New York, July, 2022: Axiom Market Research & Consulting™ added a report on the global laboratory developed test market which includes studies on type, application, end-user, across various countries of key regions across the globe. The global laboratory developed test market was projected to grow at a CAGR of 6.05% for the forecast period 2022 to 2028. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the laboratory developed test market.
The factors such as the rising prevalence of disorders, such as cancer, cardiovascular disorders, autoimmune disorders, and health problems, have created the need for advanced and efficient in-vitro diagnostics tests and monitoring of disorders. Growing disposable income rise the affordability in the developing countries driving the demand for in-vitro diagnostic test. Furthermore, the increasing incidence of genetic disorders and large number of product launches are expected to boost the growth of the laboratory developed test market.
The report analyses the global laboratory developed test industry based on type, application, end-users, and geography. The type of laboratory developed test is segmented into: clinical biochemistry, critical care, haematology, immunology, microbiology, molecular diagnostics, and other test types. Laboratory developed tests find its application in oncology, infectious diseases, genetics, auto-immune disorders, neurology. The end-users of LDT’s are hospital laboratories, clinical research organizations, specialty diagnostic centres, and others. The global LDT’s market is studied across various key countries in regions such as, North America, Europe, Asia Pacific, and the Rest of the World.
The rising elderly population and increasing demand for genetic testing is boosting the growth of the market. In addition, the rising demand for point-of-care testing can be attributed to an increasing demand for self-testing diagnostics and patient awareness of faster diagnostics. Furthermore, the growing incidence of infectious disease is expected to boost the market growth.
Cancer care is delayed or inaccessible, there is a lower chance of survival, greater problems associated with treatment and higher cost of care. Early diagnosis improves cancer outcome by providing care at the earliest possible stage. The test offers the opportunity to detect cancer early, for more effective and timely treatment. Adoption of LDTs holds the promise of a healthier future for many people diagnosed with cancer.
The hospital laboratory segment accounted for the largest share in the market. The increasing burden of chronic disease demand for early diagnostic tests is expected to boost the segment growth. Rapid technological advancements to enhance productivity and reduce cost are anticipated to boost the hospital laboratory segment. These medical technologies provide flexibility in healthcare management through early diagnosis that improves disease treatment.
Growing demand for disease diagnosis in countries and growing R&D investment by top market players and due to the developed infrastructure and availability of skilled personnel in the region. In 2021, the North America laboratory developed test market is valued at US $5,664.43 million. The increasing incidence of cancer and genetic disorders and a large number of product launches for laboratory-developed tests.
The key competitor of the market includes Qiagen NV (Netherlands), Luminex Corp (US), Applied biocode corporation (US), Akonni biosystems inc. (US), Thermo fisher scientific inc. (US), Abbott Laboratories (US), Becton, Dickinson and Company (US), Hologic, Inc. (US), GenMark Diagnostics (Switzerland), Bio-Rad Laboratories (US), Infexn Laboratories Pvt. Ltd. (India), Cepheid (US), Quidel Corporation (US), Bosch Healthcare Solution (US), BioFire Diagnostics Company (US), among others.
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