US Esoteric Testing Market to Grow at a CAGR of 14.8% to reach US$ 31,274.34 million from 2022 to 2030
The US esoteric testing market size is projected to grow from US$ 10,382.85 million in 2022 to US$ 31,274.34 million by 2030; the market is estimated to record a CAGR of 14.8% during 2022–2030.
Market Insights and Analyst View:
Esoteric testing comprises testing samples for rare substances or molecules, and it is not performed as a part of routine testing. This segment of diagnostics requires highly skilled professionals along with advanced and complex equipment. They are principally performed in specialized laboratories wherein samples are either referred by physicians or hospitals (inpatient testing) or by patients themselves (outpatient testing). A few of these tests are currently based on the radioimmunoassay technique, which is both expensive and time-consuming. The COVID-19 pandemic provided significant growth prospects for the esoteric testing market in the last couple of years. The RT-PCR test is a common method that is in use for the qualitative identification of SARS-CoV-2 RNA extracted from upper and lower respiratory samples (such as nasopharyngeal or oropharyngeal swabs and sputum) collected from persons suspected of COVID-19.
Growth Drivers:
Rising Prevalence of Chronic Diseases Propels US Esoteric Testing Market
According to a study published by the American Heart Association in 2021, more than 130 million adults in the US are likely to be suffering from some heart disease by 2035. Cancer Facts and Figures 2022, published in January 2022 by the American Cancer Society, states that the US reported nearly 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in 2022. The rising incidence of cancer and the significant burden of other chronic diseases result in the need for precise diagnoses and treatments. According to the American Thyroid Association estimates, over 12% of the US population is expected to develop a thyroid condition in their lifetime. The surging incidence of hormonal disorders due to the consumption of unhealthy food and the adoption of a sedentary lifestyle has led to endocrinology test uptake in North America. Endocrine tests are performed for the diagnosis of hormonal disorders such as pituitary thyroid adrenal bone, carcinoid and neuroendocrine, and parathyroid tumors.
Esoteric testing allows the analysis of rare molecules or substances, which are not included in routine clinical laboratory tests. These tests are typically performed in medical specialties such as genetics, immunology, microbiology, endocrinology, molecular diagnostics, serology, toxicology, and oncology. Molecular genetics or molecular diagnostics principles are commonly application in identifying the prognosis of diseases. For example, molecular diagnostic tests performed on bone marrow biopsy samples may include, but are not limited to, BCR/ABL, NPM1, FLT3, CEBPA, and JAK2. Thus, the growing prevalence of chronic diseases propels the need for esoteric testing in diagnoses, which benefits the US esoteric testing market
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US Esoteric Testing Market: Strategic Insights
Market Size Value in US$ 10,382.85 million in 2022 Market Size Value by US$ 31,274.34 million by 2030 Growth rate CAGR of 14.8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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US Esoteric Testing Market: Strategic Insights
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Market Size Value in | US$ 10,382.85 million in 2022 |
Market Size Value by | US$ 31,274.34 million by 2030 |
Growth rate | CAGR of 14.8% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Report Segmentation and Scope:
The “US esoteric testing market” is segmented on the basis of type, technology, and end user. Based on type, the market is segmented into infectious disease testing, endocrinology testing, oncology testing, toxicology testing, immunology testing, neurology testing, and others. In terms of technology, the US esoteric testing market is divided into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, DNA sequencing, flow cytometry, and others. In terms of end user, the market is categorized into hospitals and laboratories, and independent and reference laboratories.
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Segmental Analysis:
The US esoteric testing market, by type, is segmented into infectious disease testing, endocrinology testing, oncology testing, toxicology testing, immunology testing, neurology testing, and others. The oncology testing segment held the largest market share in 2022. The infectious disease testing segment is anticipated to register the highest CAGR during 2022–2030. Infectious diseases are transmitted in multiple ways; thus, on-time diagnosis and treatment are the key to limiting their transmission. Laboratory tests are the only way to confirm the diagnosis of an infection. Some inexpensive and convenient blood tests can diagnose Influenza, Lyme disease, Epstein-Barr virus infection, and so on. Disease-causing bacteria and viruses are easily identified by genetic testing. Major types of tests performed in labs include culturing, microscopy, immunologic tests, nucleic acid–based identification methods, and non-nucleic acid-based identification methods.
Polymerase chain reaction (PCR) is an example of an esoteric test employed for the identification of infectious diseases. This technique is employed to make multiple copies of a particular gene from the infection-causing microorganisms, making their identification easy. PCR tests are the “gold standard” in COVID-19 testing. As per Our World in Data stats, 909.44 million RT-PCR tests were performed in the US till June 2022.
US Esoteric Testing Market, by Type– 2022 and 2030
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Based on technology, the US esoteric testing market is segmented into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, DNA sequencing, flow cytometry, and others. The chemiluminescence immunoassay segment held the largest market share in 2022. The enzyme-linked immunosorbent assay segment is anticipated to register the highest CAGR of 18.7% during 2022–2030. An immunoassay exploits the principles of biochemistry for the detection and measurement of an analyte, which can be large proteins, antibodies (produced in response to an infection), or small molecules. These highly adaptable assays can be applied to determine various types of analytes, depending on the needs of users. Chemiluminescent immunoassays are a type of standard enzyme immunoassays (EIA), representing the application of biochemical techniques in immunology.
Direct chemiluminescent methods use luminophore markers, while indirect methods use enzyme markers. The key advantages of chemiluminescent analytical methods include a wide application range, high signal intensity, absence of interfering emissions (high specificity), rapid acquisition of analytical signals, high stability of reagents and their conjugates, low consumption of reagents, random access, reduced incubation time, and full compatibility with immunology assay protocols.
Based on end user, the US esoteric testing market is segmented into hospitals and laboratories, and independent and reference laboratories. The hospitals and laboratories segment held a larger share of the market in 2022. It is further expected to register a higher CAGR of 15.2% during 2022–2030. Almost all hospitals have a laboratory whose operations are proportional in size to the population they serve. Hospital laboratories need to process hundreds of samples in a limited timeframe. This includes all the tests that are required during emergencies and are conducted in high volumes, such as cardiac biomarker (troponin) tests, wherein results are needed rapidly for effective patient care. The workload in hospital labs can be divided on the basis of the type of testing. These facilities are staffed by personnel trained in particular specialties, which mainly include hematology, microbiology, chemistry, and blood banking. Other units may perform specialized tests using electron microscopy and immunohistochemistry, with a focus on surgical pathology and cytology (analyzing cell and tissue structure). Mayo Clinic in Rochester (US) is among the best facilities for the diagnosis of diabetes and endocrinology in the US. The clinic performs esoteric testing for endocrinology.
Country Analysis:
The esoteric testing market in the US is majorly driven by the rising prevalence of chronic diseases and growing awareness regarding early detection of medical conditions. Esoteric tests are generally performed for the analysis of rare and unique substances that are not included in regular tests. For performing these tests, clinical laboratories require expertise in relevant specialties. Therefore, large commercial laboratories outsource these complex tests to reference and esoteric testing laboratories. A few of the labs performing esoteric testing in the US are Quest Diagnostics Incorporated, Mayo Medical Laboratories, ARUP Laboratories, Myriad Genetics, Genomic Health, Foundation Medicine, and Laboratory Corporation of America. The number of laboratories having the capability to perform these specialized tests is further increasing in the country.
As per an article published by the Endocrine Society, in January 2022, hypogonadism is a common condition in the male population, with a higher prevalence in older men, obese men, and men with type 2 diabetes. 35% of men older than 45 years of age and 30–50% of men with type 2 diabetes or obesity are estimated to have hypogonadism. Moreover, as per the US Census Bureau’s estimation, the incidences of hypogonadism in men aged 65 years and more grew from ~35 million in 2000 to ~55 million by 2020. Further, it is estimated to rise to ~87 million by 2050. The surging prevalence of this condition is due to the rise in the geriatric population in the US.
An upsurge in the demand for esoteric testing in the US is also attributed to the rising cases of hepatic cirrhosis. As per Statista, 51,642 adults in the US died from liver disease in 2020. Chronic liver disease/cirrhosis was the 12th leading cause of mortality in the US in 2020; an increase in the incidences of alcoholic cirrhosis is a major risk factor for this disease.
Collaborations and partnerships are also expected to propel the growth of the esoteric testing market in the US in the coming years. As per the October 2021 press release of the National Institutes of Health (NIH)—the NIH, the US Food and Drug Administration (FDA), 10 pharmaceutical companies, and 5 nonprofit organizations have joined forces to accelerate developments related to the field of gene therapy to support 30 million Americans suffering from rare diseases. There are nearly 7,000 rare diseases, and currently, only 2 heritable diseases have FDA-approved gene therapies. The recently launched Bespoke Gene Therapy Consortium (BGTC), a section of the NIH Accelerating Medicines Partnership (AMP) program and a project led by the Foundation of NIH, aims to enhance and streamline the development process of gene therapy to support the unmet medical needs of individuals suffering from various rare diseases.
Thus, the burgeoning cases of hypogonadism, hepatic cirrhosis, and other similar disease is driving the growth of the esoteric testing market in the US.
Industry Developments and Future Opportunities:
Various initiatives taken by key players operating in the US esoteric testing market are listed below:
- In March 2022, Waters Corporation launched the Xevo TQ Absolute system, a highly sensitive and compact benchtop tandem mass spectrometer. This latest mass spectrometer quantifies negatively ionizing compounds with up to 15 times greater sensitivity than its predecessor, with a 45% smaller size. Moreover, it consumes up to 50% less electricity and gas.
- In February 2021, Quest Diagnostics collaborated with Grail for its Galleri multicancer blood tests. Quest Diagnostics had plans to provide phlebotomy services using the Galleri multicancer early-detection blood tests.
- In January 2021, BioReference Laboratories, Inc., an OPKO Health (OPK) company, introduced Scarlet Health. It is an in-home, fully integrated digital platform that provides access to on-demand diagnostic services. Similar to devices that are used on a daily basis, Scarlet has been designed to confer ease of use, ubiquity, and convenience. The platform delivers an innovative, flexible, mobile alternative to traditional patient service centers or other draw locations when phlebotomy and other specimen collection services are needed.
- In September 2021, LabCorp acquired operating assets and intellectual property (IP) from Myriad Genetics’ autoimmune business unit, including the Vectra rheumatoid arthritis (RA) assay. With this acquisition, LabCorp is expected to bolster its scientific leadership in rheumatology.
- In 2020, Quest Diagnostics acquired Blueprint Genetics, an outreach laboratory service business of Memorial Hermann Health System. Via this multiyear acquisition agreement, Quest plans to offer professional laboratory management services for all 21 hospital laboratories of Memorial Hermann, which provide onsite rapid-response testing. Quest also plans to become the sole laboratory service provider for the Memorial Hermann Health Plan.
- In 2019, Sonic Healthcare acquired Aurora Diagnostics to augment its presence in the anatomical pathology specialty in the US.
Competitive Landscape and Key Companies:
Georgia Esoteric & Molecular Laboratory LLC, Laboratory Corp of America Holdings, Quest Diagnostics Inc, National Medical Services Inc, OPKO Health Inc, ARUP Laboratories Inc, bioMONTR Labs, Athena Esoterix LLC, Stanford Hospital & Clinics, and Foundation Medicine Inc are among the prominent companies in the US esoteric testing market. These companies focus on the introduction of new technologies, upgrading of existing products, and expansion of their geographic reach to meet the growing consumer demand worldwide.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type, Technology, and End User
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Country Scope
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Frequently Asked Questions
The US esoteric testing market is analyzed on type, technology, and end user. Based on type, the market is segmented into infectious disease testing, endocrinology testing, oncology testing, toxicology testing, immunology testing, neurology testing, and others. In terms of technology, the US esoteric testing market is divided into chemiluminescence immunoassay, enzyme-linked immunosorbent assay, mass spectrometry, real-time PCR, DNA sequencing, flow cytometry, and others. In terms of end user, the market is categorized into hospitals and laboratories, and independent and reference laboratories. infectious disease testing, endocrinology testing, oncology testing, toxicology testing, immunology testing, neurology testing, and others. The oncology testing by type segment held the largest market share in 2022. The infectious disease testing segment is anticipated to register the highest CAGR during 2022–2030.
The US esoteric testing market majorly consists of the players such as Georgia Esoteric & Molecular Laboratory LLC, Laboratory Corp of America Holdings, Quest Diagnostics Inc, National Medical Services Inc, OPKO Health Inc, ARUP Laboratories Inc, bioMONTR Labs, Athena Esoterix LLC, Stanford Hospital & Clinics, and Foundation Medicine Inc.
The growth of the market is attributed to rising prevalence of chronic diseases and growing awareness regarding early detection of medical conditions are the key driving factors behind the market development. However, the lack of skilled personnel and high cost of procedure are hampering the market growth.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. US Esoteric Testing Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 US PEST Analysis
5. US Esoteric Testing Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rising Prevalence of Chronic Diseases
5.1.2 Growing Awareness of Early Detection of Medical Conditions
5.2 Key Market Restraints
5.2.1 Lack of Skilled Personnel and High Cost of Procedure
5.3 Key Market Opportunities
5.3.1 Strategic Initiatives by Market Players
5.4 Future Trends
5.4.1 Development in Genetic Testing Technologies and Increased Government Initiatives for Rare Diseases
5.5 Impact Analysis
6. US Esoteric Testing Market - Revenue and Forecast to 2030
6.1 US Esoteric Testing Market Revenue (US$ Mn), 2022 – 2030
6.1.1 US Esoteric Testing Market, by Type, 2020–2030 (US$ Million)
6.1.2 US Esoteric Testing Market, by Technology, 2020–2030 (US$ Million)
6.1.3 US Esoteric Testing Market, by End User, 2020–2030 (US$ Million)
7. US Esoteric Testing Market – Revenue and Forecast to 2030 – by Technology
7.1 Overview
7.2 US Esoteric Testing Market Revenue Share, by Technology 2022 & 2030 (%)
7.3 Chemiluminescence Immunoassay
7.3.1 Overview
7.3.2 Chemiluminescence Immunoassay: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Enzyme-Linked Immunosorbent Assay
7.4.1 Overview
7.4.2 Enzyme-Linked Immunosorbent Assay: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
7.5 Mass Spectrometry
7.5.1 Overview
7.5.2 Mass Spectrometry: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
7.6 Real-Time PCR
7.6.1 Overview
7.6.2 Real-Time PCR: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
7.7 Flow Cytometry
7.7.1 Overview
7.7.2 Flow Cytometry: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
7.8 DNA Sequencing
7.8.1 Overview
7.8.2 DNA Sequencing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
7.9 Others
7.9.1 Overview
7.9.2 Others: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
8. US Esoteric Testing Market – Revenue and Forecast to 2030 – by Type
8.1 Overview
8.2 US Esoteric Testing Market Revenue Share, by Type 2022 & 2030 (%)
8.3 Infectious Disease Testing
8.3.1 Overview
8.3.2 Infectious Disease Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Endocrinology Testing
8.4.1 Overview
8.4.2 Endocrinology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
8.5 Oncology Testing
8.5.1 Overview
8.5.2 Oncology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
8.6 Toxicology Testing
8.6.1 Overview
8.6.2 Toxicology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
8.7 Immunology Testing
8.7.1 Overview
8.7.2 Immunology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
8.8 Neurology Testing
8.8.1 Overview
8.8.2 Neurology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
8.9 Others
8.9.1 Overview
8.9.2 Others: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
9. US Esoteric Testing Market – Revenue and Forecast to 2030 – by End User
9.1 Overview
9.2 US Esoteric Testing Market Revenue Share, by End User 2022 & 2030 (%)
9.3 Hospitals & Laboratories
9.3.1 Overview
9.3.2 Hospitals & Laboratories: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Independent & Reference Laboratories
9.4.1 Overview
9.4.2 Independent & Reference Laboratories: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
10. US Esoteric Testing Market –Industry Landscape
10.1 Overview
10.2 Organic Developments
10.2.1 Overview
10.3 Inorganic Developments
10.3.1 Overview
11. Company Profiles
11.1 Georgia Esoteric & Molecular Laboratory LLC
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Laboratory Corp of America Holdings
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Quest Diagnostics Inc
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 National Medical Services Inc
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 OPKO Health Inc
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 ARUP Laboratories Inc
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 bioMONTR Labs
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Athena Esoterix LLC
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Stanford Hospital & Clinics
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Foundation Medicine Inc
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About Us
12.2 Glossary of Terms
List of Tables
Table 1. US Esoteric Testing Market Segmentation
Table 2. US Esoteric Testing Market, by Type – Revenue and Forecast to 2030 (US$ Million)
Table 3. US Esoteric Testing Market, by Technology – Revenue and Forecast to 2030 (US$ Million)
Table 4. US Esoteric Testing Market, by End User – Revenue and Forecast to 2030 (US$ Million)
Table 5. Organic Developments in the US Esoteric Testing Market
Table 6. Inorganic Developments in the US Esoteric Testing Market
Table 7. Glossary of Terms, US Esoteric Testing Market
List of Figures
Figure 1. US Esoteric Testing Market Segmentation
Figure 2. US - PEST Analysis
Figure 3. US Esoteric Testing Market: Key Industry Dynamics
Figure 4. US Esoteric Testing Market: Impact Analysis of Drivers and Restraints
Figure 5. US Esoteric Testing Market Revenue (US$ Mn), 2020 – 2030
Figure 6. US Esoteric Testing Market Revenue Share, by Technology 2022 & 2030 (%)
Figure 7. Chemiluminescence Immunoassay: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Enzyme-Linked Immunosorbent Assay: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Mass Spectrometry: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 10. Real-Time PCR: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Flow Cytometry: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. DNA Sequencing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 13. Others: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. US Esoteric Testing Market Revenue Share, by Type 2022 & 2030 (%)
Figure 15. Infectious Disease Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Endocrinology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Oncology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Toxicology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. Immunology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 20. Neurology Testing: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 21. Others: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 22. US Esoteric Testing Market Revenue Share, by End User 2022 & 2030 (%)
Figure 23. Hospitals & Laboratories: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
Figure 24. Independent & Reference Laboratories: US Esoteric Testing Market – Revenue and Forecast to 2030 (US$ Million)
The List of Companies - US Esoteric Testing Market
- Georgia Esoteric & Molecular Laboratory LLC
- Laboratory Corp of America Holdings
- Quest Diagnostics Inc
- National Medical Services Inc
- OPKO Health Inc
- ARUP Laboratories Inc
- bioMONTR Labs
- Athena Esoterix LLC
- Stanford Hospital & Clinics
- Foundation Medicine Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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Dec 2023
Antimicrobial Surgical Suture Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Triclosan Antimicrobial Suture and Chlorhexidine Antimicrobial Suture), Raw Materials (Polyglactin 910 Antimicrobial Suture, Poliglecaprone 25, and Polyglycolic Acid), Application (Cardiovascular Surgery, General Surgery, Ophthalmic Surgery, Gynecological Surgery, Orthopedic Surgery, Plastic Surgery, Veterinary Surgery, Dental Surgery, and Others), End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
![Cover Image](https://www.theinsightpartners.com/assets/images/other/tip-sample-cover.jpg)
Dec 2023
Smart Hospital Beds Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Patient Weight (Less than 70 lb, 70 to 150 lb, 150 to 400 lb, 400 to 500 lb, Greater than 500 lb); Offering (Products and Accessories, Software and Solutions, and Services); Application (Fall Prevention, Pressure Injury Prevention, Patient Deterioration and Monitoring, and Others); End User (Hospitals, Clinics and Nursing Homes, Ambulatory Surgical Centers, Medical Laboratories, Long Term Care Centers, and Others), and Geography
![Cover Image](https://www.theinsightpartners.com/assets/images/other/tip-sample-cover.jpg)
Dec 2023
Heart Transplant Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Surgery Type (Orthotopic Heart Transplant and Heterotopic Heart Transplant), Type (Donor Live Heart and Artificial Hearts), End User (Hospitals, Cardiac Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
![Cover Image](https://www.theinsightpartners.com/assets/images/other/tip-sample-cover.jpg)
Dec 2023
Breath Analyzer Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Technology (Fuel Cell Technology, Semiconductor Sensor, Infrared Spectroscopy, and Others), Application (Drug Abuse Detection, Alcohol Detection, and Medical Applications), End User (Law Enforcement Agencies, Hospitals & Diagnostic Centers, and Others), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
![Cover Image](https://www.theinsightpartners.com/assets/images/other/tip-sample-cover.jpg)
Dec 2023
Osteoarthritis Therapy Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Therapy Type (TENS, Occupational Therapy, Physical Therapy, Platelet-Rich Plasma Therapy and Stromal Vascular Fraction, Prolotherapy, and Others), Disease Indication (Knee Osteoarthritis, Spine Osteoarthritis, Foot and Ankle Osteoarthritis, Shoulder Osteoarthritis, Hand Osteoarthritis, and Others), End User (Hospitals and Clinics, Specialty Clinics, Ambulatory Surgical Centers, Homecare, and Others), and Geography
![Cover Image](https://www.theinsightpartners.com/assets/images/other/tip-sample-cover.jpg)
Dec 2023
Surgical Navigation Systems Market
Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Optical Navigation System, Electromagnetic Navigation System, Hybrid Navigation System, Fluoroscopy Navigation System, CT-Based Navigation System, and Others), Application (Orthopedic, ENT, Neurology, Dental, and Others), End User (Hospitals, Ambulatory Surgical Centers, and Others), and Geography
![Cover Image](https://www.theinsightpartners.com/assets/images/other/tip-sample-cover.jpg)
Dec 2023
Skull Clamp Market
Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product (Three-Pin Skull Clamp, Four-Pin Skull Clamp, and Two-Pin Skull Clamp), Application (Surgery and Medical Imaging), Material (Stainless Steel, Aluminum Alloy, Titanium, and Radiolucent), Accessories (Skull Pins, Headrest, and Others), End User (Hospitals, Specialty Clinics, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America)
![Cover Image](https://www.theinsightpartners.com/assets/images/other/tip-sample-cover.jpg)
Dec 2023
Teleradiology Services Market
Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: Deployment Type (Cloud-based, Web-based), Modality (MRI, CT-Scan, X-ray, Ultrasound, Others), Application (Musculoskeletal System, Gastroentrology, Cardiology, Oncology, Neurology, Others), End User (Hospitals and Clinics, Diagnostic and Imaging Centers, Others), and Geography