The Worldwide Laboratory Developed Test Industry is Expected to Reach $7+ Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Laboratory Developed Test Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Clinical Biochemistry, Critical Care, Hematology, Microbiology, Molecular Diagnostics, Immunology, and Others) and Application" report has been added to ResearchAndMarkets.com's offering.

The laboratory developed test market is expected to grow from US$ 4,524.75 Million in 2021 at a CAGR of 7.0% during the forecast period 2021 - 2028, to reach US$ 7,269.3 Million by 2028.

Companies Mentioned

• Quest Diagnostics Incorporated
• F. HOFFMANN-LA ROCHE LTD.,
• QIAGEN
• Illumina, Inc.,
• Eurofins Scientific
• Biodesix
• Adaptive Biotechnologies
• Biotheranostics
• Rosetta Genomics Ltd.,
• Guardant Health

The growth of the laboratory developed test market is mainly attributed to factors such the increasing incidents of cancer and genetic disorders, and large number of product launches. However, changing regulatory landscape is hindering the market growth. For example, in Europe, the In-Vitro Device Regulation (IVDR) compliance will be mandatory for all in vitro diagnostic tests from May 2022; the regulation aims to secure the clinical effectiveness and safety of medical tests, thus transforming the diagnostic industry, which is a great concern for the market players.

Laboratory developed tests (LDTs) are designed for the early and precise diagnosis of diseases and monitoring the progress of patient treatment. These tests further assist healthcare providers to provide accurate guidance. They can be developed quickly and modified to meet the unique needs of patients. Cancer is one of the leading causes of death worldwide. As per the WHO estimates, cancer was a cause of ~9.6 million deaths in 2018. Clinical diagnostics helps in detecting early signs and risk factors, paving way for early intervention. The LDTs have a decisive impact on each step of diagnosis, from screening to the prevention of certain diseases and early diagnosis at the onset of illness.

For instance, the Oncotype DX lab test is used to determine if chemotherapy would benefit patients with early-stage breast cancer. It also helps evaluate the likelihood of disease recurrence; for this, the test is performed on a small tissue sample removed during breast cancer surgery. In addition, the increasing incidence of genetic disorders is also driving the demand for LDTs. According to the March of Dimes report, globally, ~7.9 million births occur with severe birth defects every year. A large number of LDTs are available for genetic testing owing to a lack of availability of genetic tests in the market. As per the Association for Molecular Pathology 2018 assessment, ~70,000 genetic tests are available in the medical market, and most of these are LDTs. Therefore, the rising incidence of cancer and growing awareness regarding the importance of early diagnostics are boosting the adoption of LDTs.

Reasons to buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Laboratory Developed Test Market.
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the Laboratory Developed Test, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

Key Topics Covered:

1. Introduction

2. Global Laboratory Developed Test Market - Key Takeaways

3. Research Methodology

4. Laboratory Developed Test Market - Market Landscape

4.1 Overview

4.2 PEST Analysis

4.2.1 North America - PEST Analysis

4.2.2 Europe- PEST Analysis

4.2.3 Asia Pacific - PEST Analysis

4.2.4 Middle East and Africa - PEST Analysis

4.2.5 South and Central America (SCAM) - PEST Analysis

4.3 Experts Opinion

5. Laboratory Developed Test Market - Global Analysis

5.1 Global Laboratory Developed Test Market Revenue Forecast and Analysis

5.2 Global Laboratory Developed Test Market, By Geography - Forecast and Analysis

5.3 Market Positioning of Key Players

6. Laboratory Developed Test Market Analysis - By Type

7. Laboratory Developed Test Market Analysis - By Application

8. Global Laboratory Developed Test Market - Geographic Analysis

9. Impact Of COVID-19 Pandemic on Laboratory Developed Test Market

9.1 North America: Impact Assessment of COVID-19 Pandemic

9.2 Europe: Impact Assessment of COVID-19 Pandemic

9.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic

9.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic

9.5 South & Central America: Impact Assessment of COVID-19 Pandemic

10. Laboratory Developed Test Market-Industry Landscape

10.1 Overview

10.2 Growth Strategies in the Laboratory Developed Test Market (%)

10.3 Inorganic Growth Strategies

10.3.1 Overview

10.4 Organic Growth Strategies

10.4.1 Overview

11. Company Profiles

12. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/3d15o3