Laboratory Developed Test Market is estimated to surge ahead at a CAGR of 6.4% to reach US$ 14.4 Bn by the end of 2032.
With their convenience and accuracy, LDTs have become increasingly popular among patients seeking quick results without lengthy wait times. In addition to their ease-of-use, they allow clinicians to provide more personalized care as these tests can be tailored to an individual's needs based on their medical history or genetics. This makes them invaluable tools in helping diagnose certain diseases or disorders more quickly and accurately than ever before.
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Owing to the high prevalence of chronic conditions & genetic disorders, rise in the incidence of infectious & autoimmune diseases, and increasing awareness among the population for a healthy life, the global laboratory developed test market is expanding and is currently valued of US$ 7.7 Bn.
Government and non-government organizations across the world are focused on spreading awareness about living a healthy lifestyle to reduce the prevalence of chronic disorders and prevent obesity & diabetes due to unhealthy diets. This is driving the development and adoption rate of laboratory developed tests, providing significant growth opportunities to market players.
Illumina, Inc. announced the release of TruSightTM Oncology (TSO) Comprehensive on March 15, 2022, a single test that examines numerous tumor genes and biomarkers to determine a patient's cancer molecular profile.
PathSensors Inc. developed the CANARY biosensor to identify the novel SARS coronavirus, which was ready for study by May 2020.
Key Takeaways from Market Study
By test type, clinical biochemistry tests held the highest market share of 33.5% by value in 2021.
Oncology accounted for the highest market share under application at 41.2% in 2021.
By end user, hospital laboratories are preferred by patients, and the segment held a market share of around 48.7% in 2021.
Around 35.7% of the global market share was accounted for by North America in 2021.
"Better prospects for enterprises to enter the market as a result of more CLIA product approvals and collaborations will benefit the laboratory developed test industry over the coming years," says an analyst of Persistence Market Research.
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Acquisitions, product launches, and collaborations are among some of the approaches used by leading developers and manufacturers of laboratory developed tests to enhance their presence in the global market, resulting in increased customer bandwidth for manufacturers.
In May 2022, Epic Sciences, Inc. announced the launch of DefineMBC™, a novel comprehensive blood-based test for distinguishing metastatic breast cancer. This test will provide both cell-based and cell-free analysis from a single blood draw to provide comprehensive profiling in the absence of a tissue biopsy result.
In January 2022, 23andMe announced FDA clearance for a direct-to-consumer genetic test on a hereditary prostate cancer marker.
Roche launched the AVENIO Edge System, in December 2021, which simplifies and automates sample preparation for next-generation sequencing, reducing human error and advancing precision medicine.
Adaptive Biotechnologies opened a new corporate headquarters in Seattle's South Lake Union in September 2021.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the laboratory developed test market in its latest study, presenting a historical demand assessment of 2017-2021 and projections for 2022 - 2032.
The research study is based on the test type (clinical biochemistry, microbiology, critical care, immunology, molecular diagnostics, haematology, and others), application (oncology, infectious diseases, genetics, auto-immune disorders, and neurology), and end user (hospitals laboratory, clinical research organizations, specialty diagnostic centers, academic institutes, and others), across seven key regions of the world.
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Key Questions Answered in This Report.
What are the Roadblocks for Laboratory Developed Tests Market Suppliers?
What are the Key Opportunities for Laboratory Developed Tests Market Manufacturers?
How is Focus on Safety Influencing Laboratory Developed Tests Market Demand?
What is the Regulatory Impact on Global Sales of Laboratory Developed Tests Market?
Which Region Offers the Largest Opportunity for Sales of Laboratory Developed Tests Market?
Where Does the U.S. Stand in the Market for Laboratory Developed Tests Market?
What Is the Outlook for Laboratory Developed Tests Market Manufacturers in China?
Why is Germany a Lucrative Market for Laboratory Developed Tests Market Manufacturers?
Why Will Belgium Outpace Other European Markets for Laboratory Developed Tests Market?
Why is There High Demand for Tires in Laboratory Developed Tests Market?
Why are Sales of Laboratory Developed Tests Market Surging?
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