Global IVD in Cardiology and Neurology Market, Product Type (Instruments, Reagents & Consumables and Software & Service), Technology (Immunoassays, Molecular Diagnostics, Haematology, and Others), End User (Hospitals, Clinical Laboratories, and Others) - Industry Trends and Forecast to 2031.
IVD In Cardiology and Neurology Market Analysis and Size
Hypertension, or high blood pressure, is one of the most prevalent cardiovascular diseases worldwide. Its prevalence varies across regions and age groups. According to the World Health Organization (WHO), it affects around 1.13 billion people globally. CAD is a leading cause of death globally. It involves the narrowing or blockage of the coronary arteries, which supply blood to the heart muscle. According to the American Heart Association, CAD affects approximately 18.2 million adults in the United States alone. Heart failure is a condition where the heart cannot pump enough blood to meet the body's needs. Its prevalence increases with age. According to the American Heart Association, around 6.5 million adults in the United States have heart failure. Stroke occurs when the blood supply to part of the brain is interrupted or reduced, depriving brain tissue of oxygen and nutrients. It is a significant cause of disability and death worldwide. According to the WHO, there are around 15 million cases of stroke worldwide each year.
Data Bridge Market Research analyses that the North America IVD in Cardiology and Neurology Market would be the leading market globally. This indicates the market value. “Instruments” dominates the Product type segment of the Global IVD in Cardiology and Neurology Market owing to the complexity of diagnostic procedures, the demand for accuracy and precision, and the diversity of testing modalities, the need for automation and integration, and continuous technological advancements. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Product Type (Instruments, Reagents & Consumables, and Software & Service), Technology (Immunoassays, Molecular Diagnostics, Haematology, and Others), End User (Hospitals, Clinical Laboratories, and Others) - Industry Trends and Forecast to 2031
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Countries Covered
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U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, and Rest of Middle East and Africa
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Market Players Covered
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Thermo Fisher Scientific Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Sysmex Corporation (Japan), Siemens Healthineers AG (Germany), Quest Diagnostics Incorporated (U.S.), Abbott (U.S.), BD (U.S.), Bio-Rad Laboratories, Inc. (U.S.), and Beckman Coulter, Inc. (U.S.)
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Market Opportunities
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Market Definition
In vitro diagnostics (IVD) involves conducting medical tests and analyses on blood samples, urine, tissues, or other bodily fluids outside the body, aiming to diagnose illnesses, track health status, and inform treatment plans. These assessments commonly occur in laboratories or point-of-care locations using diagnostic tools, equipment, and substances. The expansion of the IVD market is attributed to the rising incidence of diseases necessitating diagnostic testing.
According to the World Health Organization (WHO), an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. The prevalence of CVDs varies by region, with higher rates observed in low- and middle-income countries. The Global Burden of Disease Study estimates that neurological disorders accounted for 10.2% of global disability-adjusted life years (DALYs) in 2019.
IVD in Cardiology and Neurology Market Dynamics
Drivers
- Advancements in Diagnostic Technologies
These technologies enable early and accurate diagnosis of cardiovascular and neurological diseases, improving patient outcomes and management. Continuous advancements in diagnostic technologies such as biomarker identification, next-generation sequencing (NGS), molecular diagnostics, and point-of-care testing (POCT) are driving the growth of IVD in cardiology and neurology
- Increasing Prevalence of Cardiovascular and Neurological Disorders
In recent years, there has been a notable surge in the incidence of cardiovascular diseases such as hypertension, coronary artery disease, and heart failure, as well as neurological disorders like stroke, Alzheimer's disease, and epilepsy. Factors contributing to this rise include aging populations, sedentary lifestyles, unhealthy dietary habits, and an increase in risk factors such as obesity, diabetes, and high cholesterol levels. The rising incidence and prevalence of cardiovascular and neurological disorders globally are significant drivers for the IVD market in these areas. Elements like an aging demographic, lack of physical activity, unhealthy dietary habits, and increasing awareness about early disease detection contribute to the growing demand for diagnostic tests in cardiology and neurology.
Opportunities
- Personalized Medicine and Companion Diagnostics
Tailoring treatments based on individual patient characteristics, including genetic makeup, biomarker profiles, and disease stage, requires advanced diagnostic tests. Companies can develop innovative IVD solutions supporting personalized treatment strategies for cardiovascular and neurological diseases. Emergence of personalized medicine and companion diagnostics presents a significant opportunity for the IVD market in cardiology and neurology.
- Expansion in Emerging Markets
There is a vast untapped market potential for IVD products in emerging economies due to improving healthcare infrastructure, increasing healthcare expenditure, and growing awareness about preventive healthcare. Penetrating these markets by offering affordable, easy-to-use, and reliable diagnostic solutions tailored to the specific needs of these regions presents a lucrative opportunity for companies operating in the global IVD market for cardiology and neurology.
Restraints/Challenges
- Stringent Regulatory Requirements
The IVD industry is subject to stringent regulatory requirements imposed by regulatory bodies such as the Food and Drug Administration (FDA) in the United States and the European Medicines Agency (EMA) in the European Union. Compliance with these regulations can be time-consuming and expensive, especially for small and medium-sized enterprises (SMEs). Regulatory hurdles may delay product approvals, increase development costs, and limit market entry, thereby restraining the growth of the IVD market.
- Integration and Interoperability
Standardizing data formats, interfaces, and communication protocols across different diagnostic platforms and healthcare information systems is essential for efficient data exchange, clinical decision-making, and patient care coordination. However, achieving interoperability often requires collaboration among multiple stakeholders, including manufacturers, healthcare providers, and regulatory agencies, and overcoming technical, organizational, and regulatory barriers. As, healthcare systems become increasingly complex and interconnected, achieving seamless integration and interoperability of diagnostic devices and systems remains a significant challenge for the IVD industry
This IVD in cardiology and neurology market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Interventional Imaging Market contact Data Bridge Market Research for an analyst brief, our team will help you make an informed market decision to achieve market growth.
Recent Development
- In July 2022, Thermo Fisher Scientific, a global leader in scientific solutions, unveiled the Applied Biosystems Taq Path Respiratory Viral Select Panel. This panel is a molecular assay kit that has received CE-IVD marking. It is designed to detect five prevalent viruses, including those responsible for common colds, bronchiolitis, croup, influenza-like illnesses, and pneumonia.
IVD in Cardiology and Neurology Market Scope
The IVD in cardiology and neurology market is segmented into three notable segments based on product type, technology, and end user. The growth amongst these segments will help you analyse major growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Instruments
- Reagents & Consumables
- Software & Services
Technology
- Immunoassays
- Molecular Diagnostics
- Hematology
- Others
End-user
- Hospitals
- Clinical Laboratories
- Others
IVD in Cardiology and Neurology Market Regional Analysis/Insights
The IVD in cardiology and neurology market is analysed and market size insights and trends are provided by product type, technology and end user as referenced above.
The countries covered in the global IVD in cardiology and neurology market report are U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel, and Rest of Middle East and Africa.
North America is expected to dominate the market due to the strong base of healthcare facilities, the strong presence of major players in the market and the extraordinary healthcare infrastructure.
Asia-pacific is expected to witness significant growth due to increasing awareness, rising cancer disease prevalence, and expanding healthcare infrastructure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The Global IVD in Cardiology and Neurology Market also provides you with a detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the Interventional Imaging consumables market, the impact of technology using lifeline curves and their impact on the Interventional Imaging market.
Competitive Landscape and IVD in Cardiology and Neurology Market Share Analysis
The IVD in cardiology and neurology market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- Thermo Fisher Scientific Inc. (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Sysmex Corporation (Japan)
- Siemens Healthineers AG (Germany)
- Quest Diagnostics Incorporated (U.S.)
- Abbott (U.S.)
- BD (U.S.)
- Bio-Rad Laboratories, Inc. (U.S.)
- Beckman Coulter, Inc. (U.S.)
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