Bharat Book Bureau Provides the Trending Market Research Report on “Global Esoteric Testing Market Forecast to 2023” under Life Sciences category. The report provides information on industry overview, market size, latest developments, industry trends, Key players, global presence, and their future prospects.
Esoteric Testing Market projected to grow at a CAGR of 11.6%
The esoteric testing market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%. Growth in this market is primarily driven by the increasing burden of chronic diseases (majorly due to the rising geriatric population), rising prevalence of infectious diseases, rising demand for early disease diagnosis using specialized tests, growing awareness on personalized medicine, and increasing government funding for the research and development of innovative esoteric tests. Moreover, the introduction of a new range of condition-specific markers and tests, with advances in genomics and proteomics, is expected to offer significant growth opportunities for market players during the forecast period. However, the dearth of skilled laboratory technicians and inadequate reimbursement will limit the growth of this market.
The infectious diseases testing segment is expected to dominate the market during the forecast period
In 2018, on the basis of type, the infectious diseases testing segment is expected to account for the largest share of the market during the forecast period.The large share of this segment is primarily attributed to the rising incidence/prevalence of target diseases (chronic, infectious, & lifestyle related diseases), the increasing adoption of advanced technologies, and the growing healthcare expenditure across the globe.
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The independent & reference laboratories segment is projected to be the fastest growing during the forecast period
In 2018, on the basis of laboratory type, the independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a large number of patient diagnosis undertaken for target diseases worldwide and competitive benefits offered by these providers over hospital-based laboratories.
Asia Pacific is expected to register the highest growth rate during the forecast period
Geographically, the esoteric testing market is segmented into North America, Europe, Asia Pacific, Rest of Latin America, and Middle East & Africa. In 2018, North America is expected to account for the largest share of the market followed by Europe. However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, development in healthcare infrastructure, and significant rise in the disposable income in the region.
Breakdown of supply-side primary interviews: by company type, designation, and region:
- By Company Type - Tier 1 – 48%, Tier 2 – 40% and Tier 3 – 12%
- By Designation – C-level – 26%, Director-level – 30%, Others – 44%
- By Region – North America - 34%, Europe – 26%, APAC – 23%, RoW – 17%
List of companies profiled in the report
- Labcorp (US)
- Quest Diagnostics (US)
- OPKO Health (US)
- Miraca holdings (Japan)
- Myriad Genetics (US)
- Sonic Healthcare (Australia)
- Primary Healthcare (Australia)
- Healthscope (Australia)
- Foundation Medicine (US)
- ACM Global Laboratories (US)
- Arup Laboratories (US)
- Fulgent Genetics (US)
- InVitae (US)
- Mayo Medical Laboratories (US)
- Spectra Laboratories (US)
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https://www.bharatbook.com/medical-devices-market-research-reports-992655/esoteric-testing-type-technology-global-forecast.html
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