PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457948
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457948
The laboratory-developed tests market had a value of USD 10,375.8 million in 2023, which will power at a compound annual growth rate of 7.2%, to reach USD 16,539.9 million by 2030. The development of this industry is mostly powered by the increase in the occurrence of cancer and genetic ailments.
Furthermore, the growth is credited to the growing requirement for in vitro laboratory-developed tests, currently not available in the industry for rare ailments.
Growth Drivers
The rise in the funding for research and clinical diagnosis of rare diseases and disorders, for example, hematology testing, by a lot of regulatory authorities and the government, powers the industry.
Moreover, these tests are available at lower cost and can aid in developing a wide range of diagnostic tools for various health conditions.
Also, because of the progression in and microarrays, mass spectrometry, lab-developed tests have evolved since complete authority was given to the FDA to control all the instruments for in vitro diagnoses in the year 1976.
Some LDTs are now numerous times more intricate, accessible across the country, able to notice the risk of breast cancer and Alzheimer's disease; and a lot of other IVD tests, which are under premarket review.
The pandemic has also powered the requirement for these tests because of the massive increase in the count of persons screened at public places and health centers.
Molecular Diagnostics Category Leads the Industry
The molecular diagnostic category led the industry with a 40% share in 2023, and this will continue in the years to come as well. This is because of the development of the aging populace and a growth in the requirement for early disease detection.
The increase in the occurrence of infectious and chronic diseases and the surge in the requirement to control healthcare spending are also fueling the growth, by improving the requirement for early diagnosis of the disease and regular monitoring.
Furthermore, the rising acceptance of molecular diagnostics for examining biological markers in the proteome and genome and cell detection expressions makes the category dominant.
Oncology Category Accounted for Largest Share
On the basis of application, the oncology category leads the industry with a 20% share, because of the growing requirement for tech-advanced molecular diagnosis approaches for the early discovery of cancers. Cancer is the second major cause of death.
So, the growing R&D expenditure in oncology would surge the use of enhanced tests.
Moreover, the enhancements in the healthcare infra of developing nations have led to a large share of the category.
North America Generates the Major Revenue
North America leads the industry, with a share of about 40%, in 2023, and it will power at a robust rate in the years to come as well. This will be attributable to the advanced lab infra and availability of skilled staff in the region.
Furthermore, the elevating menace of ailments in the region, the existence of trustworthy healthcare businesses, and strong support for the setup of novel research and development facilities bode well for the industry.