Canada Laboratory Developed Tests Market Size & Outlook
Canada laboratory developed tests market, 2018-2030 (US$M)
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Canada laboratory developed tests market highlights
- The Canada laboratory developed tests market generated a revenue of USD 162.0 million in 2023 and is expected to reach USD 233.7 million by 2030.
- The Canada market is expected to grow at a CAGR of 5.4% from 2024 to 2030.
- In terms of segment, molecular diagnostics was the largest revenue generating technology in 2023.
- Immunoassays is the most lucrative technology segment registering the fastest growth during the forecast period.
Laboratory developed tests market data book summary
| Market revenue in 2023 | USD 162.0 million |
| Market revenue in 2030 | USD 233.7 million |
| Growth rate | 5.4% (CAGR from 2023 to 2030) |
| Largest segment | Molecular diagnostics |
| Fastest growing segment | Immunoassays |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Immunoassays, Hematology and Coagulation, Molecular Diagnostics, Microbiology, Clinical Chemistry, Histology/Cytology, Flow Cytometry, Mass Spectroscopy |
| Key market players worldwide | Quest Diagnostics Inc, 23andMe Holding Co Class A, Abbott Laboratories, Guardant Health Inc, NeoGenomics, Siemens Healthineers AG ADR, Qiagen NV, Illumina Inc, Roche Holding AG ADR |
Other key industry trends
- In terms of revenue, Canada accounted for 1.3% of the global laboratory developed tests market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. laboratory developed tests market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 7,305.2 million by 2030.
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Laboratory Developed Tests Market Scope
Laboratory Developed Tests Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada laboratory developed tests market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to laboratory developed tests market will help companies and investors design strategic landscapes.
Molecular diagnostics was the largest segment with a revenue share of 27.1% in 2023. Horizon Databook has segmented the Canada laboratory developed tests market based on immunoassays, hematology and coagulation, molecular diagnostics, microbiology, clinical chemistry, histology/cytology, flow cytometry, mass spectroscopy covering the revenue growth of each sub-segment from 2018 to 2030.
Usage of LDT devices in the country is increasing due to the rising prevalence of target diseases, rapid diagnosis leading to better treatment alternatives, and the presence of a health-conscious population. Moreover, the country’s healthcare system has evolved as it attempts to adapt conventional funding and Health Technology Assessment (HTA) frameworks to the emerging area of precision oncology.
Advancements in personalized medicine are driving the markets in Germany and Canada, further promoting strategic R&D collaborations. Germany has R&D expertise in personalized medicine, and the partnership between Canadian and German companies would enhance’ global presence and competitiveness.
The aforementioned factors would further boost the demand for LDTs in the personalized medicine field as these tests are helping meet the country’s health goals. However, due to a lack of regulation and quality management of LDT devices, medical researchers & scientists in the country have urged Health Canada to regulate LDTs. This could be one of the factors impacting the market.
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Our clientele includes a mix of laboratory developed tests market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada laboratory developed tests market , including forecasts for subscribers. This country databook contains high-level insights into Canada laboratory developed tests market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada laboratory developed tests market size, by technology, 2018-2030 (US$M)
Canada Laboratory Developed Tests Market Outlook Share, 2023 & 2030 (US$M)
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