The laboratory developed test (LDT) market is on the rise. More and more clinical laboratories are turning to tests that provide accurate results with the added benefit of being tailored to meet the needs of specific patient populations.
LDTs are becoming increasingly popular due to their flexibility and cost-effectiveness. They can be tailored to address specific conditions or diseases, making them invaluable for more specialized testing needs. Laboratories also have more control over LDTs than off-the-shelf commercial tests, meaning they can adjust them as new research becomes available or as needs change.
Medical professionals have come to recognize the important role that LDTs can play in providing better quality care. They are an essential component in diagnosing and treating conditions or diseases, and when combined with other diagnostic methods can improve overall accuracy. Additionally, many LDTs offer shorter turnaround times, reducing patient wait times and improving outcomes downstream.
The future of the laboratory developed test market looks bright as laboratories continue to find utility in this technology for their unique testing needs. Companies like Quest Diagnostics and LabCorp remain at the forefront of this booming market, leveraging advances in technology and offering cutting-edge products for their customers.
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.
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