The esoteric testing market was USD 23,373 million in 2022, and it will grow at a CAGR of 11.70% during 2022–2030, to reach USD 56,643 million by 2030 as per a report by P&S Intelligence. This is because of the increasing incidence of genetic diseases, infectious, and chronic, as well as the rising elderly population.
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Moreover, the rise of advanced technologies, for instance, gene sequencing and gene mass spectrometry, which allowed for diagnostic needs and confident diagnoses; and the growing number of tests are driving the industry.
COVID-19 has increased the need for infection screening centers and RT-PCR tests for the detection of the virus.
Chronic diseases, including cancer, diabetes, and heart disease, are rising all over the world. Likewise, the incidence of infectious diseases is increasing alarmingly, particularly malaria, dengue, tuberculosis, HIV, and hepatitis B & C.
The highest CAGR is projected in the genetic testing category, because of the government support for accurate and fast diagnoses, the increasing number of genetic disorder patients, the advancing genetic testing technologies, and rising awareness of genetic testing for cancer and prenatal screening.
CLIA held the largest share in the industry, and it will remain on top in the future. This is because of its high performance, in terms of accurate detection and effective diagnosis.
On the other hand, the DNA sequencing category will witness the fastest growth, due to the increasing incidence of dengue, AIDS, neurological disorders, cancer, and hepatitis.
With approximately 36% share, North America was the largest industry in 2022, and it will grow at a significant rate in the future. This is credited to the large population of patients suffering from chronic ailments and the elderly, the existence of leading companies, and the high per capita income and healthcare expenditure.
APAC will advance with the highest CAGR in the future. It is because of the rising awareness regarding esoteric testing, the increasing focus of companies on expanding their operations in South Korea, Australia, and India, and the mounting incidence of chronic illnesses.
Due to gene sequencing and gene mass spectrometry, the industry will grow even more in the coming years.
