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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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.
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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. 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.
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