New York, NY -- (SBWIRE) -- 01/18/2017 -- North America, followed by the Europe, dominates the global market for laboratory-developed testing due to large number of aging population and broad technical applications of laboratory-developed tests. Government regulatory agency, The US Food and Drug Administration (FDA) approves the tests and assures if the test is safe for patients in the region. Asia is expected to experience high growth rate in next few years in global laboratory-developed testing market. China and India are expected to be the fastest growing laboratory-developed testing markets in Asia-Pacific region. Some of the key driving forces for laboratory-developed testing market in emerging countries are increasing R&D investment, large pool of patients and improving technical advancements.

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In-vitro diagnostics market is growing a significant rate due to increase in the number of disease cases, rise in aged population and improvement in the healthcare facilities. Laboratory developed tests (LTDs) refer to the specific tests that are developed and marketed only to specific types of laboratories. These tests are developed, evaluated and validated only for particular laboratories. Many laboratories use laboratory developed tests due to non-availability of commercial tests for particular processes. Laboratory-developed testing market is driven by increasing number of laboratories that require specific kind of laboratory testing procedures.

Some of the major factors that are driving the global laboratory-developed testing market are increasing incidence of diseases, rise in aging population and growing awareness for the availability of different types of laboratory tests. In addition, government funding and increasing R&D in the healthcare sector are driving global laboratory-developed testing market. However, factors such as high costs involved and lack of skilled medical professionals are some of the key factors restraining the global laboratory-developed testing market.

Innovation of more efficient laboratory-developed testing procedures and growing popularity of laboratory-developed testing are expected to offer good opportunity for the global laboratory-developed testing market. One of the latest trends that has been observed in the global laboratory-developed testing market includes companies involved in partnerships and collaborations for developing laboratory developed tests.

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Some of the major companies dealing in the global laboratory-developed testing market are Roche Diagnostics, LabCorp (Laboratory Corporation of America Holdings) and Becton, Dickinson and Company. Other companies having significant presence in the global laboratory-developed testing market are Biodesix and Companion Diagnostics.