Rockville , March 14, 2024 (GLOBE NEWSWIRE) -- The laboratory developed tests market is estimated to be valued at US$ 8,698.6 million in 2024. The market is projected to expand at a CAGR of 6.5% from 2024 to 2034, reaching an estimated valuation of US$ 16,404.2 million by 2034. The driving force behind this growth is the increasing demand for in-vitro diagnostic tests, which are becoming more prevalent in various medical settings. Tests created in laboratories are becoming necessary to assist in developing and applying these diagnostic instruments.
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The healthcare industry is experiencing significant growth due to the increasing demand for in-vitro diagnostic tests, which are now out of the market for laboratory-developed tests (LDTs), which offer an economical and effective method for creating diagnostic instruments for various medical conditions. The growing need for individualized medication is another important reason fueling the industry's growth. As more individuals seek individualized therapies that consider their genetic composition and other factors, the demand for precise and trustworthy diagnostic testing grows.
Laboratory-developed tests (LDTs) offer several advantages compared to conventional diagnostic tests. LDTs do not require regulatory approval, which can significantly reduce their development time and speed up their market release. LDTs are also typically less expensive than traditional diagnostic tests, making them more affordable and accessible for patients.
| Report Attribute | Details |
| Value Projection (2034) | US$ 16,404.2 Million |
| Growth Rate (2024-2034) | 6.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 24 Tables |
| No. of Figures | 120 Figures |
“The need for precise diagnosis, trends in customized treatment, and specialized testing in the healthcare industry are driving the demand for laboratory developed tests (LDTs). As more healthcare practitioners understand the importance of these cutting-edge diagnostic technologies, the LDT market is predicted to expand over the next decade,” says an analyst at Fact.MR.
Key Companies Profiled in This Report
- Parkview Medical Center
- United Medical Labs Inc.
- Desert Regional Medical Center Clinical Lab
- Med Plus LLC
- Bristol Bay Area Health Corporation
- Admera Health
- Sharp Cornado Hospital & Healthcare Center
- Ambry Genetics Corp.
- Adaptive Biotechnologies Corporation
- 23andMe, Inc.
- South Texas Clinical Laboratory LLP.
- Hendry Regional Medical Center Clinical Laboratory
- Citrano Medical Laboratories
- Agendia Nv
- Applied Proteomics, Inc.
Key Takeaways from the Market Study
- The global laboratory developed test market is expected to grow at a 6.5% CAGR through 2034.
- With a significant CAGR of 9.7% through 2034, the market for laboratory-developed tests in East Asia is predicted to expand.
- The industry for laboratory developed testing in North America is projected to grow at a CAGR of 5.1% until 2034.
- In 2024, the United States laboratory developed test market is expected to command 86.5% of the market.
- China is anticipated to hold 58.1% of the global market in 2024.
Rigid Healthcare Infrastructure Supports the LDT Industry Development
As more healthcare professionals become aware of LDTs' potential to enhance patient outcomes and save money, they implement them more often. Over time, more effective treatment regimens and lower healthcare expenditures can be achieved with the increased accuracy and precision provided by these tests.
LDT developers are extending their product line to include electronic clinical outcome assessments, a step away from more conventional solutions. These producers invest significantly in research and development to provide effective, long-lasting digital healthcare solutions. They also cooperate with technology companies, healthcare chains, and pharmaceutical service providers to strengthen local and global distribution networks. These partnerships can improve online visibility, guarantee product availability in physical spaces, and address the increasing need for long-term, reasonably priced academic research services in the healthcare industry.
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Country-wise Insights:
The laboratory-developed test market in North America is predicted to grow at a 5.1% CAGR until 2034. Laboratory-grade diagnoses are predicted to account for 86.5% of revenue in the United States by 2024. Meanwhile, the East Asian lab-developed testing market is predicted to increase at a CAGR of 9.7% until 2034. China is expected to dominate the East Asian market with a 58.1% sales share in 2024.
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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