Dublin, Sept. 27, 2021 (GLOBE NEWSWIRE) -- The "Global Laboratory Developed Test Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Clinical Biochemistry, Critical Care, Hematology, Microbiology, Molecular Diagnostics, Immunology, and Others) and Application" report has been added to ResearchAndMarkets.com's offering.
The laboratory developed test market is expected to grow from US$ 4,524.75 Million in 2021 at a CAGR of 7.0% during the forecast period 2021 - 2028, to reach US$ 7,269.3 Million by 2028.
The growth of the laboratory developed test market is mainly attributed to factors such the increasing incidents of cancer and genetic disorders, and large number of product launches. However, changing regulatory landscape is hindering the market growth. For example, in Europe, the In-Vitro Device Regulation (IVDR) compliance will be mandatory for all in vitro diagnostic tests from May 2022; the regulation aims to secure the clinical effectiveness and safety of medical tests, thus transforming the diagnostic industry, which is a great concern for the market players.
Laboratory developed tests (LDTs) are designed for the early and precise diagnosis of diseases and monitoring the progress of patient treatment. These tests further assist healthcare providers to provide accurate guidance. They can be developed quickly and modified to meet the unique needs of patients. Cancer is one of the leading causes of death worldwide. As per the WHO estimates, cancer was a cause of ~9.6 million deaths in 2018. Clinical diagnostics helps in detecting early signs and risk factors, paving way for early intervention. The LDTs have a decisive impact on each step of diagnosis, from screening to the prevention of certain diseases and early diagnosis at the onset of illness. For instance, the Oncotype DX lab test is used to determine if chemotherapy would benefit patients with early-stage breast cancer. It also helps evaluate the likelihood of disease recurrence; for this, the test is performed on a small tissue sample removed during breast cancer surgery. In addition, the increasing incidence of genetic disorders is also driving the demand for LDTs. According to the March of Dimes report, globally, ~7.9 million births occur with severe birth defects every year. A large number of LDTs are available for genetic testing owing to a lack of availability of genetic tests in the market. As per the Association for Molecular Pathology 2018 assessment, ~70,000 genetic tests are available in the medical market, and most of these are LDTs. Therefore, the rising incidence of cancer and growing awareness regarding the importance of early diagnostics are boosting the adoption of LDTs.
The laboratory developed test market is segmented into type and application. Based on type, the laboratory developed test market is segmented into clinical biochemistry, critical care, hematology, microbiology, molecular diagnostics, immunology, and others. The molecular diagnostics segment is expected to held the largest share of the market in 2021. However, the hematology segment is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the laboratory developed test market is segmented into academic institutes, clinical research organizations, hospitals laboratories, specialty diagnostic centers, and others. The hospitals laboratories segment is expected to account for the largest market share in 2021. However, the specialty diagnostic centers segment is anticipated to register the highest CAGR in the market during the forecast period.
Reasons to buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Laboratory Developed Test Market.
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- The key findings and recommendations highlight crucial progressive industry trends in the Laboratory Developed Test, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Key Topics Covered:
1. Introduction
2. Global Laboratory Developed Test Market - Key Takeaways
3. Research Methodology
4. Laboratory Developed Test Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe- PEST Analysis
4.2.3 Asia Pacific - PEST Analysis
4.2.4 Middle East and Africa - PEST Analysis
4.2.5 South and Central America (SCAM) - PEST Analysis
4.3 Experts Opinion
5. Laboratory Developed Test Market - Global Analysis
5.1 Global Laboratory Developed Test Market Revenue Forecast and Analysis
5.2 Global Laboratory Developed Test Market, By Geography - Forecast and Analysis
5.3 Market Positioning of Key Players
6. Laboratory Developed Test Market Analysis - By Type
6.1 Overview
6.2 Laboratory Developed Test Market Revenue Share, by Type (2021 and 2028)
6.3 Clinical Biochemistry
6.3.1 Overview
6.3.2 Clinical Biochemistry: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.4 Haematology
6.4.1 Overview
6.4.2 Haematology: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.4.3 Coagulation and Hemostasis
6.4.3.1 Overview
6.4.3.2 Coagulation and Hemostasis: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.4.4 Hemoglobin Testing
6.4.4.1 Overview
6.4.4.2 Hemoglobin Testing: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.4.5 Blood Count Testing
6.4.5.1 Overview
6.4.5.2 Blood Count Testing: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.4.6 Others
6.4.6.1 Overview
6.4.6.2 Others: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.5 Immunology
6.5.1 Overview
6.5.2 Immunology: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.6 Critical Care
6.6.1 Overview
6.6.2 Critical Care: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.7 Microbiology
6.7.1 Overview
6.7.2 Microbiology: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.8 Molecular Diagnostics
6.8.1 Overview
6.8.2 Molecular Diagnostics: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
6.9 Other Test Types
6.9.1 Overview
6.9.2 Other Test Types: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
7. Laboratory Developed Test Market Analysis - By Application
7.1 Overview
7.2 Laboratory Developed Test Market Revenue Share, by Application (2021 and 2028)
7.3 Academic Institutes
7.3.1 Overview
7.3.2 Academic Institutes: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
7.4 Clinical Research organizations
7.4.1 Overview
7.4.2 Clinical Research organizations: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
7.5 Hospital laboratory
7.5.1 Overview
7.5.2 Hospital laboratory: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
7.6 Specialty Diagnostic Centers
7.6.1 Overview
7.6.2 Specialty Diagnostic Centers: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others: Laboratory Developed Test Market - Revenue and Forecast to 2028 (US$ Million)
8. Global Laboratory Developed Test Market - Geographic Analysis
9. Impact Of COVID-19 Pandemic on Laboratory Developed Test Market
9.1 North America: Impact Assessment of COVID-19 Pandemic
9.2 Europe: Impact Assessment of COVID-19 Pandemic
9.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
9.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
9.5 South & Central America: Impact Assessment of COVID-19 Pandemic
10. Laboratory Developed Test Market-Industry Landscape
10.1 Overview
10.2 Growth Strategies in the Laboratory Developed Test Market (%)
10.3 Inorganic Growth Strategies
10.3.1 Overview
10.4 Organic Growth Strategies
10.4.1 Overview
11. Company Profiles
11.1 Quest Diagnostics Incorporated
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 F.HOFFMANN-LA ROCHE LTD.
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 QIAGEN
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Illumina, Inc.
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Eurofins Scientific
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Biodesix
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Adaptive Biotechnologies
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Biotheranostics
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Rosetta Genomics Ltd.
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 The company's financial information is not available in the public domain.
11.9.6 SWOT Analysis
11.9.7 Key Developments
11.10 Guardant Health
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/4ydjka
