US Esoteric Testing Market Outlook to 2028
Segmented by Type (Infectious Disease Testing, Oncology, Endocrinology, Genetic Testing & Toxicology), By Technology (Chemiluminescence Immunoassay, Mass Spectrometry, RTPCR, Radioimmunoassay) & By Geography (North, South, East & West)
September 2023
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About the Report
About the Report
Market Overview:
Esoteric testing refers to specialized medical tests that are not routinely performed in clinical laboratories. These tests often require advanced technology, unique methodologies & expert interpretation due to their complexity. Innovations in laboratory technology have enabled the development of sophisticated tests that provide insights into rare diseases, genetic mutations & complex medical conditions. United States has been seeing a rise in its geriatric population. In 2021, the elderly population aged above 65 years, accounted for 16.8 per cent of the population. Older people show more proneness to chronic & complex diseases, which has led to a demand for more specialized testing to aid in accurate diagnosis & personalized treatment.
The field of genomics has driven demand for genetic & molecular testing, especially for conditions with a genetic basis. This includes cancer genomics, pharmacogenomics & prenatal genetic testing. Esoteric tests play a crucial role in tailoring medical treatments to individual patients, as they provide information about a patient’s unique biology & how they might respond to specific therapies. Esoteric testing is often used to diagnose rare diseases that might have deluded traditional diagnostic methods. These tests can help patients receive proper treatment & support.
The United States’ esoteric testing market is consolidated with the presence of several players. It encourages innovation, research & development. Companies like LabCorp, Quest Diagnostics, OPKO Health, Mayo Medical Laboratories, Invitae, Genomic Health, American Esoteric Laboratories (AEL) etc. hold a substantial market share in the Esoteric Testing Market.
US Esoteric Testing Market Analysis
- The COVID-19 pandemic had an impact on the growth of the esoteric testing market in the United States. It put a strain on US healthcare system to adopt ELISA and RT-PCR testing for COVID-19 detection, which increased the demand for esoteric testing.
- The rise in the prevalence of chronic & infectious diseases in the United States, advancements in R&D activities in the healthcare sector, increased population awareness for early diagnosis, and an increase in the number of diagnostic tests are expected to significantly contribute to the growth of United States esoteric testing market during the forecast period.
- Around 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the United States in 2022. The need for precise diagnosis and treatment is enhanced by the rising incidence of cancer & the significant burden of other chronic diseases.
- The revenue for laboratory testing services in the United States has been growing at an annualized 3.1% over the past 5 years. Growth in research & development, spending from public & private sectors will benefit the demand & growth in high tech companies will attract substantial R&D investments to develop & improve new products.
Key Trends by Market Segment:
By Type: Infectious disease testing has been the most dominant segment in 2022. United States has seen an increase in infectious diseases which will boosts the growth of esoteric testing in the United States. Moreover, there has been technological advancement, along with research & development which has accelerated the growth of this sector.
By Technology: Chemiluminescence Immunoassay has been the dominant segment in 2022, its growth is driven by rising prevalence of chronic diseases & new product launches. Chemiluminescence Immunoassay play a significant role in esoteric testing. They allow for detection of low levels of analytes in patient samples, which is valuable in areas like early disease detection.
By Geography: The northern region of United States has been the dominant region in the United States, in 2022. In areas like New York, Massachusetts & Illinois, which is known for its concentration of prestigious medical & research institutions, hospitals & universities, which resulted in increasing demand for esoteric testing.
- Southern regions of Texas, Florida & North Carolina have a growing demand for advanced medical services. Major cities like Houston, Dallas & Miami have large medical centers which can contribute to esoteric testing.
- Eastern region comprising of Atlantic coast has a mix of urban & suburban areas with access to advanced medical facilities. Cities like Philadelphia, Baltimore & Atlanta are home to renowned medical institutions & research centers.
- Western regions that include California, Washington & Oregon are known for its strong healthcare infrastructure & innovative medical research. Cities like Los Angeles, San Francisco & Seattle have prestigious medical universities & biotech hubs which contribute to increasing demand for esoteric testing.
Competitive Landscape:
The esoteric testing market in the United States is a subset of the broader medical diagnostics industry, focusing on specialized & complex tests that are not typically performed in laboratories. These tests often require advanced technology, specialized expertise & may be used for diagnosing rare diseases, genetic conditions, infectious diseases, cancer markers & more. Key players in the USA’s esoteric testing market include LabCorp, Quest Diagnostics, Mayo Clinic Laboratories, Guardant Health etc. The USA esoteric testing market is rapidly undergoing research & development.
Recent Developments:
- Neogen Corporation launched its innovative Vertox VIP assay to detect cashew, the second assay in Neogen’s new Veratox VIP line of enhanced quantitative ELISA products.
- Waters Corporation launched the Xevo TQ Absolute system, a highly sensitive and compact benchtop tandem mass spectrometer. As per their company, their latest mass spectrometer is up to 15 times more sensitive for quantifying negatively ionizing compounds than its predecessor, is 45% smaller & uses up to 50% less electricity & gas supply.
- LabCorp, a leading global sciences company announced that it had closed its acquisition of select operating assets & intellectual property (IP) from Myriad Genetics’ autoimmune business unit, including the Vectra rheumatoid arthritis (RA) assay, bolstering its scientific leadership in rheumatology.
Future Outlook:
USA Esoteric Testing Market is expected to show increasing and is expected to grow at a CAGR of ~6.7% from 2022 to 2028 with the need for early detection & diagnosis & rapid technological advancements which are leading to increased demand for esoteric testing.
- Advances in medical technology, such as genomics, proteomics & molecular diagnostics, have been driving the growth of esoteric testing. These advancements can lead to more accurate & personalized diagnostics, potentially increasing the demand for such tests.
- As our understanding of complex diseases like cancer, autoimmune disorders & rare genetic conditions improve, the demand for specialized tests that can provide detailed insights into these conditions.
- Regulations surrounding esoteric testing can influence market growth. Striking a balance between innovation & patient safety is crucial for the expansion of this market.
- Increased awareness among both healthcare professionals & the general public about the benefits of esoteric testing could lead to higher demand.
Scope Of The Report
Scope of the Report
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US Esoteric Testing Market Segmentation |
|
|
By Type |
Infectious disease testing Endocrinology Oncology Genetic Toxicology |
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By Technology |
Chemiluminescence Immunoassay Mass Spectrometry RTPCR Radioimmunoassay |
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By Geography |
North South East West |
Products
Products
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report:
- Healthcare Providers & Practitioners
- Diagnostic Laboratories & Testing Facilities
- Potential Market Entrants
- Pharmaceutical & Biotechnology Companies
- Medical Researchers & Scientists
- Healthcare Administrators
- Industry Associations
- Consulting Agencies
- Government Regulating Authorities
Time Period Captured in the Report:
- Historical Period: 2017-2022
- Base Year: 2022
- Forecast Period: 2022-2028
Companies
Major Players Mentioned in the Report:
- LabCorp
- Mayo Clinic Laboratories
- Laboratory Corporation of America Holding
- Invitae
- Myriad Genetics
- Guardant Health
- Quest Diagnostics
Table of Contents
Table of Contents
1. Executive Summary
2. US Esoteric Testing Market Overview
2.1 Taxonomy of the US Esoteric Testing Market
2.2 Industry Value Chain
2.3 Ecosystem
2.4 Government Regulations/Initiatives for the US Esoteric Testing Market
2.5 Growth Drivers of the US Esoteric Testing Market
2.6 Issues and Challenges of the US Esoteric Testing Market
2.7 Impact of COVID-19 on the US Esoteric Testing Market
2.8 SWOT Analysis
3. US Esoteric Testing Market Size, 2017 – 2022
4. US Esoteric Testing Market Segmentation
4.1 By Product Type, 2017 - 2022
4.2 By Technology, 2017 - 2022
4.3 By Regional Split (North/East/West/South), 2017 - 2022
5. Competitive Landscape
5.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
5.2 Strategies Adopted by Leading Players
5.3 Company Profiles
5.3.1 LabCorp
5.3.2 Mayo Clinic Laboratories
5.3.3 Laboratory Corporation of America Holding
5.3.4 Invitae
5.3.5 Myriad Genetics
5.3.6 Guardant Health
5.3.7 Quest Diagnostics
6. US Esoteric Testing Future Market Size, 2022 – 2028
7. US Esoteric Testing Future Market Segmentation
7.1 By Product Type, 2022 - 2028
7.2 By Technology, 2022 - 2028
7.3 By Regional Split (North/East/West/South/Central), 2022 - 2028
8. Analyst Recommendations
9. Research Methodology
10. Disclaimer
11. Contact Us
Research Methodology
Research Methodology
Step: 1 Identifying Key Variables:
Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.
Step: 2 Market Building:
Collating statistics on esoteric testing over the years, penetration of marketplaces and service providers ratio to compute revenue generated for esoteric testing services. We will also review service quality statistics to understand revenue generated which can ensure accuracy behind the data points shared.
Step: 3 Validating and Finalizing:
Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step: 4 Research output:
Our team has approached multiple esoteric testing services providing channels and understanded nature of product segments and sales, consumer preference and other parameters, which supported us validate statistics derived through bottom to top approach from esoteric testing providers.
Frequently Asked Questions
Frequently Asked Questions
01 What is the Study Period of this Market Report?
The US Esoteric Testing Market is covered from 2017–2028 in this report, including a forecast for 2022-2028.
02 What is the Future Growth Rate of the US Esoteric Testing Market?
The US Esoteric Testing Market is expected to witness a CAGR of ~6.7% over the next years.
03 What are the Key Factors Driving the US Esoteric Testing Market?
Personalized medical advancements, technological innovations, growing geriatric population, expansion of oncology & rising healthcare infrastructure are some of the factors driving US Esoteric Testing Market
04 What kind of information does the report provide?
The report offers a comprehensive overview of the USA esoteric testing market including market size, growth projections, competitive landscapes, technological advancements, regulatory factors influencing the market
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