Worldwide revenue generated by the laboratory developed test market was US$ 7.3 Bn at the end of 2021, with the market estimated to surge ahead at a CAGR of 6.4% to reach a market valuation of US$ 14.4 Bn by the end of 2032. This growth can be attributed to a few key factors. Firstly, as genetic information becomes more accessible and affordable, there is greater demand for lab-developed genetic tests; spurring industry growth. Secondly, technological advances have made it easier to develop highly sensitive and accurate tests, which are increasing in demand among researchers and medical professionals alike.
Additionally, growing governmental support to ensure access to quality healthcare services only furthers the need for laboratory tests; driving demand even higher within this segment. Lastly, increasing investments in research and development are also contributing to this growth – allowing companies to create more advanced testing solutions for clinical use.
Competitive Landscape
Consolidation activities such as product approval and launches, acquisitions, collaborations, and partnerships are actively looked upon in this market. Such consolidations will help market players expand their product portfolios and increase their market penetration, thereby driving their revenue share in the market.
- In September 2021, QIAGEN N.V. received a contract from the United States government to grow its production capacity for consumables for its NeuMoDx 96 and 288 integrated PCR testing systems.
- In September 2021, Illumina, Inc. announced going into a partnership with 7 new genomics corporations to build innovative genomic startups in its next global funding cycle application.
- Roche launched a high-throughput SARS-CoV-2 antigen test for the diagnosis of SARS-CoV-2 infections, in December 2020.
Buy Full Report: https://www.persistencemarketresearch.com/checkout/3430