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Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Size, Share, Growth And Industry Report 2033
Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Size
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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
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Major Key Players of the Market:
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.
Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market 2024 Key Insights:
• 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%.
• Rising Chronic Diseases Propel Growth In Bioinformatics For IVD Testing Market
• Revolutionizing Genetic Analysis NGS Technology In Bioinformatics For IVD Testing
• North America was the largest region in the bioinformatics in in-vitro diagnostics (IVD) testing market in 2023
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