examining proteins,
enzymes, and genetic material. Recent advancements in blood testing
technologies, including high-throughput sequencing and advanced immunoassays,
have enhanced their capabilities, making them increasingly valuable for
specialized testing. The role of blood tests in advancing medical research and
personalized treatment is underscored by their ability to identify intricate
biomarkers and genetic profiles. The established infrastructure for blood
collection, processing, and analysis in medical and research labs supports the
effectiveness and expansion of blood-based esoteric testing. Additionally, the
relative ease of obtaining blood samples through venipuncture further contributes
to the widespread adoption of these tests for both routine and specialized
diagnostics.
Based on Region, the Asia Pacific region is expected
to be fastest growing region during the forecast period. The Asia-Pacific
region is witnessing a rise in chronic diseases such as cancer, diabetes, and
cardiovascular conditions. According to the International Diabetes Federation,
the number of diabetes cases in Southeast Asia is projected to increase by 68%,
reaching 152 million by 2045, with prevalence expected to rise by 30%, reaching
11.3% by the same year. This escalating disease burden is driving demand for
advanced diagnostic tools and esoteric tests that offer in-depth insights into
these conditions. There is a growing awareness among healthcare providers and
patients regarding advanced diagnostic tests, leading to increased adoption of
esoteric testing for early disease detection and personalized treatment. For
instance, Mirxes Holding Company Ltd. secured $50 million in a Series D funding
round in 2023 to enhance its cancer early detection blood tests, including its
leading stomach cancer blood test, Gastroclear, in the Asia-Pacific region.
Mirxes utilizes RNA technology to develop diagnostic solutions for early
disease detection. The region's expanding and increasingly urbanized population
is further boosting the demand for healthcare services and diagnostics,
including esoteric tests. Additionally, advancements in medical technology and
the growing availability of cutting-edge diagnostic tools are supporting market
growth. Notable innovations include the introduction of 'VivaScope' by AIG
Hospitals in March 2024, a revolutionary digital pathology technology that
provides biopsy results in as little as 5 minutes, setting a new standard in
gastrointestinal endoscopy, surgery, and pathology. Countries such as Japan,
South Korea, and India are also making substantial investments in upgrading and
modernizing their healthcare infrastructure, which includes advanced diagnostic
facilities and laboratories that support esoteric testing.
Major companies operating in Global Esoteric Testing Market are:
- Quest
Diagnostics Incorporated
- Laboratory
Corporation of America Holdings
- H.U. Group
Holdings, Inc.
- OPKO Health,
Inc.
- Sonic Healthcare
Limited
- Myriad Genetics,
Inc.
- Fulgent
Genetics, Inc.
- Merck KGaA
- Nelson
Laboratories, LLC
- ACM Medical
Laboratory, Inc.
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“The global esoteric testing market is experiencing
substantial growth due to the integration of AI and genomics. AI technologies
are refining data analysis processes, enabling quicker and more precise
detection of complex conditions. Simultaneously, advancements in genomics are
providing critical genetic insights that support personalized testing methods.
This collaboration between AI and genomics is improving diagnostic accuracy,
spurring the development of novel tests, and driving market growth, all while
enhancing patient outcomes through customized healthcare solutions.”, said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“Esoteric Testing Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, Segmented By Type (Immunology Testing, Genetic
Testing, Infectious Diseases, Endocrinology test, Oncology test, Toxicology
Testing, Neurology Testing, and Others), By Technology (Chemiluminescence
Immunoassay, Enzyme-linked Immunosorbent Assay, Real-time PCR, DNA Sequencing
& Next-generation Sequencing, Flow Cytometry, Chromatography & Mass
Spectrometry, Other Technologies), By Specimen (Blood, Urine, Others), By End User (Independent and Reference
Laboratories, and Hospital Laboratories), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global
Esoteric Testing Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Esoteric Testing Market.
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