Smart or AI In-Vitro Diagnostics Market Scope and Profit-Sources Detailed Analysis

Smart or AI In-Vitro Diagnostics Market Size to Expand Lucratively and Reach USD 3.12 Billion to 2031 - Explained Details | Updated InsightAce Study

InsightAce Analytic Pvt. Ltd. announces the release of market assessment report on "Global Smart or AI In-Vitro Diagnostics Market (By Application Area (Cancer Diagnostics, Infectious Disease Testing, Metabolic Testing, Cardiac Testing, Diabetes Testing, and Other Disease Testing), By Technology (Next-Generation Sequencing (NGS)Technology, PCR Technology, Chemistry/IA Technology, Pathology Technology, and Other Technology), By End-User (Research, Pharmaceutical Research, and Clinical), By Region, Trends, Industry Competition Analysis, Revenue And Forecast Till 2031"
According to the latest research by InsightAce Analytic, the global Smart or AI In-Vitro Diagnostics market size is valued at US$ 1.23 Billion in 2022, and it is expected to reach US$ 3.12 Billion in 2031, recording a promising CAGR of 11.2% during the forecast period of 2023-2031.
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In recent times, there has been a recent uprise in the prevalence of chronic diseases, along with expanded research and development for the use of IVDs for more accurate and speedy diagnosis. Additionally, the rising utilization of pandemic-required breakthroughs, including digital pathology and remote collection, is anticipated to propel market growth.
It is projected that such technological improvements and product launches to simplify in-vitro diagnostics procedures will substantially impact the market under study throughout the forecast period. The major elements propelling the growth of the smart or AI In-Vitro diagnostics market are the growing number of chronic and infectious diseases worldwide, growing awareness of early disease identification, a shift in emphasis from centralized to point-of-care testing, and the emergence of the COVID-19 pandemic.
In addition, market participants have an enormous amount of growth potential due to the emergence of new markets, technological advancements, and advances in genomics and proteomics. The COVID-19 pandemic's beneficial market effects resulted from the pandemic's dramatic increase in testing volume. With the pandemic, diagnostic testing became an integral tool. Key manufacturers are focusing on developing novel kits and assays due to the pandemic.

Some of the prominent players in the Smart or AI In-Vitro Diagnostics market are:
Adaptive Biotechnologies
Aidoc
Anumana
ARUP Laboratories
Atomwise
Bayesian Health
Behold.ai
BGI Genomics Co. Ltd
bioMérieux Diagnostics
Bio-Rad Laboratories, Inc
Cambridge Cognition
Cardiologs (Phillips)
CareDx
Caris Molecular Diagnostics
Cleerly
ClosedLoop AI
CloudMedX Health
Deepcell
Digital Diagnostics
EKF Diagnostics Holdings
Freenome
GE Healthcare
Glooko
Idoven
Illumina
Infohealth
Jade
K Health
Lunit
MaxCyte
Mayo Clinic Laboratories
Medtronic
Merative
Nanox
NIOX Group
Niramai Health Analytix
NVIDIA
Oncohost
OraLiva
Owkin
Oxford Nanopore Technologies
Pacific Biosciences
Paige.AI
PathAI
Perthera
Philips Healthcare
Prognos
Qiagen
Qure.ai
Renalytix
Seegene
Siemens Healthineers
Sophia Genetics
Sysmex
Viz.ai

Smart or AI In-Vitro Diagnostics Market Report Scope
Report Attribute Specifications
Growth rate CAGR CAGR of 11.2 % from 2023 to 2031
Quantitative units Representation of revenue in US$ Billion, and CAGR from 2023 to 2031
Historic Year 2019 to 2022
Forecast Year 2023-2031
Report coverage The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments covered Application Area, Software Solution, End-user, Type of Deployment
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Market Dynamics:

Drivers-
The substantial incidence of chronic diseases, expanding use of point-of-care (POC) diagnostics, and growing adoption of customized healthcare and companion diagnostics are the main drivers propelling the growth of the Indian in-vitro diagnostics market. The primary driver of market development is the rising incidence of chronic diseases like cancer, diabetes, and others in the nation. The other significant drivers are the big corporations' research and production facilities. In order to provide more effective and timely treatment, early cancer diagnosis is becoming essential. This will increase the need for in-vitro diagnostics, which is expected to propel market growth throughout the forecast period. Additionally, cutting-edge medical technology advancements, including biosensors, lab-on-a-chip, wearables, and POC diagnostics, are progressively playing a significant role in healthcare.

Challenges:
Strict regulations and onerous reimbursement procedures will likely hamper the market's expansion. Over the projected period, a severe regulatory environment is anticipated to impede the in-vitro diagnostics market's revenue growth. Regulatory agencies have shortened medical device and IVD kit approval procedures in emerging nations. However, a protracted approval process causes the approval process to be delayed in nations with developing healthcare infrastructure. This restricts product commercialization, which has an impact on market revenue growth.

Regional Trends:
The North America Smart or AI In-Vitro Diagnostics market is expected to record a noteworthy market share in revenue and grow at a high CAGR shortly. Growing population, rapid urbanization, increasing industrialization, and increasing R&D activities by prominent players are factors expected to proliferate the growth of the region's AI in the IVD (In-Vitro Diagnostics) market. Similarly, Asia Pacific had a substantial share of the market. The increased prevalence of chronic and infectious diseases, the rising geriatric population, increased access to healthcare services, and a growing number of hospitals and clinics are the main factors propelling the growth of the Asia-Pacific IVD market. Cancer, diabetes, infectious diseases, cardiovascular issues, and other conditions can all be diagnosed in vitro. The increase in healthcare spending and the incidence of diabetes have been related to the expansion of the Asia-Pacific area.
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Leading manufacturers of this field focus on offering high quality and customizable services to the clients. Also, partnerships, collaborations, mergers, and acquisitions are helping market players to boost their businesses.
Key developments in the market:
• In Jan 2023, Qiagen introduced the EZ2 Connect MDx IVD platform for automated laboratory sampling. Eighteen months after making the platform accessible for research, the company has made it available for widespread use. Recently, Qiagen and Neuron23 signed an agreement to develop a next-generation sequencing (NGS) companion diagnostic (CDx) for the treatment of Parkinson's disease with Neuron23's brain penetrant leucine-rich repeat kinase (LRRK2) inhibitor.
• In Feb 2023, Ibex Medical Analytics' pathology diagnostics platform, Galen Prostate, was granted a CE mark under the European Union's (EU) In Vitro Diagnostic Medical Devices Regulation (IVDR). The new platform has been devised to assist pathologists with prostate biopsy primary diagnosis. The platform employs AI to analyze specimens prior to pathologist evaluation, thereby enhancing the efficiency and accuracy of cancer diagnosis and streamlining pathology workflows.
• In June 2022, The CoviEasy Self-test Rapid Antigen kit for COVID-19, accompanied by an AI-driven mobile app, was introduced by Genes2Me Pvt. Ltd.
• In February 2022, CoviSwift, a point-of-care (POC) testing solution comprised of the CoviSwift assay and Compact-Q machines, was introduced by Mylab Discovery Solutions. It processes 16 samples in 40 minutes, four times faster than the standard RT-PCR testing approach.

Market Segments
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Application Area
• Donor eligibility assessment
• Sample collection
• Manufacturing
• Logistics
• Patient verification and treatment follow-up
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Type of Software Solution
• Cell orchestration platform
• Enterprise manufacturing system
• Inventory management system
• Laboratory information management system
• Logistics management system
• Patient management system
• Quality management system
• Tracking and tracing system
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on End-User
• Biobank
• Cell Therapy Lab
• Hospital
• Research Institute
• Commercial Organization

Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Type of Deployment
• Cloud-Based
• On-premises
•
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

North America Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
• U.S.
• Canada
Europe Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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 To receive a comprehensive analysis of the prospects for global Smart or AI In-Vitro Diagnostics market
 To receive industry overview and future trends of global Smart or AI In-Vitro Diagnostics market
 To analyze the Smart or AI In-Vitro Diagnostics market drivers and challenges
 To get information on the Smart or AI In-Vitro Diagnostics market size value (US$ Mn) forecast till 2031
 Major Investments, Mergers & Acquisition in global Smart or AI In-Vitro Diagnostics market industry
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