According to a new report, published by KBV research, The Global Laboratory Developed Tests Market size is expected to reach $20.3 billion by 2031, rising at a market growth of 6.9% CAGR during the forecast period.
The laboratory developed tests market refers to the industry segment involved in the development, manufacturing, validation, and commercialization of diagnostic tests developed and performed within individual laboratories. These tests are typically created to address specific clinical needs or research objectives and are not commercially available as standardized kits or assays. Instead, laboratory personnel customize and validate them to detect, measure, or analyze biomarkers, genetic mutations, infectious agents, or other biological substances of interest.
The Oncology segment led the Global Laboratory Developed Tests Market by Application in 2023; thereby, achieving a market value of $4.1 billion by 2031. Cancer is a highly complex disease characterized by diverse molecular and genetic alterations. laboratory developed tests are crucial for diagnosing different types of cancer, determining prognosis, guiding treatment decisions, and monitoring disease progression.
The Molecular Diagnostics segment is growing at a CAGR of 6% during the forecast period. Molecular diagnostics offer high precision and specificity in detecting genetic variations, mutations, and infectious agents at a molecular level. This capability allows for accurate diagnosis, monitoring of diseases, and personalized treatment strategies based on individual genetic profiles.
Full Report: https://www.kbvresearch.com/laboratory-developed-tests-market/
The North America region dominated the Global Laboratory Developed Tests Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $7.5 billion by 2031. The Europe region is anticipated to grow at a CAGR of 6.8% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 7.4% during (2024 - 2031).
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