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Laboratory Developed Tests Market Trends

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

Laboratory Developed Tests Market Trends

Growing awareness and focus on early disease detection is a significant trend driving the growth of the laboratory developed tests (LDTs) market. With increased emphasis on preventive healthcare, individuals are seeking ways to detect diseases at their earliest stages, prompting greater demand for diagnostic tests capable of early detection.
 

  • Technological advancements have revolutionized early disease detection, such as the development of high-sensitivity assays and advanced imaging techniques, enabling the identification of diseases before symptoms appear.
     
  • For example, the advent of next-generation sequencing (NGS) has revolutionized genetic testing, allowing for comprehensive analysis of an individual's DNA to identify genetic mutations associated with various diseases, including cancer and rare genetic disorders. NGS-based LDTs enable clinicians to detect these mutations early, facilitating personalized treatment plans and potentially improving patient outcomes.
     
  • Additionally, the integration of artificial intelligence (AI) and machine learning algorithms into diagnostic testing platforms has enhanced the accuracy and efficiency of early disease detection.
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

Laboratory Developed Tests Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 10
  • Tables & Figures: 117
  • Countries covered: 23
  • Pages: 100
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