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Sales of Laboratory Developed Test Market is projected to increase at a CAGR of 6.5% through 2034

02-19-2024 05:51 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Fact.MR

Sales of Laboratory Developed Test Market is projected

The laboratory developed test market (研究所が開発したテスト市場) is expected to reach a value of US$ 8,698.6 million in 2024 and is forecasted to grow at a CAGR of 6.5% to reach US$ 16,404.2 million by 2034. This growth is attributed to increasing demand for in-vitro diagnostic tests, indicating a positive trend over the decade.

Market Dynamics:

Laboratory Developed Tests (LDTs) have gained significant traction in recent years due to their ability to cater to specific diagnostic needs. This market is primarily driven by the increasing prevalence of chronic diseases, technological advancements in diagnostic techniques, and the rising demand for personalized medicine. The adoption of LDTs is also fueled by the need for faster and more accurate diagnostic solutions.

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However, the market faces challenges such as regulatory uncertainties, reimbursement issues, and the need for skilled professionals to perform these tests. Despite these challenges, the market is expected to grow steadily, driven by the increasing demand for precision medicine and the development of innovative LDTs.

List of Key Companies Profiled in The Report

Parkview Medical Center
United Medical Labs Inc.
Desert Regional Medical Center Clinical Lab
Med Plus LLC
Bristol Bay Area Health Corporation
Admera Health
Sharp Cornado Hospital & Healthcare Center
Ambry Genetics Corp.
Adaptive Biotechnologies Corporation
23andMe, Inc.
South Texas Clinical Laboratory LLP.
Hendry Regional Medical Center Clinical Laboratory
Citrano Medical Laboratories
Agendia Nv
Applied Proteomics, Inc.

Market Future Outlook:

The global Laboratory Developed Test market is projected to grow at a CAGR of around 8% during the forecast period (2024-2029). The market is expected to witness significant growth due to the increasing adoption of LDTs in oncology, infectious diseases, and genetic testing. The development of novel LDTs and the integration of advanced technologies such as next-generation sequencing (NGS) and molecular diagnostics are expected to drive market growth.

Market Insights:

The market is segmented based on application, end-user, and region. By application, oncology testing holds the largest market share, driven by the increasing prevalence of cancer and the growing demand for personalized treatment options. By end-user, hospitals and clinics dominate the market, followed by diagnostic laboratories and research institutes. Geographically, North America holds the largest market share, followed by Europe and Asia-Pacific.

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Recent Developments:

Key manufacturers are enhancing both local and global distribution networks to broaden their customer base. They are partnering with technology platforms to expand their online presence and collaborating with medical chains to ensure their products are easily accessible in physical locations. Additionally, they are forming partnerships with pharmacy service providers to meet the increasing demand for affordable and long-lasting academic research services in the healthcare sector.

To better cater to a diverse patient population and varying healthcare needs, key players in the laboratory developed test market are expanding their range of electronic clinical outcome assessments. They are also investing in research and development to create durable, efficient, and appealing digital medical solutions.

In December 2023, Bionano Laboratories published a research paper detailing the analytical validation of its laboratory-developed test (LDT) known as OGM-Dx™ HemeOne.

In September 2023, the US Food and Drug Administration proposed a petition to regulate the development of the expanding category of medical tests falling under laboratory-developed tests.

Explore More Related Studies Published by Fact.MR Research:

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Paper Based Diagnostic Test Kits Market (紙ベースの診断テストキット市場):

Self-administered HPV Test Market (自己管理型HPV検査市場):


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