Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Projected to Surpass $129.89 Billion by 2029 with 6.8% Annual Growth

How Are the key drivers contributing to the expansion of the bioinformatics in in-vitro diagnostics (ivd) testing market?
The escalating incidence of cancer is anticipated to be a major driving force for the expansion of the bioinformatics in IVD testing market in the future. Cancer refers to a range of diseases marked by abnormal cell growth with potential to invade or extend to different parts of the body. The rising incidence of cancer can be linked to multiple factors involving exposure, lifestyle, and environmental elements. The use of bioinformatics in IVD testing revolutionizes cancer diagnosis by offering accurate, individualized, and extensive genetic details that improve early identification, treatment options, and patient results. For example, the National Association of Chronic Disease Directors (NACDD), a U.S. government agency, reported in 2022 that approximately 40% of U.S. adults live with multiple chronic ailments (MCC), with evidence indicating that one chronic disease significantly elevates the likelihood of suffering from additional ones, particularly as individuals age. Therefore, the intensifying incidence of cancer fuels the growth of the bioinformatics in IVD testing market.

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What growth opportunities are expected to drive the bioinformatics in in-vitro diagnostics (ivd) testing market's CAGR through 2034?
Recent years have witnessed significant growth in the bioinformatics in in-vitro diagnostics (IVD) testing market. Predictions indicate an increase from $93.02 billion in 2024 to $99.69 billion in 2025, which translates to a compound annual growth rate (CAGR) of 7.2%. Factors such as enhanced healthcare infrastructure, biobanks expansion, an increasing elderly population, government initiatives, funding schemes, and the proliferation of personalized medicine have contributed to this historical growth period.

The bioinformatics in in-vitro diagnostics (IVD) testing market is projected to experience substantial growth over the coming years, with an estimate to reach up to a value of $129.89 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%. This robust growth during the predicted period is likely a consequence of factors such as an increased occurrence of diseases, the incorporation of IT into healthcare, government support and funding, a shift towards tailor-made medicine, a growing comprehension about the positives of bioinformatics in diagnostics amongst medical practitioners, and the reduced cost of genomic sequencing. The forecast period is expected to see key trends such as artificial intelligence (AI) and machine learning, next-generation sequencing, point-of-care (POC) testing, cloud computing and big data, and advances in immunochemical techniques.

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What are the emerging trends shaping the future of the bioinformatics in in-vitro diagnostics (ivd) testing market?
Prominent businesses in the bioinformatics sector for IVD testing are distinctly concentrating on the creation of ground-breaking solutions like next-generation sequencing (NGS) technology. This aims to augment the identification and analysis of genetic anomalies, boost the precision of diagnoses, and support personalized medicine strategies. NGS is a highly efficient system that enables swift sequencing of entire genomes or specific DNA and RNA regions, allowing for thorough genetic exploration. For instance, Illumina Inc., an American biotech firm, launched a fresh pan-cancer companion diagnostic (CDx) indication for its CE-marked TruSight Oncology Comprehensive (EU) test in May 2022. This test can spot cancer patients with solid tumors possessing neurotrophic tyrosine receptor kinase (NTRK) gene fusions, encompassing NTRK1, NTRK2, or NTRK3 and who could potentially benefit from targeted therapy with Bayer's drug Vitrakvi (larotrectinib). The TSO Comprehensive (EU) test is an inclusive genomic profiling (CGP) assay which incorporates next-generation sequencing, analyzing multiple tumor genes and biomarkers from a singular biopsy specimen to identify a patient's specific molecular cancer profile.

Which growth-oriented segments of the bioinformatics in in-vitro diagnostics (ivd) testing market are leading the industry's development?
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

Subsegments:
1) By Hardware: Analyzers, Laboratory Equipment, Data Storage Devices, Sensors And Detectors, Workstations And Data Processing Hardware
2) By Software: Bioinformatics Platforms, Data Management and Integration Software, Analytics And Interpretation Software, Cloud-Based Software Solutions, AI-Based Software For Diagnostics

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What regions are leading the charge in the bioinformatics in in-vitro diagnostics (ivd) testing market?
North America was the largest region in the bioinformatics in in-vitro diagnostics (IVD) testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bioinformatics in in-vitro diagnostics (IVD) testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the bioinformatics in in-vitro diagnostics (ivd) testing market?
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.

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What Is Covered In The Bioinformatics In In-Vitro Diagnostics (IVD) Testing Global Market Report?

•Market Size Forecast: Examine the bioinformatics in in-vitro diagnostics (ivd) testing market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the bioinformatics in in-vitro diagnostics (ivd) testing market for a structured understanding.
•Key Players Overview: Analyze major players in the bioinformatics in in-vitro diagnostics (ivd) testing market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bioinformatics in in-vitro diagnostics (ivd) testing market.
•Segment Contributions: Evaluate how different segments drive overall growth in the bioinformatics in in-vitro diagnostics (ivd) testing market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bioinformatics in in-vitro diagnostics (ivd) testing market.
•Industry Challenges: Identify potential risks and obstacles affecting the bioinformatics in in-vitro diagnostics (ivd) testing market.
•Competitive Landscape: Review strategic developments in the bioinformatics in in-vitro diagnostics (ivd) testing market, including expansions, agreements, and new product launches.

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