The best replacement for developing countries is developed countries.

The best alternatives to developing countries are rated as following:
★★★★★  developed countries
★★  industrialized countries
★★  3rd world
★★  emerging markets
★★  less developed countries
★  emerging countries
★  third world
★  third world countries
★  developed
★  undeveloped countries
  underdeveloped countries
  low income countries
  less developing countries

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No companions for developing countries have been suggested so far.
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Google Trends

Scale is based on the average worldwide traffic of developing countries in all years. Click on graph for more.
developing countries
developed countries
industrialized countries