The in vitro diagnostic (ivd) in cardiology and neurology global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
In Vitro Diagnostic (IVD) In Cardiology And Neurology Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The in vitro diagnostic (IVD) in cardiology and neurology market size has grown strongly in recent years. It will grow from $14.58 billion in 2023 to $15.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to rise in the prevalence of age-related cardiovascular and neurological disorders, rise in the aging population, growing emphasis on preventive healthcare and early disease detection, the increasing burden of cardiovascular diseases (CVDs) and neurological disorders, such as stroke and Alzheimer’s disease, rise in investments in healthcare infrastructure, and rise in supportive regulatory frameworks governing the approval and reimbursement of diagnostic tests
The in vitro diagnostic (IVD) in cardiology and neurology market size is expected to see strong growth in the next few years. It will grow to $22.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to the shift towards personalized medicine in cardiology and neurology, increasing demand for rapid and on-site testing solutions in cardiology and neurology, expansion of telemedicine and remote consultation services, and rise in research initiatives. Major trends in the forecast period include emergence of liquid biopsy technologies, advancements in nanotechnology, adoption of remote monitoring devices, such as implantable cardiac monitors and brain-computer interfaces, use of multiplex biomarker panels, innovations in medical imaging modalities, such as MRI, CT, and PET scans, and development of companion diagnostics for cardiovascular and neurological drugs.
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Scope Of In Vitro Diagnostic (IVD) In Cardiology And Neurology Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Overview
Market Drivers -The expansion of personalized medicine is expected to fuel the growth of the in vitro diagnostic (IVD) in cardiology and neurology market going forward. Personalized medicine refers to a medical approach that tailors healthcare decisions, practices, interventions, and treatments to individual characteristics of each patient. Personalized medicine is expanding due to advancements in genomics, increased understanding of disease mechanisms, patient demand for tailored treatments, and regulatory support, among other factors. In vitro diagnostic (IVD) tests in cardiology and neurology facilitate personalized medicine by providing crucial information about an individual’s genetic makeup and disease status, guiding tailored treatment plans for improved efficacy and reduced risks. For instance, according to the Personalized Medicine Coalition, a US-based professional membership organization, in 2022, the approval of 12 new personalized medicines represented approximately 34% of all newly approved therapies, indicating a substantial increase from previous years. Therefore, the increasing number of personalized medicines is driving the growth of the in vitro diagnostic (IVD) in cardiology and neurology market.
Market Trends – Major companies operating in the in vitro diagnostic (IVD) in cardiology and neurology market are developing AI-enabled integrated epigenetic engines for early disease detection and risk assessment. AI-enabled integrated epigenetic engines leverage machine-learning models and advanced biomarker analysis techniques to enhance sensitivity and accuracy in diagnosing and monitoring cardiovascular diseases, addressing critical drivers of disease progression. For instance, in February 2023, Cardio Diagnostics Holdings Inc., a US-based biotechnology company, launched PrecisionCHD, an AI-based blood test, designed for the early detection of coronary heart disease (CHD). Utilizing the company’s integrated epigenetic-genetic engine, this test evaluates CHD risk and aims to prevent and detect the most common form of cardiovascular disease. The new test combines epigenetic and genetic biomarkers with machine-learning algorithms, offering over 75% sensitivity for both men and women. It links a patient’s biomarker profile to modifiable risk factors, major contributors to CHD, like smoking, diabetes, hypertension, and high cholesterol. PrecisionCHD represents a non-invasive alternative to exercise stress tests or angiograms, with blood samples drawn in-office or at home.
The in vitro diagnostic (IVD) in cardiology and neurology market covered in this report is segmented –
1) By Product Type: Instruments, Reagents And Consumables, Software And Services
2) By Technology: Immunoassays, Molecular Diagnostics, Hematology, Other Technologies
3) By End-User: Hospitals, Clinical Laboratories, Other End-Users
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Regional Insights – North America was the largest region in the in vitro diagnostic (IVD) in cardiology and neurology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the in vitro diagnostic (IVD) in cardiology and neurology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the in vitro diagnostic (IVD) in cardiology and neurology market are F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Becton Dickinson And Company, Quest Diagnostics Incorporated, Hologic Inc., Illumina Inc., Beckman Coulter Inc., Quidel Corporation, Sysmex Corporation, Bio-Rad Laboratories Inc., QIAGEN N.V., Instrumentation Laboratory, bioMérieux SA, Natera, Inc., Randox Laboratories Ltd., Fulgent Genetics Inc., DiaSorin S.p.A., Oxford Nanopore Technologies, Fujirebio Diagnostics Inc., Adaptive Biotechnologies, Biocartis Group NV, Agena Bioscience
Table of Contents
- Executive Summary
- In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Characteristics
- In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Trends And Strategies
- In Vitro Diagnostic (IVD) In Cardiology And Neurology Market – Macro Economic Scenario
- Global In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Size and Growth
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- Key Mergers And Acquisitions In The In Vitro Diagnostic (IVD) In Cardiology And Neurology Market
- In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Future Outlook and Potential Analysis
- Appendix
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