Northrook, IL -- (SBWIRE) -- 02/26/2020 -- The rising demand for early and accurate disease diagnosis, increasing prevalence of infectious diseases, growing public-private investments as well as research funding & grants to develop innovative laboratory testing procedures, and advancements in clinical diagnostic techniques are the key factors driving the growth of the market.

MarketsandMarkets forecasts the Global Esoteric Testing Market is projected to reach USD 35.24 billion by 2023 from USD 20.38 billion in 2018, at a CAGR of 11.6%.

Infectious diseases testing segment is expected to dominate the market during the forecast period

Among the type segment, the infectious diseases testing segment is expected to account for the largest share of the market during the forecast period. The large share of this segment is primarily attributed to the rising incidence/prevalence of target diseases (chronic, infectious, & lifestyle related diseases), the increasing adoption of advanced technologies, and the growing healthcare expenditure across the globe.

Technology, real-time PCR (qPCR) segment is expected to register the highest CAGR during the forecast period

The real-time PCR (qPCR) segment is expected to register the highest CAGR during the forecast period mainly due to factors such as growing geriatric population, rising incidence of infectious diseases and genetic disorders, increasing investments and availability of funds for PCR-based research, increasing preference for real-time PCR in prenatal genetic testing, and increasing use of biomarker profiling for disease diagnosis

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Independent & reference laboratories segment is projected to be the fastest growing during the forecast period

The independent & reference laboratories segment is expected to register the highest growth rate during the forecast period, owing to a large number of patient diagnosis undertaken for target diseases worldwide and competitive benefits offered by these providers over hospital-based laboratories.

Geographical Analysis:-

North America is expected to account for the largest share of the market followed by Europe. However, Asia Pacific is expected to register the highest CAGR during the forecast period owing to rising penetration of cutting-edge clinical laboratory technologies among masses (especially in rural areas) in Asia Pacific countries, development in healthcare infrastructure, and significant rise in the disposable income in the region.

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Leading Companies

Labcorp (US), Quest Diagnostics (US), OPKO Health (US), Miraca holdings (Japan), Myriad Genetics (US), Sonic Healthcare (Australia), Primary Healthcare (Australia), Healthscope (Australia), Foundation Medicine (US), ACM Global Laboratories (US), Arup Laboratories (US), Fulgent Genetics (US), InVitae (US), Mayo Medical Laboratories (US), and Spectra Laboratories (US)