PUBLISHER: Polaris Market Research | PRODUCT CODE: 1504944
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1504944
The global laboratory developed tests market size is expected to reach USD 22.30 billion by 2032, according to a new study by Polaris Market Research. The report "Laboratory Developed Tests Market Share, Size, Trends, Industry Analysis Report, By Technology (Immunoassays, Hematology and Coagulation, Molecular Diagnostics, Microbiology, Clinical Chemistry, Histology/Cytology, Flow Cytometry, Mass Spectroscopy, and Others); By Application; And By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market for laboratory-developed tests (LDTs) is experiencing robust growth, driven by several key factors. The increasing prevalence of chronic diseases, coupled with a significant shift towards personalized medicine, is propelling market expansion. Moreover, the development of new LDTs offering greater flexibility and customization compared to conventional commercial tests is driving demand. Moreover, significant investments in research and development activities by leading healthcare organizations and academic institutions are enhancing the performance and applications of LDTs, further fueling market growth. Additionally, favorable regulatory frameworks provide clear pathways for LDT development, validation, and use while leading government healthcare agencies focus on ensuring the safety and effectiveness of these tests, stimulating market growth.
The FDA's proposed rule, announced in September 2023, aims to enhance the effectiveness and safety of LDTs with increased oversight through a phased approach. Advancements in next-generation sequencing have revolutionized genetic testing, enabling rapid and cost-efficient analysis of DNA and RNA, benefiting applications such as genetic screening and cancer profiling.
Integration of AI algorithms into LDTs improves diagnostic accuracy and disease outcome analysis, driving product demand. For example, Cardio Diagnostics unveiled PrecisionCHD in February 2023, a groundbreaking blood test leveraging AI-integrated epigenetic-genetic analysis for early coronary heart disease detection. Moreover, the growing demand for point-of-care testing, particularly in developed countries, presents opportunities for LDT manufacturers to develop convenient solutions offering accurate results. This trend reflects the healthcare industry's preference for fast and convenient diagnostic tests across various settings, further driving the adoption of LDTs in the market.
In 2023, the molecular diagnostics segment accounted for the largest market share in the laboratory developed tests market. The increasing prevalence of chronic and infectious diseases, coupled with the growing demand for personalized medicine and targeted therapies, has fueled the adoption of molecular diagnostics. Healthcare providers are increasingly relying on molecular tests to guide clinical decision-making, facilitate early disease detection, and optimize treatment strategies, driving market growth in this segment.
The oncology segment is expected to grow at the fastest CAGR during the forecast period. Personalized medicine approaches, which aim to tailor treatment strategies based on individual patient characteristics, have gained prominence in oncology. Molecular profiling of tumors using LDTs allows for the identification of actionable mutations or biomarkers that inform treatment selection, predict response to therapy, and guide personalized treatment regimens, leading to improved patient outcomes and treatment efficacy.
In 2023, Europe dominated the largest market. The increasing elderly population in Europe plays a significant role in driving up the demand for advanced healthcare services, with Laboratory Developed Tests (LDTs) being notably sought after.
North America is expected to grow at the fastest CAGR in laboratory developed tests market. LDTs play a crucial role in supporting precision medicine initiatives by providing personalized diagnostic information, thereby driving market growth.
The global key market players are 23andMe, Inc., Abbott, F. Hoffmann-La Roche Ltd., Guardant Health, Illumina, Inc., NeoGenomics Laboratories., QIAGEN, Quest Diagnostics Incorporated., Siemens Healthiness AG.
Polaris Market Research has segmented the laboratory developed tests market report based on technology, application, and region.