Laboratory Developed Test Market to Reach US$ 16.4 Billion by 2034, Driven by Increasing Demand for In-Vitro Diagnostic Solutions

The size of the laboratory developed test market is expected to be US$ 8,698.6 million in 2024 and is expected to grow at a CAGR of 6.5% to reach US$ 16,404.2 million by 2034. The market will grow during the decade because of the increase in the demand for in-vitro diagnostic tests.

The growing prevalence of multiple health disorders is propelling growth in the market for lab-developed tests.

The expanding requirement for personalized medicine is another key factor fueling demand for lab developed tests, which makes them a more adaptable and accessible option for medical professionals.

The expanding demand for low-cost diagnostics is driving sales in the market, which is helping to reduce the cost of healthcare for patients.

Furthermore, the versatility of laboratory developed tests creates new prospects for designing diagnostic tools for a variety of medical conditions.

The LDT industry is seeing increased investment and innovation as a result of rising accuracy and effectiveness of laboratory developed tests in detecting and diagnosing diseases. Companies are increasing their capacity to invest in medical research and improve patient outcomes.

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Key Takeaways from Market Study:

The laboratory developed test market is valued at US$ 8,698.6 million in 2024 and is projected to reach US$ 16,404.2 million by 2034.
The global market is expected to expand at a 6.5% CAGR from 2024 to 2034.
The clinical biochemistry segment is anticipated to grow at a 6.0% CAGR during the forecast period.
The oncology segment is projected to witness a 6.6% CAGR between 2024 and 2034.
North America holds a 38.2% market share in 2024, leading the global market.
East Asia accounts for 10.1% of the market share in 2024.

Leading Players Driving Innovation in the Laboratory Developed Test Market:

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.

Which are the Driving Factors behind Global Rise of Laboratory Developed Test Industry?

"Personalized Medications Boosting Demand for Laboratory Developed Tests"

Over the past few years, healthcare therapies like cancer therapies have seen a major boost towards personalized medications, as it has the potential to provide better and targeted therapy to patients.

One such method is to study a person's genetic makeup and adjust treatments based on it. A number of medications have been designed specifically to address the root causes of the disease, integrating the concepts of precision medicine and clinical practice.

The test industry manufacturers in the lab came up with numerous opportunities of designing new and innovative testing products that can address the needs of patients and clinicians, as there is a growing need for individualized treatment, which will change the healthcare sector entirely by giving the patients a more personal and effective treatment plan.

Laboratory Developed Test Market News:

In December 2023, the Bionano Laboratories released a research article on the analytical validation of its laboratory-developed test (LDT), vented as OGM-DxTM HemeOne.
In September 2023, the US FDA submitted the petition to regulate the development of the expanding category of medical tests that fall under the category of laboratory-developed tests.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the global infectious disease diagnostic market, presenting historical market data (2019-2023) and forecast statistics for the period of 2024-2034.

The laboratory developed test market is segmented based on test type, application, end-user, and region. By test type, the market includes clinical biochemistry, critical care, hematology, immunology, microbiology, molecular diagnostics, and others. Based on application, the market is categorized into oncology, genetics, infectious diseases, autoimmune disorders, and neurology.

In terms of end-users, the market is divided into hospital laboratories, specialty diagnostic centers, clinical research organizations, and research institutes. Regionally, the market is analyzed across North America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.

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This release was published on openPR.