Artificial Intelligence Holds Tremendous Promise To Revolutionize Esoteric Testing Markets
Market Overview:
Esoteric testing refers to specialized laboratory tests that involve complex analytical methodologies. These tests aid in the diagnosis of rare diseases or conditions, thereby improving treatment decisions. Some common esoteric tests include radiology, cytology, histopathology, genetic testing and infectious disease serology. They provide valuable insights into specific medical conditions that cannot be diagnosed through routine blood panels. The growing geriatric population and increasing incidence of chronic and rare diseases have boosted demand for specialized diagnostics globally.
Market key trends:
One of the key trends in the esoteric testing market is the growing adoption of artificial intelligence. AI assists in analyzing complex testing data, identifying patterns and relationships. This helps improve disease predictions, facilitate early detection and guide more effective treatment plans. AI also aids in automating workflows and reducing diagnostic turnaround times. Market players are increasingly leveraging AI and machine learning technologies to enhance diagnostic accuracy, drive productivity and deliver personalized care. They are also exploring ways to integrate AI across various stages of the testing process from sample collection to result reporting.
The global Esoteric Testing Market Growth is estimated to be valued at US$ 28.66 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The esoteric testing market requires high capital investment for equipment, facilities, and skilled workforce which reduces the threat of new players entering the market.
Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of tests however large hospitals and insurance providers enjoy high bargaining power due to volume buying.
Bargaining power of suppliers: A few specialized diagnostic equipment and kit manufacturers exist globally reducing supplier bargaining power.
Threat of new substitutes: No close substitute exists for these complex genetic and specialty chemical tests.
Competitive rivalry: Large international players dominate the market utilizing economies of scale and global presence increasing competitive pressure.
Key Takeaways
The global esoteric testing market is expected to witness high growth, exhibiting CAGR of 12.% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis: North America dominates the esoteric testing market owing to high healthcare expenditure and availability of advanced healthcare facilities in the US. Asia Pacific exhibits high growth potential driven by rising medical tourism, healthcare reforms and economic growth in China and India.
Key players: Key players operating in the esoteric testing market are LabCorp, Quest Diagnostics, OPKO Health, Miraca Holdings, Myriad Genetics, Sonic Healthcare, Healthscope, Foundation Medicine, Primary Health Care, Fulgent Genetics. LabCorp and Quest Diagnostics capture major market share due to large service portfolios and geographic presence across US and internationally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
