Esoteric testing is the analysis of 'rare' molecules or substances. It is not performed in a routine clinical laboratory. These test are performed when there is requirement of additional information external routine lab testing, for proper diagnosis of disease, establish a prognosis or select and supervise a therapeutic treatment. Esoteric testing requires skilled personnel to perform the test and analyze the results due to usage of sophisticated chemicals and instruments. The tests are performed by specialized and independent clinical reference laboratories owing to high cost. It is not feasible for physician office laboratories and hospitals to perform these tests in-house. The test are regulated by regulatory stringent regulatory framework. These tests are not performed regularly.
Based on test type, the global esoteric testing market has been segmented into genetics, endocrinology, immunology, molecular diagnostics, microbiology, oncology, serology, and toxicology. Molecular diagnostics is the fastest growing segment of the market, followed by the immunology and oncology segments, owing to increased prevalence of rare and genetic diseases and high demand for personalized medicine treatment. In terms of technology, the esoteric testing market has been segmented into chemiluminescence, ELISA, mass spectrometry, real time PCR, and flow cytometry. The chemiluminescence segment is expected to witness strong growth, followed by ELISA, because it is the most widely used technology in esoteric testing due to high efficiency and small sample required for testing. The real time PCR segment is expected to be driven by rise in prevalence of genetic disease and increase in demand for genetic testing. Growing use of information technology has allowed instant and efficient data transfer. These developments will provide more efficient results and improved patient care creates huge demand for esoteric testing market. Complex diseases difficult to diagnose and treat through conventional methods are diagnosed using esoteric testing. Rising prevalence of such complex and rare medical diseases is expected to contribute to the growth of the esoteric testing market. Additionally, high investments in proteomics, increasing demand for personalized medicine, and genomics boost the growth of the esoteric testing market. However, stringent government regulations and dearth of qualified and trained professionals are likely to restrain the esoteric testing market.
In terms of region, the global esoteric testing market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the esoteric testing market, followed by Europe, due to higher incidence and prevalence rate, growing awareness about early disease detection, and quick adoption of sophisticated instruments. Asia Pacific is an emerging market for esoteric testing due to increasing prevalence of disease, gradual development of medical infrastructure, rising awareness, and significant patient pool with unmet medical needs. However, high cost, lack of availability of trained personnel, and poor patient awareness are factors restraining the esoteric testing market in regions such as Middle East & Africa and Latin America.
Major players operating in the esoteric testing market include Laboratory Corporation of America Holdings, OPKO Health, Inc., ARUP Laboratories, Genomic Health, Inc., Quest Diagnostics, American Medical Laboratories, Gold Standard Diagnostics Corp, and ZeptoMetrix Corporation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.