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Bioinformatics In In-Vitro Diagnostics (IVD) Testing Global Market to Observe Highest Growth of $121.57 Billion with an Excellent CAGR of 6.9% by 2028
Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market
As per the report, 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 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%.
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Rising Chronic Diseases Propel Growth In Bioinformatics For IVD Testing Market
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.
Revolutionizing Genetic Analysis NGS Technology In Bioinformatics For IVD Testing
Major companies operating in the bioinformatics in the IVD testing market are focused on developing innovative solutions such as next-generation sequencing (NGS) technology to enhance the detection and analysis of genetic mutations, improve diagnostic accuracy, and facilitate personalized medicine approaches. Next-generation sequencing (NGS) is a high-throughput technology that allows for the rapid sequencing of entire genomes or specific regions of DNA and RNA, enabling comprehensive genetic analysis. For instance, in May 2022, Illumina Inc., a US-based biotechnology company, launched a new pan-cancer companion diagnostic (CDx) indication for its CE-marked TruSight Oncology Comprehensive (EU) test. It allows the test to identify cancer patients with solid tumors who have neurotrophic tyrosine receptor kinase (NTRK) gene fusions, including NTRK1, NTRK2, or NTRK3 and may benefit from targeted therapy with Bayer's drug Vitrakvi (larotrectinib). The TSO Comprehensive (EU) test is a comprehensive genomic profiling (CGP) assay that includes next-generation sequencing, which analyzes multiple tumor genes and biomarkers from a single biopsy specimen to determine a patient's specific cancer molecular profile
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
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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.
Contents of the report:
1. Executive Summary
2. Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Report Structure
3. Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Trends And Strategies
4. Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market - Macro Economic Scenario
5. Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Size And Growth
…..
27. Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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