Overview and Scope
Bioinformatics in in vitro diagnostics (IVD) refers to the application of computational methods, data analysis, and software tools to interpret and analyze biological data generated from in vitro diagnostic tests. It involves using algorithms and statistical models to process large volumes of molecular and clinical data from diagnostic tests conducted outside the living organism (in vitro).
Sizing and Forecast
The bioinformatics in in vitro diagnostics (IVD) testing market size has grown strongly in recent years. It will grow from $87.25 billion in 2023 to $93.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to improved healthcare infrastructure, expansion of biobanks, rising geriatric population, government initiatives and funding, and growth of personalized medicine.
The bioinformatics in in vitro diagnostics (IVD) testing market size is expected to see strong growth in the next few years. It will grow to $121.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising prevalence of diseases, integration of IT in healthcare, government initiatives and funding, the shift towards personalized medicine, enhanced awareness about the benefits of bioinformatics in diagnostics among healthcare providers, and the decreasing cost of genomic sequencing. Major trends in the forecast period include artificial intelligence (AI) and machine learning, next-generation sequencing, point-of-care (POC) testing, cloud computing and big data, and innovations in immunochemical techniques.
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Segmentation & Regional Insights
The bioinformatics in in-vitro diagnostics (IVD) testing market covered in this report is segmented –
1) By Type: Hardware, Software
2) By Type Of Test: Blood Based Tests, Tissue Based Tests
3) By Application: Cardiovascular Diseases, Chronic Diseases, Diabetes, Cancer, Other Applications
North America was the largest region in the bioinformatics in in-vitro diagnostics (IVD) testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioinformatics in in-vitro diagnostics (IVD) testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of cancer is expected to propel the growth of the bioinformatics in IVD testing market going forward. Cancer is a broad term to describe a group of diseases characterized by abnormal cell growth that can invade and spread to other body parts. The increasing prevalence of Cancer is due to various factors related to exposure, lifestyle, and environmental influences. Bioinformatics in IVD testing transforms cancer diagnostics by providing precise, personalized, and comprehensive genetic insights that enhance early detection, treatment decisions, and patient outcomes. For instance, in May 2021, according to the National Library of Medicine, a US-based medicine library, the global cancer burden is expected to be 28.4 million cases in 2040, a 47% rise from 2020. Therefore, the increasing prevalence of Cancer drives the bioinformatics in the IVD testing market.
Key Industry Players
Major companies operating in the bioinformatics in in-vitro diagnostics (IVD) testing market are Siemens Healthineers, International Business Machines Corporation, Medtronic Inc., Parker Hannifin Corp., Illumina Inc, PerkinElmer Inc., QIAGEN N.V., Kollmorgen Corp, Bioreference Laboratories Inc., AssureRx Health Inc., Biodesix Inc., Crescendo Bioscience Inc., Affymetrix, Complete Genomics Inc., Aperico Technologies Inc., One Lambda Inc., Datech Oncology, Life Technologies, Signal genetics, CardioDx Inc.
The bioinformatics in in-vitro diagnostics (ivd) testing market report table of contents includes:
- Executive Summary
- Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Characteristics
- Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Trends And Strategies
- Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market – Macro Economic Scenario
- Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Size and Growth
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- Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market
- Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market, Segmentation By Type Of Test, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Siemens Healthineers Financial Performance
Table 75: International Business Machines Corporation Financial Performance
Table 76: Medtronic Inc. Financial Performance
Table 77: Parker Hannifin Corp. Financial Performance
Table 78: Illumina Inc Financial Performance
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