Transparency Market Research Report Added "Laboratory-Developed Testing Market" to its database.
Albany, NY -- (SBWIRE) -- 03/16/2016 -- While laboratory-developed tests have made possible the customization of diagnosis and treatment options, regulatory authorities such as the US FDA have been concerned over the lack of standardization and regulation in this space. These will be the key factors at play in the global laboratory-developed testing market, says a report by Transparency Market Research. The report, titled 'Laboratory-Developed Testing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023,' systematically splits the market into smaller segments for a more in-depth study.
Laboratory-developed tests can be classified as in vitro diagnostic tests, with the key difference being that these are designed and manufactured in a single laboratory. Most LDTs are used to measure a specific type of analyte, such as protein, glucose, and chemical compounds. However, a few other types of LDTs may cater to more sophisticated and complex diagnostic needs by analyzing factors such as DNA variations using a blood sample. Other types of LDTs are employed in measuring the levels of chemicals such as sodium in the body.
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The difference between LDTs and diagnostic tests that have undergone a premarket review is that the former cannot be sold on the market or to other hospitals and laboratories as a product. They are used specifically by the laboratory that develops them. As mentioned earlier, the role of laboratory-developed tests can prove beneficial in personalized medicine. But it is also difficult to ignore the downside of such tests as the FDA has noted cases that resulted in patients being under- or over-treated for cardiovascular conditions and cancer.
According to TMR, the global laboratory-developed testing market is expected to display a double-digit year-on-year growth over until 2023. This indicates that as the degree of standardization and regulation in the market increases, the uptake of LDTs will likely increase. At the same time, numerous advances are being reported in the efficacy and accuracy of laboratory-developed tests. This will augur well for the growth of this market. However, laboratory-developed tests will continue to face competition from and lose market share to in vitro diagnostic tests over the forecast period of this report, states TMR.
The report comprehensively studies the global laboratory-developed testing market from the regional perspective. For this purpose, the regional markets studied in the report are: North America, Asia Pacific, Europe, and Rest of the World. The presence of several LDTs in the United States has helped the North America LDTs market gain a lead over other regional markets. In second position stood Europe as of 2013. While the market for laboratory-developed testing in Asia Pacific is smaller than that in North America and Europe, it will grow rapidly in the near future because of the massive demand for diagnostics here in view of the developing healthcare sector. The growth of the healthcare industry in Asia Pacific is supported by the presence of a large patient pool suffering from an array of diseases.
Companies with a substantial share in the global laboratory-developed testing market are: Sequenom, Inc., Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, Myriad Genetic Laboratories Inc., ARUP Laboratories, RedPath Integrated Pathology, Inc., Precision Therapeutics Inc., and CardioDx.
Mr. Sudip S
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