Transformative Trends Impacting the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Landscape: Revolutionizing Genetic Analysis NGS Technology In Bioinformatics For IVD Testing

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How Large Will the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Size By 2025?
In the previous years, the market size for bioinformatics in in-vitro diagnostics (IVD) testing has seen a strong expansion. It is projected to escalate from $93.02 billion in 2024 to $99.69 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 7.2%. Factors that have contributed to the growth in the historic period include the enhancement of healthcare infrastructure, the expansion of biobanks, an aging population, government initiatives and funding, and the advancement of personalized medicine.

How Big Is the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Size Expected to Grow by 2029?
The market for bioinformatics in in-vitro diagnostics (IVD) testing is set to experience robust growth in the coming years, reaching a valuation of $129.89 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%. The growth during the forecasted period can be credited to factors such as the increasing incidence of diseases, healthcare IT integration, government-backed initiatives and funding, a move towards personalized healthcare, a heightened understanding of the advantages of bioinformatics in diagnostics among healthcare professionals, and a decline in the cost of genomic sequencing. Key trends projected for the forecast period encompass aspects like artificial intelligence (AI) and machine learning, next-generation sequencing, point-of-care (POC) testing, cloud computing and big data, and advancements in immunochemical methods.

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Which Key Market Drivers Powering Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Expansion and Growth?
The escalating occurrence of cancer is predicted to fuel the expansion of the bioinformatics in IVD testing market in the future. Cancer, as a general term, encompasses several diseases marked by irregular cell proliferation with the potential to infiltrate and metastasize to other parts of the body. The rising occurrence of cancer is attributed to an array of variables concerning exposure, lifestyle, and environmental impacts. Bioinformatics employed in IVD testing revolutionizes cancer diagnostics, offering accurate, tailored, and extensive genetic information that boosts early recognition, treatment choices, and patient results. For instance, the US government agency, National Association of Chronic Disease Directors (NACDD), revealed in 2022 that about 40% of American adults are living with multiple chronic conditions (MCC), and there's growing proof that having a single chronic disease heightens the chances of contracting more, particularly as one ages. Consequently, the rising incidence of cancer stimulates the bioinformatics in the IVD testing market.

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Which Fast-Growing Trends Are Poised to Disrupt the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market?
Leading corporations in the IVD testing sector of the bioinformatics market are focusing their efforts on creating new solutions like next-generation sequencing (NGS) technology. This aims to increase the ability to spot and examine genetic changes, enhance diagnostic precision, and aid personalized treatment strategies. NGS is an intensive technology that expedites the sequencing of whole genomes or particular DNA and RNA regions, thus enabling complete genetic examination. For instance, in May 2022, Illumina Inc., a biotech company based in the US, revealed a new pan-cancer companion diagnostic (CDx) application for its CE-marked TruSight Oncology Comprehensive (EU) test. This test is designed to detect cancer patients with solid tumors exhibiting neurotrophic tyrosine receptor kinase (NTRK) gene fusions, including NTRK1, NTRK2 or NTRK3, who could potentially gain from targeted treatment with Bayer's Vitrakvi (larotrectinib) drug. The test is a comprehensive genomic profiling (CGP) assay featuring next-generation sequencing, which evaluates multiple tumor genes and biomarkers from a single biopsy specimen to ascertain a patient's particular cancer molecular profile.

What Are the Emerging Segments in the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market?
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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Who Are the Global Leaders 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.

Which are the Top Profitable Regional Markets for the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Industry?
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.

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