Analysis of COVID-19 Crisis-driven Growth Opportunities in Laboratory-Developed Testing Market
Global Laboratory-Developed Testing Market: Overview
The laboratory-developed testing has become a life-saver for millions of patients around the world. The testing remains the most cost-effective, easy to access, and advanced technological options among all others. The relatively low cost of establishing testing centers, the growing preference of patients against hospitalization due to high costs, and increasing available of portable testing devices continues to be a boon for patients, and laboratories alike. The laboratory developed test or LDT is a kind of in-vitro diagnostic test, which is regulated by the federal government in countries like the United States.
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Additionally, centers for Medicare and Medicaid services continue to promise growth for this established industries due to their low-cost, and rising popularity among patients. It is estimated that as many as 8 out of 10 patients in United States prefer visiting a clinic or small labs like testing in laboratories as primary access for contacts. The growing reliance on analysis of proteins, DNA, and cholesterol testing, and rising cases of diabetes, and other chronic illnesses are expected to drive robust growth for the laboratory developed testing market in the near future.
The report offers a deep-dive assessment of key growth dynamics, promising avenues for investments, strategies by top players, and trends that can shape growth of key regional markets in next few years. The insights are aimed at expanding the understanding of interested participants in the market and give them a clear and easy-to-devour quantitative and qualitative analysis.
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Laboratory-Developed Testing Market: Trends and Opportunities
Rising demand for healthcare for chronic illnesses like cancer, and diabetes will promise new opportunities for players in the laboratory developed testing market. According to CDC, there are over 30 million diabetic patients in United States. Moreover, over 25% of these are unaware of their conditions. Furthermore, there are 84 million people in United States with prediabetes condition. Among these, nearly 9 out of 10 are not aware of their symptoms. The awareness of chronic illnesses remains low as compared to its penetration in urban areas. The trend is witnessed around the world, wherein lack of physical activity amidst a jungle of concrete, and unhealthy consumption of foods is hampering health of individuals. This trend is likely to benefit players in the laboratory developed testing market as people with conditions like diabetes require regular check-ups of blood, sugar, among other factors.
Laboratory-Developed Testing Market: Regional Landscape
The laboratory-developed testing market report will cover all regions of the globe including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region is expected to witness highest growth as technological advancements, and trends like personalized medicine, and growing elderly population are expected to drive growth. The elderly population in countries like the United States are covered with social reimbursement schemes like MediCaid, which provides all healthcare benefits to people over 65. The growth of the elderly population, the cost-effective nature of lab-based testing, and available social support will drive tremendous growth for players in the laboratory developed testing market.
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Global Laboratory-Developed Testing Market: Companies Profiled in the Report
The global laboratory-developed testing market remains a competitive landscape with several prominent players. The key players in the market include Quest Diagnostics, Adaptive Biotechnologies Corporation, Qiagen, Eurofins, Roche, Illumina, Biotheranostics, Adaptive Biotechnologies, Guardant Health, Biodesix and Helix, Rosetta Genomics.
