According to the latest market research study published by P&S Intelligence, the size of the laboratory developed tests market was USD 10,375.8 million in 2023, which will power at a rate of 7.2% by the end of this decade, to reach USD 16,539.9 million by 2030. The industry growth has a lot to do with the surge in the occurrence of cancer and genetic ailments.
Furthermore, the development is credited to the growing requirement for in vitro laboratory-developed tests, currently inaccessible in the market for rare ailments, for example genetic tests and molecular tests; growing requirement for personalized medicines, and the fact that these tests do not need any regulatory approval.
On the basis of type, the molecular diagnostic category led the industry with 40% share in 2023, and it will also continue to lead in the future. This is because of the development in the elderly populace and an increase in the requirement for the early disease detection.
The increase in the occurrence of infectious and chronic diseases and the surge in the requirement to control healthcare spending will fuel the growth, by increasing the requirement for early disease diagnosis and steady monitoring.
Furthermore, the rising acceptance of molecular diagnostics for examining biological markers in the genome and proteome and detecting cell expressions make the category the leader.
North America laboratory developed tests market is the leader of the pack, with about 40% share, in 2023, and it will grow at a robust rate in the future. This will be because of the advanced laboratory infra and obtainability of skilled workers in the region.
Furthermore, the growing risk of ailments in the region, presence of reputable healthcare businesses, and robust support for the setup of novel R&D facilities bodes well for the industry.
Also, main players are developing new products and getting them accepted by the regulators, which drives the growth of the industry. For example, in August 2022, Biomerica Inc. introduced InFoods, an IBS test. The LDT is done in a CLIA certified, high-complexity lab facility.
There is a rapidly growing market in the European Region as a result of the existence of more than a few contract research organizations and participants of the market.
Moreover, the development of the collaborations amid LDT providers and governments in the region is accountable for the progress of the industry. The advance of the industry is also because of the strong healthcare infra, advent of novel technologies, and increasing acceptance of precision medicine.
It is because of the increase in the incidence of cancer and other genetic disorders, the demand for lab developed tests is on the rise. This trend will continue like this in the years to come as well.
