Esoteric Testing Overview
The global esoteric testing market is projected to be USD 56,643 million by 2030 growing at a CAGR of 11.70% during the forecast period. This growth can be ascribed to the growing occurrence of chronic, communicable, and rare hereditary illnesses, and also snowballing the elderly populace.
Furthermore, the elevation of sophisticated technologies, encompassing gene sequencing and gene mass, empowers assured analyses, addressing unmet diagnostic needs with assurance. Additionally, the upswing in the number of tests administered per patient is propelling the progression of the worldwide industry.
On a global scale, the prevalence of chronic conditions, including cancer, diabetes, and heart disease, is progressively widespread. Similarly, the incidence of infectious diseases is escalating at an alarming pace, notably tuberculosis, dengue, HIV, hepatitis B, C, and malaria.
In the recent years, North America had the largest market share, approximately 36%, and the continent is also projected to grow at a strong compound annual growth rate, in the future as well, mainly because of the high disposable income and healthcare spending, the massive populace of the aging and chronic illness patients, and the existence of key businesses in the continent.
Also, Canada is witnessing substantial development in this industry because of its improving healthcare infrastructure, increasing count of government initiatives for making diagnostic facilities available and inexpensive, rising need for ELISA and RT-PCR tests, and the existence of major players offering the related assay kits, reagents, and testing equipment.
Furthermore, the surge in the count of diagnostic tests and technological improvements in esoteric tests are the other main reason supporting the development of the market in the continent.
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