In vitro diagnostic (IVD) in cardiology and neurology refers to medical tests performed on samples such as blood, urine, or tissue outside the body to diagnose various cardiovascular and neurological conditions. These tests play a crucial role in early detection, monitoring, and treatment decisions for diseases such as heart disease, stroke, Alzheimer’s disease, and others. It also provides timely diagnostic information, guiding patient management, and improving outcomes in cardiology and neurology.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The in vitro diagnostic (ivd) in cardiology and neurology market report table of contents includes:
1. Executive Summary
2. In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Characteristics
3. In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Trends And Strategies
4. In Vitro Diagnostic (IVD) In Cardiology And Neurology Market – Macro Economic Scenario
5. Global In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Size and Growth
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32. Global In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Competitive Benchmarking
33. Global In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The In Vitro Diagnostic (IVD) In Cardiology And Neurology Market
35. In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Future Outlook and Potential Analysis
36. Appendix
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