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. 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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.