For LEDs, LM-80 data is used to extrapolate lifetime data via the TM-21-11 methodology. Its not great, but it is what we have. If you read the standard, it has pretty good summary of the drawbacks of the current approach to lifetime extrapolation:

https://www.ies.org/product/projecting-long-term-lumen-maint...

But, in practice, other components generally fail before the LEDs have a (binary) failure.