The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s In Vitro Diagnostic (IVD) In Cardiology And Neurology Global Market Report 2024, the in vitro diagnostic (IVD) in cardiology and neurology  market is expected to show significant growth in the forecast period.

The in vitro diagnostic (IVD) market for cardiology and neurology has experienced strong growth in recent years. This market, which focuses on diagnostics for heart and brain conditions, is poised for further expansion in the coming years.

Market Growth and Key Drivers

• Significant Market Expansion: The IVD market in cardiology and neurology grew from $14.58 billion in 2023 to $15.84 billion in 2024, marking a compound annual growth rate (CAGR) of 8.7%.
• Key Drivers: Growth is driven by an aging population, increased prevalence of cardiovascular and neurological disorders, advancements in preventive healthcare, and supportive regulatory frameworks for diagnostic tests.

Future Market Outlook

• Continued Growth: The market is projected to reach $22.18 billion by 2028, with a CAGR of 8.8%.
• Factors Contributing to Growth: Factors include a shift towards personalized medicine, rising demand for rapid and on-site testing solutions, and the expansion of telemedicine and remote consultation services.

View More On The In Vitro Diagnostic (IVD) In Cardiology And Neurology Market Report 2024 – https://www.thebusinessresearchcompany.com/report/in-vitro-diagnostic-ivd-in-cardiology-and-neurology-global-market-report

Impact of Personalized Medicine on the IVD Market

• Personalized Medicine: This approach tailors treatments to individual patient characteristics, offering more effective and targeted care.
• Role of IVD in Personalized Medicine: IVD tests provide critical insights into an individual’s genetic makeup and disease status, supporting personalized treatment plans that improve outcomes and reduce risks.
• Industry Impact: The increasing number of personalized medicines is a major growth driver for the IVD market in cardiology and neurology. In 2022, 34% of newly approved therapies were personalized medicines, highlighting a growing trend.

Innovations in Early Disease Detection

• Advancements in AI-Enabled Diagnostics: Companies are developing AI-enabled integrated epigenetic engines for early disease detection and risk assessment.
• Notable Developments: For example, Cardio Diagnostics Holdings Inc. launched PrecisionCHD in February 2023, an AI-based blood test for early detection of coronary heart disease (CHD). This non-invasive test offers a high sensitivity rate and links biomarker profiles to modifiable risk factors like smoking and diabetes.

Strategic Acquisitions and Market Expansion

• Mindray’s Acquisition of HyTest: In September 2021, Mindray acquired HyTest Ltd. for $661 million. This acquisition enhances Mindray’s capabilities in the IVD market, particularly in developing diagnostic test materials for cardiology.
• Significance: By leveraging HyTest’s expertise in antibodies and antigens, especially in cardiac markers, Mindray aims to strengthen its presence in the rapidly growing IVD market.

Market Segmentation

• Product Type: The IVD market is segmented into instruments, reagents and consumables, and software and services.
• Technology: Key technologies include immunoassays, molecular diagnostics, and hematology.
• End-Users: The main end-users are hospitals, clinical laboratories, and other healthcare providers.

Regional Insights

• North America: This region was the largest market for IVD in cardiology and neurology in 2023, driven by advanced healthcare infrastructure and high investment in research and development.
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period, driven by increasing healthcare expenditure and the adoption of advanced diagnostic technologies.

Conclusion
The in vitro diagnostic market in cardiology and neurology is set to expand significantly in the coming years, fueled by advances in personalized medicine, early disease detection technologies, and strategic industry moves. With a strong emphasis on innovation and expanding capabilities, the market offers promising opportunities for growth and development in the healthcare sector.

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