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Laboratory Developed Tests Global Market Report 2022: Increasing Demand for in Vitro Diagnostic Tests That Are Currently Unavailable in the Market Fuels Innovation
Global Laboratory Developed Tests Market
Dublin, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The "Laboratory Developed Tests Market Size, Share & Trends Analysis Report By Technology (Immunoassay, Molecular Diagnostics), By Application (Oncology, Nutritional & Metabolic Disease), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global laboratory developed tests market size is expected to reach USD 16.72 billion by 2030, expanding at a CAGR of 6.58% from 2023 to 2030. The growth of the industry is attributed to the increasing prevalence of chronic and genetic diseases, infectious & autoimmune diseases, and rising awareness among the population about healthy living.
The laboratory-developed tests (LDTs) are generated and utilized in the laboratories, and LDTs are released into the market without FDA approval or any other independent regulatory assessment. LDTs are most typically employed in molecular diagnostics, which includes tests that target a variety of different chemicals in addition to genetics.
For instance, in July 2022, Quest Diagnostics launched a lab-based molecular diagnostic test for the diagnosis of monkeypox virus infections. Moreover, immunoassay is gaining immense adoption and acceptability with the development of novel tests. For instance, in December 2021, OPKO Health, Inc., announced the FDA approval of the 4Kscore test, an LDT in which, four immunoassays are combined into a single numerical score that takes into account the patient's age, biopsy history, and the results of a digital rectal exam. Although LDTs do not require FDA approval as they are not marketed to others, they need to go through rigorous validation procedures. However, the increasing global prevalence of cancer is a key factor driving the industry's growth.
According to GLOBOCAN, in 2020, there were an estimated 19.3 million new cancer cases globally, out of which, 2.3 million were breast cancer cases. Lung cancer was the most common cause of death among cancer patients, representing an unmet need for faster and more accurate diagnostic tools in the segment. In January 2021, the British In Vitro Diagnostics Association urged NHS England for the development of a commissioning framework for molecular diagnostics in oncology. Key players focus on product launches and geographical expansion to gain a higher industry share. For instance, in May 2022, Guardant Health launched Shield, a blood test that is available as an LDT for the detection of early signs of colorectal cancer in the adult population aged above 45 years
Laboratory Developed Tests Market Report Highlights
The molecular diagnostic technology segment dominated the industry and accounted for the largest share of the overall revenue in 2021
The segment growth was attributed to the increased need to provide diagnostics tests for a number of diseases
The oncology application segment is expected to grow lucratively over the forecast period due to the increasing prevalence of cancer
The market is expected to grow significantly owing to the introduction of innovative services that can address the growing demands of the target audience
North America dominated the industry in 2021 owing to the introduction of novel LDT products and the high demand for diagnostics tools with the increasing geriatric population
Market Dynamics
Market Drivers
Increasing Demand for in Vitro Diagnostic Tests That Are Currently Unavailable in the Market
Increasing Demand for Development of Personalized Medicine
No Requirement for Any Regulatory Approval.
Market Restraints
High Cost Associated With the Laboratory-Developed Test
Efficacy and Safety Issues Related to LDT
Report Attribute | Details |
No. of Pages | 150 |
Forecast Period | 2023 - 2030 |
Estimated Market Value (USD) in 2023 | $10.3 Billion |
Forecasted Market Value (USD) by 2030 | $16.72 Billion |
Compound Annual Growth Rate | 6.5% |
Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Laboratory Developed Tests Market Variables, Trends, & Scope
Chapter 4 Laboratory Developed Tests Market - Segment Analysis, By Technology, 2018 - 2030 (USD Million)
4.1 Laboratory Developed Tests Market: Technology Movement Analysis
4.1.1 Immunoassays
4.1.2 Hematology and Coagulation
4.1.3 Molecular Diagnostics
4.1.4 Microbiology
4.1.5 Clinical Chemistry
4.1.6 Histology/Cytology
4.1.7 Flow Cytometry
4.1.8 Mass Spectroscopy
4.1.9 Others
Chapter 5 Laboratory Developed Tests Market - Segment Analysis, By Application, 2018 - 2030 (USD Million)
5.1 Laboratory Developed Tests Market: Application Movement Analysis
5.1.1 Oncology
5.1.2 Genetic Disorders/Inherited Disease
5.1.4 Immunology
5.1.5 Endocrine
5.1.6 Nutritional And Metabolic Disease
5.1.7 Cardiology
5.1.8 Mental/Behavioral Disorder
5.1.9 Pediatrics-specific Testing
5.1.10 Hematology/General Blood Testing
5.1.11 Bodily Fluid Analysis
5.1.12 Toxicology
5.1.13 Other Diseases
Chapter 6 Regional Business Analysis
Chapter 7 Competitive Analysis
Chapter 8 Company Profiles
Companies Mentioned
Quest Diagnostics Incorporated
23andme, Inc.
Abbott
Guardant Health
NeoGenomics Laboratories
Siemens Healthcare Private Limited.
QIAGEN
Eurofins Scientific
Illumina, Inc.
F. Hoffmann-La Roche Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/uut8yy
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