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Next-Generation In Vitro Diagnostics (IVD) Market Size to Reach $172.02 Billion by 2029 | Growth at 9.9% CAGR Forecast
Next Generation In Vitro Diagnostics IVD Market
What is the Projected Market Size of the Next-Generation In Vitro Diagnostics (IVD) Industry?
The market size of the next-generation in vitro diagnostics (IVD) has seen rapid expansion in recent times. It's projected to escalate from $106.97 billion in 2024 to $117.97 billion in 2025, recording a compound annual growth rate (CAGR) of 10.3%. The historical growth can be linked to a rise in the elderly population, augmented government funding, increased investments in genetic research, enhanced clinical trials activity and heightened consumer health awareness.
What Will Be the Size of the Next-Generation In Vitro Diagnostics (IVD) Market by 2029?
The upcoming generation of the in vitro diagnostics (IVD) market is predicted to undergo significant expansion in the approaching years. It's projected to increase to a value of $172.02 billion by 2029, with a compound annual growth rate (CAGR) of 9.9%. This predicted rise during the forecast period can be credited to the escalating evolution of personalized medicine, growth in healthcare spending, increased activities in research and development, a higher incidence of infectious diseases, and a rise in chronic illness cases. Key trends during the predicted period include technological innovation, the incorporation of artificial intelligence and machine learning in diagnostic procedures, advanced diagnostic technologies, refined personalized medicine, and the development of original biomarkers.
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What Are the Key Drivers Accelerating Growth in the Next-Generation In Vitro Diagnostics (IVD) Market?
The increasing demand for personalized medicine is expected to propel the growth of the next-generation in vitro diagnostics (IVD) market going forward. Precision medicine is a healthcare approach that customizes disease prevention and treatment based on an individual's genetic profile, environment, and lifestyle. Personalized medicine is rising due to the growing availability of genomic data, which allows healthcare providers to design targeted treatments based on a person's unique genetic makeup, leading to more effective care. Next-generation in vitro diagnostics (IVD) supports personalized medicine by providing precise molecular and genetic insights that enable tailored treatment and prevention strategies for individual patients. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based hospital and health care organization, in 2023, the FDA approved 16 new personalized treatments for rare disease patients, up from six in 2022. Therefore, the increasing demand for personalized medicine is driving the growth of the next-generation in vitro diagnostics (IVD) market.
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How Is the Next-Generation In Vitro Diagnostics (IVD) Market Segmented by Type, Application, and Region?
The next-generation in vitro diagnostics (ivd) market covered in this report is segmented -
1) By Product Type: Consumables, Instruments, Software
2) By Type: Core Laboratory Diagnostics, Point-Of-Care Testing, Molecular Diagnostics
3) By Application: Oncology Or Cancer, Infectious Diseases, Diabetes, Cardiology , Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Academic And Research Institutions, Other End Users
Subsegments:
1) By Software: Laboratory Information Management Systems, Specimen Tracking Software Modules, Cloud-Based Tracking Software, Barcode and Radio Frequency Identification Integration Platforms, Mobile Applications for Specimen Tracking
2) By Consumables: Barcode Labels, Radio Frequency Identification Tags, Specimen Bags and Tubes, Labeling Ribbons, Seals and Caps
3) By Hardware: Barcode Scanners, Radio Frequency Identification Readers, Label Printers, Workstations and Terminals, Storage and Transport Monitoring Devices
What Are the Key Trends Driving Growth in the Next-Generation In Vitro Diagnostics (IVD) Market?
Key players in the next-generation in vitro diagnostics (IVD) market, are embracing strategies of partnerships. These collaborations are mainly with technology providers, research institutions, and healthcare organizations, with the aim to speed up innovation, improve diagnostic precision, and widen the availability of advanced testing options for individuals, corporations, and governments. Strategic partnerships are methods where firms utilize each other's capabilities and resources for shared benefits and success. For example, in October 2024, Yourgene Health, a UK-based biotech firm, teamed up with Genetix, a Colombian human genetic diagnosis company, to introduce the first local non-invasive prenatal testing (NIPT) service in Colombia. This move signifies a notable development in prenatal care in the area, providing expecting parents a swifter, dependable, and cost-friendly approach to advanced genetic screening. This service applies Yourgene Health's IONA Nx NIPT Workflow, a thorough, CE-certified in vitro diagnostic (IVD) solution. This workflow can be easily adjusted and scaled, making it applicable for varying sample sizes, and allowing Genetix to provide quality-guaranteed prenatal screening service within Colombia.
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Who Are the Leading Companies Driving Growth in the Next-Generation In Vitro Diagnostics (IVD) Market?
Major companies operating in the next-generation in vitro diagnostics (ivd) market are F Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Becton Dickinson and Company, Quest Diagnostics Incorporated, Grifols SA, Agilent Technologies Inc., Illumina Inc., Sysmex Corporation, Bio-Rad Laboratories Inc., Revvity Inc., Exact Sciences Corporation, QIAGEN NV, DiaSorin SpA, Singular Genomics Systems Inc., Guardant Health Inc., Pacific Biosciences of California Inc., Transasia Bio-Medicals Ltd., Athena Dx, J Mitra and Co Pvt Ltd
Which Is the Leading Region in the Global Next-Generation In Vitro Diagnostics (IVD) Market?
North America was the largest region in the next-generation in vitro diagnostics (IVD) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the next-generation in vitro diagnostics (ivd) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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