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Laboratory Developed Test Market estimated to surge ahead at a CAGR of 6.4% by the end of 2032 – Persistence Market Research

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Market Study on Laboratory Developed Tests: Over Two-fifths Market Revenue Generated from Application in Oncology

New York, June 14, 2022 (GLOBE NEWSWIRE) — Owing to the high prevalence of chronic conditions & genetic disorders, rise in the incidence of infectious & autoimmune diseases, and increasing awareness among the population for a healthy life, the global laboratory developed test market is expanding and is currently valued of US$ 7.7 Bn.

Government and non-government organizations across the world are focused on spreading awareness about living a healthy lifestyle to reduce the prevalence of chronic disorders and prevent obesity & diabetes due to unhealthy diets. This is driving the development and adoption rate of laboratory developed tests, providing significant growth opportunities to market players

  • Illumina, Inc. announced the release of TruSightTM Oncology (TSO) Comprehensive on March 15, 2022, a single test that examines numerous tumor genes and biomarkers to determine a patient’s cancer molecular profile.
  • PathSensors Inc. developed the CANARY biosensor to identify the novel SARS coronavirus, which was ready for study by May 2020.

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The laboratory developed test market has seen a surge in agreements, product launches, and approvals, as well as acquisitions & collaborations, as industry players are seeking to expand their geographical presence and product offerings. Key businesses are concentrating their efforts on gaining local talent and forming partnerships with large domestic suppliers.

  • In January 2021, the Labtech laboratory in Anderson joined Quest Diagnostics laboratories, making it the first laboratory owned by Quest in South Carolina.
  • In March 2022, with rapid and cost-effective mycotoxin screening, Eurofins’ B ZERO kits: B ZERO AFLA B1, B ZERO DON v2, B ZERO FUMO, B ZERO OCHRA, B ZERO T2, and B ZERO ZEA were validated on the BoltTM ELISA analyzer.

Key Takeaways from Market Study

  • By test type, clinical biochemistry tests held the highest market share of 33.5% by value in 2021.
  • Oncology accounted for the highest market share under application at 41.2% in 2021.
  • By end user, hospital laboratories are preferred by patients, and the segment held a market share of around 48.7% in 2021.
  • Around 35.7% of the global market share was accounted for by North America in 2021.

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“Better prospects for enterprises to enter the market as a result of more CLIA product approvals and collaborations will benefit the laboratory developed test industry over the coming years,” says an analyst of Persistence Market Research.

Market Competition

Acquisitions, product launches, and collaborations are among some of the approaches used by leading developers and manufacturers of laboratory developed tests to enhance their presence in the global market, resulting in increased customer bandwidth for manufacturers.

  • In May 2022, Epic Sciences, Inc. announced the launch of DefineMBC™, a novel comprehensive blood-based test for distinguishing metastatic breast cancer. This test will provide both cell-based and cell-free analysis from a single blood draw to provide comprehensive profiling in the absence of a tissue biopsy result.
  • In January 2022, 23andMe announced FDA clearance for a direct-to-consumer genetic test on a hereditary prostate cancer marker.
  • Roche launched the AVENIO Edge System, in December 2021, which simplifies and automates sample preparation for next-generation sequencing, reducing human error and advancing precision medicine.
  • Adaptive Biotechnologies opened a new corporate headquarters in Seattle’s South Lake Union in September 2021.

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What Does the Report Cover?

Persistence Market Research offers a unique perspective and actionable insights on the laboratory developed test market in its latest study, presenting a historical demand assessment of 2017-2021 and projections for 2022 – 2032.

The research study is based on the test type (clinical biochemistry, microbiology, critical care, immunology, molecular diagnostics, haematology, and others), application (oncology, infectious diseases, genetics, auto-immune disorders, and neurology), and end user (hospitals laboratory, clinical research organizations, specialty diagnostic centers, academic institutes, and others), across seven key regions of the world.

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About Persistence Market Research:

Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.

Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.

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