The global esoteric testing market is projected to reach USD 35.24 billion by 2023 from 20.38 billion in 2018, at a CAGR of 11.6%. Some of the Factors such as driving the growth of this market are the increasing global burden of target diseases, rising demand for early and accurate disease diagnosis, advancements in clinical diagnostic techniques, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and rising government initiatives to improve the quality and affordability of esoteric diagnostic testing procedures are driving the growth of the esoteric market. However, the dearth of skilled laboratory technicians and inadequate reimbursement will limit the growth of this market. However, pricing pressure faced by healthcare payers and providers and inadequate reimbursement are the key factors hindering the growth of the market.
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Service launches, upgrades, and approvalsdevelopments and agreements, partnerships, and collaborations are the key growth strategies adopted by leading market players between 2014 and 2017. Some of the companies that adopted this strategy include LabCorp (US), OPKO Health (US), Miraca Holdings (US), Myriad Genetics (US), Quest Diagnostics (US), Sonic Healthcare (UK), American Medical Laboratories (US), Foundation Medicines (US),, Mayo Medical Laboratories (US), and Fulgent Genetics (US) .
The esoteric testing market is highly competitive with the presence of several big and small players. Prominent players offering services for esoteric testing include LabCorp (US), Quest Diagnostics (US), OPKO Health (US), Miraca Holdings (US), ARUP Laboratories (US), Myriad Genetics (US), Genomic Health (US), American Medical Laboratories (US), Foundation Medicines (US), Mayo Medical Laboratories (US), Primary Healthcare (Australia), Healthscope (Australia), Sonic Healthcare (UK), Fulgent Genetics (US), Spectra Laboratories (US), Nordic Lifesciences (US), InVitae (US), Unilabs (Switzerland), and SYNLAB (Germany).
Laboratory Corporation of America Holdings (US) is the leading player in the esoteric testing market. The company has a strong network of 39 laboratories and 1,700 patient service centers, and a network of branches and STAT laboratories across the US, Canada, and the UK. Through a combination of organic growth and disciplined acquisitions, LabCorp has continually expanded and diversified its business. Over the past three years, the company adopted acquisitions as its key growth strategy. For instance, in 2017, LabCorp (US) acquired Bode Technology (UK) and Pathology Associates Medical Laboratories (PAML) (US). In 2016, the companyLabCorp (US) acquired Pathology (US) . This enabled the company to expand its service offerings in the esoteric testing market. Inorganic growth strategies such as acquisitions and collaborations helped the company to sustain its leading position and enter high-growth markets.
Quest Diagnostics Incorporated (US) is one of the prominent players in the esoteric testing market. The company offers diagnostic testing services ranging from routine biological tests to complex and specialized molecular and gene-based testing. It has a laboratory network in the US, Puerto Rico, Mexico, India, and Ireland. It has primarily adopted acquisitions as its key strategy to increase its market share in the global esoteric testing market. In the last three years, the company has acquired the outreach laboratory service business of Hartford HealthCare (US), The Hospital of Central Connecticut (US), Clinical Laboratory Partners (US), Cape Cod Healthcare (CCHC, US), MemorialCare Health System’s laboratory outreach service business, Steward Health Care System’s outreach laboratory services business, and Solstas Lab Partners (US).
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The esoteric testing market is highly competitive with the presence of several big and small players. Prominent players offering services for esoteric testing include LabCorp (US), Quest Diagnostics (US), OPKO Health (US), Miraca Holdings (US), ARUP Laboratories (US), Myriad Genetics (US), Genomic Health (US), American Medical Laboratories (US), Foundation Medicines (US), Mayo Medical Laboratories (US), Primary Healthcare (Australia), Healthscope (Australia), Sonic Healthcare (UK), Fulgent Genetics (US), Spectra Laboratories (US), Nordic Lifesciences (US), InVitae (US), Unilabs (Switzerland), and SYNLAB (Germany).
Laboratory Corporation of America Holdings (US) is the leading player in the esoteric testing market. The company has a strong network of 39 laboratories and 1,700 patient service centers, and a network of branches and STAT laboratories across the US, Canada, and the UK. Through a combination of organic growth and disciplined acquisitions, LabCorp has continually expanded and diversified its business. Over the past three years, the company adopted acquisitions as its key growth strategy. For instance, in 2017, LabCorp (US) acquired Bode Technology (UK) and Pathology Associates Medical Laboratories (PAML) (US). In 2016, the companyLabCorp (US) acquired Pathology (US) . This enabled the company to expand its service offerings in the esoteric testing market. Inorganic growth strategies such as acquisitions and collaborations helped the company to sustain its leading position and enter high-growth markets.
Quest Diagnostics Incorporated (US) is one of the prominent players in the esoteric testing market. The company offers diagnostic testing services ranging from routine biological tests to complex and specialized molecular and gene-based testing. It has a laboratory network in the US, Puerto Rico, Mexico, India, and Ireland. It has primarily adopted acquisitions as its key strategy to increase its market share in the global esoteric testing market. In the last three years, the company has acquired the outreach laboratory service business of Hartford HealthCare (US), The Hospital of Central Connecticut (US), Clinical Laboratory Partners (US), Cape Cod Healthcare (CCHC, US), MemorialCare Health System’s laboratory outreach service business, Steward Health Care System’s outreach laboratory services business, and Solstas Lab Partners (US).
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