PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454122
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454122
IVD In Cardiology And Neurology Market size was valued at USD 15,965 Million in 2023, expanding at a CAGR of 9.5% from 2024 to 2032.
The term "in vitro diagnostics" (IVD) describes the use of instruments, techniques, and reagents designed for the analysis of specimens-such as blood, urine, tissue, and other bodily fluids-outside of the body to aid in the diagnosis of illnesses, ailments, or infections. These laboratory-based tests are intended to give information on a patient's health state, supporting the identification of illnesses, selection of appropriate courses of treatment, and ongoing monitoring of those illnesses.
IVD In Cardiology And Neurology Market- Market Dynamics
Growing prevalence of cardiovascular disease to propel market demand
The growing prevalence of cardiovascular disease is expected to propel the IVD In Cardiology And Neurology market over the projected period. For instance, according to the data published by National Institutes of Health, it is anticipated that the number of fatalities in India from CVD would increase from 2.26 million in 1990 to 4.77 million in 2020. Over the past few decades, estimates of the prevalence of coronary heart disease in India have varied, with figures ranging from 1.6% to 7.4% in rural areas and from 1% to 13.2% in metropolitan areas. Thus, the aforementioned stats drive the market growth.
IVD In Cardiology And Neurology Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.5% over the forecast period (2024-2032)
Based on product type segmentation, the Reagents & Consumables segment is expected to capture a significant market share during the forecast period
Based on the technology segmentation, the Immunoassays segment held the largest market share in 2023
Based on end-use segmentation, the hospitals segment is expected to lead the market over the projected period
Based on region, North America was the leading revenue generator in 2023
The Global IVD In Cardiology And Neurology Market is segmented based on Product Type, Technology, End-use, and Region.
Based on the product type, the market is categorized into Instruments, Reagents & Consumables and Software and Services. The Reagents & Consumables segment is expected to capture a significant market share during the forecast period. In immunochemistry experiments, reagents including fluorescent tags, washing buffers, particular antibodies, and protein biomarkers are utilized. PCR tests are carried out using a variety of substances, including magnesium chloride, dNTP mix, and primer mix. Primer sets and fluorescent-labeled nucleotides are the main and most commonly utilized reagents in molecular diagnostic procedures. Abbott, Roche Diagnostics, and Illumina, Inc. are the main suppliers of reagents. The development of innovative biomarker kits by key manufacturers through considerable R&D activities is credited with the segment's rise. Additionally, it is anticipated that the launch and commercialization of novel reagents would propel market expansion.
Based on the technology, the market is divided into Molecular Diagnostics, Immunoassays, Hematology and Others. The Immunoassays held the largest market share in 2023 and is expected to continue the same pattern during the forecast period. Molecular pathways are studied in immunology to comprehend the diverse roles that the immune system plays. It primarily consists of an evaluation of the interactions between antigens and antibodies as well as their mechanisms of action. Businesses are concentrating on the creation and marketing of immunoassays.
Based on the end-use, the industry is divided into Clinical Laboratories, Hospitals and Others. The hospitals segment is expected to lead the market over the projected period due to the fact that physicians need diagnostic interpretation to proceed with therapy, the segment is expected to develop.
IVD In Cardiology And Neurology Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to lead the IVD In Cardiology And Neurology market during the forecast period due to a number of variables, including the growing prevalence of cardiovascular and neurological diseases and the expansion of beneficial government programs. Growth in the market is also anticipated to be fueled by more product releases and financing for the R&D of innovative biomarkers.
The key players operating in the market are Quest Diagnostics Incorporated, BD, Sysmex Corporation, Siemens Healthineers AG, Thermo Fisher Scientific Inc., Abbott, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Beckman Coulter, Inc. and Cardiol Therapeutics. To obtain access to new markets, market players are continuously pursuing a variety of strategic initiatives, including the creation of new products, funding and investments, mergers and acquisitions, and other strategic partnerships.
In July 2023, a collaboration between Fujirebio and Beckman Coulter, Inc. aims to improve patient access to blood-based Alzheimer disease testing. The collaboration intends to pool the business's immunoassay capabilities to provide support.
GLOBAL IVD IN CARDIOLOGY AND NEUROLOGY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Quest Diagnostics Incorporated
BD
Sysmex Corporation
Siemens Healthineers AG
Thermo Fisher Scientific Inc.
Abbott
F. Hoffmann-La Roche Ltd.
Bio-Rad Laboratories, Inc.
Beckman Coulter, Inc.
Cardiol Therapeutics