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In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Size, Trends And Overview 2024-2033
In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increase in the proportion of individuals reaching retirement age is expected to propel the growth of the end-of-life planning market going forward. Retirement age is when a person is typically expected or required to cease full-time employment and may become eligible for retirement benefits. An increasing proportion of individuals reaching retirement age due to improved healthcare leads to longer life expectancy, the aging of the large baby boomer generation, and declining birth rates, reducing the proportion of younger individuals in the population. End-of-life planning is crucial for the retirement-age population to ensure their care preferences and treatment wishes are respected during their final stages of life. For instance, in August 2023, according to the data from Statistics Canada, a Canada-based national statistical office, in 2023, approximately 21.8% of Canadians aged 55 to 59 reported being fully or partially retired. This percentage doubled to 44.9% for those aged 60 to 64 years and nearly doubled again to 80.5% for those aged 65 to 69. Therefore, the increase in the proportion of individuals reaching retirement age is driving the growth of the end-of-life planning market.
Major companies operating in the in vitro diagnostic (IVD) in cardiology and neurology market are developing AI-enabled integrated epigenetic engines for early disease detection and risk assessment. AI-enabled integrated epigenetic engines leverage machine-learning models and advanced biomarker analysis techniques to enhance sensitivity and accuracy in diagnosing and monitoring cardiovascular diseases, addressing critical drivers of disease progression. For instance, in February 2023, Cardio Diagnostics Holdings Inc., a US-based biotechnology company, launched PrecisionCHD, an AI-based blood test, designed for the early detection of coronary heart disease (CHD). Utilizing the company's integrated epigenetic-genetic engine, this test evaluates CHD risk and aims to prevent and detect the most common form of cardiovascular disease. The new test combines epigenetic and genetic biomarkers with machine-learning algorithms, offering over 75% sensitivity for both men and women. It links a patient's biomarker profile to modifiable risk factors, major contributors to CHD, like smoking, diabetes, hypertension, and high cholesterol. PrecisionCHD represents a non-invasive alternative to exercise stress tests or angiograms, with blood samples drawn in-office or at home.
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Major Key Players of the Market:
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
In Vitro Diagnostic (IVD) In Cardiology And Neurology Market 2024 Key Insights:
• 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%.
• Impact Of Personalized Medicine On The In Vitro Diagnostic (IVD) In Cardiology And Neurology Market
• Advancing Diagnostics Through Innovations In AI-Enabled Early Disease Detection
• North America was the largest region in the in vitro diagnostic (IVD) in cardiology and neurology market in 2023
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