Global Esoteric Testing Market: Overview
Esoteric testing facilitates the examining of unique molecules and this kind of testing is not carried out in the clinical lab environment. Most of the commercial laboratories outsource complicated clinical trials for esoteric testing as the latter needs advanced equipment and experts. This kind of testing is required by the doctor for accruing more data outside routine tests in labs along with complete analysis and prediction as well as monitoring of healing regimen.
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Global Esoteric Testing Market: Growth Factors
Creating value for the patients by delivering effective medical treatment is the main goal of the healthcare service providers across the globe. Healthcare service providers are keen on bringing change in their business models, providing services at reasonable costs, and focusing on improving the patient health. This has led to massive emphasizes on outsourcing of complex clinical tests, thereby resulting in the esoteric testing market growth trends across the globe.
Rise in the cases of complicated disorders and awareness about early detection as well as treatment of these kinds of diseases will impel the esoteric testing market size. Apart from this, third party service providers have emphasized on raising the proficiency of their supply chain network, thereby ensuring the just-in-time access to their services for healthcare units. Yet, lack of experts and insufficient number of training modules on esoteric testing for the graduates will negatively impact the expansion of esoteric testing industry. Moreover, the materials that are used to perform these tests are also costly and result in diseconomies of scale, thereby further diminishing the scope of the business.
With lot of specializations witnessed across the medical domain along with the plethora of applications of the esoteric testing across the domains such as serology, microbiology, endocrinology, diagnostics, genetics, immunology, oncology, and toxicology, it is more likely that the industry will experience a humungous growth in the next decade. This, in turn, will nullify the negative effects of the hindrances on the market surge within the next couple of years.
Global Esoteric Testing Market: Segmentation
The esoteric testing market can be segmented into test type, lab type, and technology type. Based on the test type, the industry is sectored into endocrinology, oncology, genomics, infectious disease, toxicology, neurology, toxicology, and gene testing. Lab type wise, the esoteric testing market is divided into hospital labs and independent labs. On the basis of technology type, the industry is classified into mass spectrometry, enzyme-linked immunosorbent assay, polymerase chain reaction, radioimmunoassay, flow cytometry, and chemiluminescence.
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Global Esoteric Testing Market: Regional Analysis
North America is projected to contribute a major share of the overall market share during the estimated timeframe, subject to introduction of favorable schemes by the government for educating the patient population pertaining to the need of esoteric tests. Additionally, promoting of the activities such as preventive screening by the government and public-private funding of R& D programs associated with clinical lab testing along with large-scale acceptance of gene-based lab testing technology in the countries such as Canada and the U.S. will impel the regional market surge. Furthermore, the presence of major players such as quest diagnostics, ARUP labs, foundation medicine, mayo medical labs, and genomic health in the U.S. has triggered the growth of market in North America.
The esoteric testing market in Asia Pacific is predicted to record lucrative growth over the estimated timeline, owing to increase in the funding of healthcare activities coupled with massive establishment of clinical testing labs, clinics, and hospitals in countries such as India, Thailand, Malaysia, China, and Singapore.
Global Esoteric Testing Market: Competitive Players
Few of the main participants in esoteric testing market are Lab Corp., American Medical Laboratories, Healthscope, SYNLAB International, Enzo Biochem, Unilabs, and Miraca Holdings.
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Global Esoteric Testing Market: Regional Segment Analysis
- North America
- The U.S.
- The UK
- The Asia Pacific
- Latin America
- The Middle East and Africa
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