The Global Esoteric Testing Market is projected to reach $44.30 billion by 2028, from a value of $23.43 billion in 2022, by registering a CAGR of 11.2% during the forecast period. The increasing number of medical laboratories, the growing geriatric population, and the increasing prevalence of chronic and infectious diseases are the major factors propelling the growth of the market. However, high costs and a lack of skilled professionals are hampering the market growth. Moreover, emerging technologies and advancements in esoteric tests for personalized medicine are creating ample opportunities across the globe.
Recent Developments
In Nov 2021, ARUP Laboratories collaborated with PacBio on a study intended to evaluate whether the solve rate for rare disease cases can be increased. ARUP Laboratories has purchased a PacBio Sequel IIe system for use in the Utah NeoSeq Project. The project, launched in early 2020, leverages an accelerated sequencing and analysis pipeline intended to provide a genetic diagnosis for patients in the neonatal intensive care unit (NICU) in less than a week.
In May 2021, Labcorp acquired select operating assets and intellectual property (IP) from Myriad Genetics autoimmune business unit, including the Vectra® rheumatoid arthritis (RA) assay. The acquisition of the Vectra test and related IP and other assets complements Labcorps prior business activity aimed at bolstering its scientific leadership in RA testing and treatment.
In Feb 2021, Quest Diagnostics collaborated with GRAIL, Inc., to provide phlebotomy services to support Galleri, GRAILs multi-cancer early detection blood test. Quest Diagnostics is committed to providing the broadest access to diagnostic innovation. That includes multi-cancer early detection, an important area of oncology diagnostics with potential to radically improve cancer screening, monitoring, and treatment.
In Jan 2021, OPKO Health, Inc launched Scarlet Health, an in-home, fully integrated digital platform providing access to on-demand diagnostic services. Scarlet has been designed similarly to tools consumers use daily, to provide ease of use and ubiquitous conveniences.
Competitive Landscape
ZeptoMetrix Corporation, Quest Diagnostics, ARUP Laboratories, Nordic Laboratories, Leo Labs, Inc, BP Healthcare Group, Grifols, S.A, Fulgent Genetics Inc, Labcorp, Miraca Holdings Inc, Genomic Health, Inc, bioMontr Labs, American Esoteric Laboratories,
OPKO Health, Inc, and Gold Standard Diagnostics Corp are some of the major players in the global Esoteric Testing market.