Esoteric Testing Market Consumption, Manufacturers, Analysis, Region and Applications
Author : Vinit Sawant | Published On : 14 May 2021
The growing prevalence of chronic diseases, rising technological developments, increasing awareness of personalized medicine, and increasing market penetration are expected to drive the global market for esoteric testing. In addition, factors such as increased government and private funding to support research activities are expected to fuel demand growth during the forecast period.
However, factors such as the unfavorable reimbursement scenario may hinder the growth of the global market during the assessment period.
According to Market Research Future (MRFR), the global esoteric testing market held a valuation of USD 1200 million in 2017 and is expected to register a CAGR of 8.6% from 2018 to 2023 (forecast period).
Regionally, the global esoteric testing market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The American esoteric testing market is divided into two parts, namely North America and South America. North America, which is the largest region, is driven primarily by a growing number of health research initiatives, increased spending in healthcare by key market players, and a rising number of patients suffering from chronic diseases. In addition, existing market players in developed countries are leading globalization by introducing new products and services to developing and emerging countries. Canada is anticipated to witness the fastest-growing market propelled by the overall increasing demand for cost-effective diagnostic and treatment methods for chronic diseases.
Some of the leading participants in the global esoteric testing market are LabCorp, Quest Diagnostics, Invitae Corporation, Mayo Medical Laboratories, Spectra Laboratories, Opko Health, Miraca Holdings, Foundation Medicine, ACM Global Laboratories, Arup Laboratories, Myriad Genetics, Sonic Healthcare, Primary Health Care, Healthscope, Fulgent Genetics.