The Latin America, Middle East and Africa Laboratory Developed Tests Market would witness market growth of 8.1% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Laboratory Developed Tests Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $364.9 million by 2031. The Argentina market is showcasing a CAGR of 8.7% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 7.8% during (2024 - 2031).
Liquid biopsy assays, which analyze circulating biomarkers such as circulating tumor DNA (ctDNA), exosomes, and circulating tumor cells (CTCs), represent a burgeoning area of LDT development. Laboratories are developing liquid biopsy tests for cancer detection, monitoring, and treatment response assessment, offering minimally invasive alternatives to traditional tissue biopsies.
Innovation is a driving force in the laboratory developed tests market, catalyzing technological advancements, methodology, and clinical application advancements. Laboratories, research institutions, and industry stakeholders are pioneering new approaches to diagnostic testing, biomarker discovery, and therapeutic intervention, leading to diverse innovative LDTs.
The high prevalence of NCDs, such as cardiovascular diseases, diabetes, cancer, and respiratory disorders in Saudi Arabia, leads to a greater demand for diagnostic testing. As the burden of NCDs continues to rise, there is a corresponding increase in the utilization of LDTs in clinical practice, driving market expansion and revenue growth in the diagnostics sector. Non-communicable diseases (NCDs) cause 68% of Saudi Arabia’s deaths, according to the International Trade Administration (ITA). Adults with diabetes account for about 18% of the population, whereas obesity rates exceed 40%. Furthermore, The aging population in Brazil necessitates a greater emphasis on preventive healthcare services, promoting healthy aging, and preventing age-related complications. The aging population in Brazil necessitates a greater emphasis on preventive healthcare services, promoting healthy aging, and preventing age-related complications.
Free Valuable Insights: The Worldwide Laboratory Developed Tests Market is Projected to reach USD 20.3 Billion by 2031, at a CAGR of 6.9%
Based on Application, the market is segmented into Oncology, Genetic Disorders/Inherited Disease, Infectious & Parasitic Diseases, Endocrine, Immunology, Nutritional & Metabolic Disease, Cardiology, Mental/Behavioral Disorder, Pediatrics-specific Testing, and Others. Based on Technology, the market is segmented into Molecular Diagnostics, Immunoassays, Hematology & Coagulation, Microbiology, Clinical Chemistry, Histology/Cytology, Flow Cytometry, Mass Spectroscopy, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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