Market Size of Esoteric Testing Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 12.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Esoteric Testing Market Analysis
The esoteric testing market is expected to register a CAGR of 12.2% over the forecast period.
Over the course of the crisis, the COVID-19 pandemic had a significant impact on the growth of the esoteric testing market, initially due to disruptions in supply chain activities and R&D related to several drug research projects. However, the increasing adoption of esoteric test techniques in research activities and clinical trials has provided a wide range of growth opportunities for market players. The demand for esoteric tests like flow cytometry observed a slight decline in the preliminary phase of the outbreak and later increased for testing effective treatments and therapies as the COVID-19 pandemic worsened in patients. Moreover, the impact is expected to follow the same trend in the coming future for the evaluation of the COVID-19 vaccination. For instance, as per the report published by IJID in February 2022, to measure neutralizing antibody (NAb) levels, a unique and sensitive automated chemiluminescent immunoassay (CLIA) was created. This test can be used to diagnose SARS-CoV-2, determine treatment, and see if a vaccine is effective in a patient. Thus, as per the analysis, the market is expected to have a positive impact due to the growing use of COVID-19 vaccination against emerging strains of the virus among the population.
Furthermore, the key contributors to the market's growth are rising cases of chronic diseases, infectious diseases, and rare diseases, coupled with the growing burden of the geriatric population. The rapid expansion of the market is being aided by the rise in the frequency of chronic diseases and the creation of specialized testing kits for dedicated therapeutic fields. According to the WHO report from October 2021, by 2030, one out of every six people worldwide will be 60 years of age or older. The number of people aged 60 and above is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. As the geriatric population becomes more susceptible to genetic and chronic diseases, there will be a significant increase in demand for esoteric tests over the forecast period.
Similarly, rare diseases can be easily detected with esoteric tests. Hence, the rise in rare disease cases among the population is expected to augment the market's growth. For instance, as per the CDC, in September 2022, a total of 420 new cases of West Nile virus disease in people were reported to the CDC, of which 65% were neuroinvasive diseases and 35% were non-neuroinvasive diseases. These rare diseases can be easily detected using esoteric tests for infectious diseases, boosting the market growth for esoteric testing.
However, the stringent regulatory framework is a major factor hindering the esoteric testing market's growth.
