Laboratory Developed Tests Market To Reach $19.85 Billion By 2030

The global laboratory developed tests market size was estimated at USD 12.36 billion in 2023 and is projected to grow at a CAGR of 7.05% from 2024 to 2030. The market growth is attributed to the rising prevalence of cancer and genetic disorders, aided by the rising number of product launches. As per the National Cancer Institute, incidence of cancer is expected to increase to 23.6 million by 2030.

Laboratory developed test (LDT) regulations are important for advancements in precision oncology because various tests are used for selection of therapy and to determine risk. Moreover, the increase in adoption of personalized medicines is further anticipated to fuel market growth.

Genetic testing has been made widely available for direct consumer purchase for complex and common diseases. It is usually available through online channels, without the involvement of a healthcare professional. In 2017, FDA authorized the first DTC genetic test developed by 23andMe-PGS Genetic Health Risk test. This test would provide information about the risk of developing genetic diseases.

LDTs are important tools to rapidly incorporate new information and decide which drug to utilize for personalized therapy. They enable treatments to shift from a “one drug fits all” approach to a much more personalized approach based on the unique genetics of each person and their disease. Tests developed in the laboratory are critical in public health defense by allowing the identification of Severe Acute Respiratory Syndrome (SARS) or avian flu. Individualized laboratories perform and develop these tests, offering reliable and early diagnosis for several rare and complex diseases.

Furthermore, a significant number of product launches by key players have contributed to the market growth. Several LDTs, such as Invitae's Personalized Cancer Monitoring (PCM) test, which is accessible since June 2022 under an early-access program, have been made available in 2022. Although PCM is useful for tracking the development of lung cancer, the company plans to broaden its use as a pan-cancer monitoring test. Furthermore, in September 2021, Journey Biosciences announced the launch of NaviDKD diagnostic screening technology, which would help manage and prevent the risk of kidney complications related to diabetes.

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Product Insights

Sebacic acid held the dominant revenue share of 38.6% in 2021 within the castor oil and derivatives market. This significant share is primarily driven by the increasing use of sebacic acid in the production of polyamides, resins, and plastics. Its widespread application in manufacturing biopolymers and aromatic products is further contributing to the growth of the market. The demand for sebacic acid is particularly high in the Asia Pacific region, especially China, where its use in various industrial processes is driving both sebacic acid and castor oil production.

Application Insights

The plastics and resins application segment dominated the market with a share of over 20% in 2021. The increasing adoption of biodegradable plastics has been a key driver for this demand. Castor oil derivatives are increasingly utilized as a raw material in the production of plastics, offering an eco-friendly alternative to traditional crude oil-based materials. Additionally, the textile industry has adopted castor oil derivatives as substitutes for recycled plastics, further fueling the growth of this application segment.

Regional Insights

The Asia Pacific region held the largest revenue share of more than 55% in 2021, making it the dominant market for castor oil and derivatives. This is primarily due to the high production and consumption of castor oil in the region. Countries like India, Myanmar, Vietnam, Pakistan, Cambodia, Thailand, Bangladesh, the Philippines, and Indonesia grow castor seeds in tropical climates, while countries such as China, Japan, and South Korea are involved in the production in semi-arid regions. These regions not only contribute to the cultivation of castor seeds but also play a crucial role in meeting the growing global demand for castor oil and its derivatives.

Key Players in Laboratory Developed Tests Market

• Quest Diagnostics Incorporated.
• 23andMe, Inc.
• Abbott
• Guardant Health
• NeoGenomics Laboratories.
• Siemens Healthineers AG
• QIAGEN
• Illumina, Inc.
• Hoffmann-La Roche Ltd.

Recent Developments

• In January 2023, QIAGEN entered into a partnership with Helix to advance NGS companion diagnostics in hereditary disorders. The partnership would apply QIAGEN's global regulatory experience, NGS capabilities, and relationships with biopharma companies to power the Helix Laboratory Platform
• In January 2023, Quanterix expanded its LDT portfolio with introduction of neurofilament light chain tests. This novel blood test increases crucial brain health biomarkers that help provide optimum clinical care and advance research
• In January 2023, QIAGEN introduced the EZ2 Connect MDx platform for automated sample processing in diagnostic labs. This initiative was expected to help clinical labs perform consistent and effective nucleic acid purification

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