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Laboratory Developed Tests Market Share

Report ID: GMI9340
Published Date: May 2024
Report Format: PDF

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Laboratory Developed Tests Market Share

The laboratory developed tests industry is competitive in nature, with various large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel technologies with improved efficiency and cost-effectiveness are key market strategies for laboratory developed tests manufacturers, driving competition and innovation in the industry. This emphasis on innovation aims to address evolving clinical needs and enhance patient outcomes, positioning companies to gain market share and meet the growing demand for advanced laboratory developed tests.

Laboratory Developed Tests Market Companies

Some of the eminent market participants operating in the laboratory developed tests industry include:

23andMe, Inc.
Abbott
Bio-Rad Laboratories, Inc.
Eurofins Scientific
F. Hoffmann-La Roche Ltd.
Illumina, Inc.
NeoGenomics Laboratories
OPKO Health, Inc.
QIAGEN
Quest Diagnostics Incorporated

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Laboratory developed tests market size was valued at USD 8.9 billion in 2023 and is estimated to grow at 6.4% CAGR from 2024 to 2032, owing to increasing incidence of cancer and genetic disorders.

The molecular diagnostics segment in the laboratory developed tests industry generated USD 2.4 billion in 2023, driven by sensitive and specific methods for detecting pathogens and identifying genetic mutations associated with cancer.

North America laboratory developed tests market size reached USD 3.7 billion in 2023, favored by growing burden of chronic diseases, such as diabetes, cardiovascular diseases, and cancer.

23andMe, Inc., Abbott, Bio-Rad Laboratories, Inc., Eurofins Scientific, F. Hoffmann-La Roche Ltd., Illumina, Inc., NeoGenomics Laboratories, OPKO Health, Inc., QIAGEN and Quest Diagnostics Incorporated