Laboratory Developed Test Market overview:
In a recent research report by Reports Insight Consulting Pvt. Ltd, the Laboratory Developed Test (LDT) Market is expected to surpass USD 7.77 Billion by the year 2028, from USD 4.87 Billion in 2021
Laboratory developed test (LDT) is employed to evaluate or detect several substances from the human body such as chemical compounds like glucose, cholesterol, DNA, and proteins. Some lab detection tests are simple, and measure single analytes such as the Sodium level and some are complex that detect DNA, RNA, and others.
Clinical biochemistry is expected to support the growth of the type segment in the laboratory development test market. Clinical biochemistry includes screening and measurement of chemicals in body fluids, blood, and urine samples. These test results are used to identify health problems and for early detection of chronic disease. This in turn is driving the market growth.
In the regional segment, Europe is expected to be the potential segment in the laboratory development test market. The factors surging the growth of the market are surgical procedures, road accidents, and the launch of technologically advanced products. Further, the Asia Pacific is projected to support the growth of the market due to the rising patient pool and growing medical tourism in the region.
The market is projected to grow at a significant pace reaching a CAGR of approximately 6.9%, over the forecast period of 2022–2028, despite a considerable fall in Service Operator sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.
The study is consolidated into major segments and further into sub-segments, such as by Type (Clinical Biochemistry, Molecular Diagnostics, Immunology, Critical Care, Microbiology, Haematology, Others), By Application (Hospitals laboratories, Specialty Diagnostic Centers, Clinical Research organizations, Academic Institutes, Others), to forecast the Laboratory Developed Test Market size by value; also includes the analysis of past market dynamics from 2016 – 2021, considering 2021 as the base year.
Lastly, the report includes a regional analysis and country analysis with the latest trends, along with the major key players including Quest Diagnostics Incorporated F. HOFFMANN-LA ROCHE LTD., QIAGEN, Illumina, Inc., Eurofins Scientific, Biodesix, Adaptive Biotechnologies, Biotheranostics, Rosetta Genomics Ltd., Guardant Health
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