The Rise of Laboratory Developed Tests: Personalized Diagnostics in Focus
The global laboratory developed tests market size was estimated at USD 12.36 billion in 2023 and is projected to grow at a CAGR of 7.05% from 2024 to 2030. The market growth is attributed to the rising prevalence of cancer and genetic disorders, aided by the rising number of product launches. As per the National Cancer Institute, incidence of cancer is expected to increase to 23.6 million by 2030. Laboratory developed test (LDT) regulations are important for advancements in precision oncology because various tests are used for selection of therapy and to determine risk. Moreover, the increase in adoption of personalized medicines is further anticipated to fuel market growth. Genetic testing has been made widely available for direct consumer purchase for complex and common diseases. It is usually available through online channels, without the involvement of a healthcare professional. In 2017, FDA authorized the first DTC genetic test develop...