Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Size
Healthcare Services

Global Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Report 2024 – Top Market Trends And Opportunities

The Business Research Company’s market reports offer an in-depth analysis on the market’s growth potential, major drivers, key trends and more.

Strong Market Growth in Recent Years

  • The bioinformatics in in vitro diagnostics (IVD) testing market has seen robust growth.
  • Market size increased from $87.25 billion in 2023 to $93.02 billion in 2024.
  • This growth, with a compound annual growth rate (CAGR) of 6.6%, can be attributed to several factors:
    • Improved healthcare infrastructure.
    • Expansion of biobanks.
    • Rising geriatric population.
    • Government initiatives and funding.
    • Growth of personalized medicine.

Future Market Projections: Continued Expansion

  • The market is projected to grow to $121.57 billion by 2028, at a CAGR of 6.9%.
  • Key drivers in the forecast period include:
    • Rising prevalence of diseases.
    • Integration of IT in healthcare.
    • Government initiatives and funding.
    • A shift towards personalized medicine.
    • Enhanced awareness among healthcare providers.
    • Decreasing cost of genomic sequencing.

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Trends Shaping the Future

  • Artificial Intelligence (AI) and Machine Learning: Transforming data analysis and diagnostics.
  • Next-Generation Sequencing (NGS): Revolutionizing genetic analysis.
  • Point-of-Care (POC) Testing: Enhancing accessibility and convenience.
  • Cloud Computing and Big Data: Facilitating large-scale data analysis.
  • Innovations in Immunochemical Techniques: Improving diagnostic accuracy.

Rising Chronic Diseases Propel Market Growth
Impact of Increasing Cancer Prevalence

  • Cancer rates are rising globally, expected to reach 28.4 million cases by 2040, a 47% increase from 2020.
  • Factors driving this increase include exposure, lifestyle, and environmental influences.
  • Bioinformatics in IVD testing plays a crucial role in cancer diagnostics by:
    • Providing precise, personalized genetic insights.
    • Enhancing early detection.
    • Informing treatment decisions.
    • Improving patient outcomes.

Role of Bioinformatics in Cancer Detection

  • Bioinformatics tools in IVD testing allow for comprehensive analysis, aiding in the early detection of cancer.
  • This technology supports personalized medicine, tailoring treatment plans based on individual genetic profiles.

Major Players in the Market

  • Leading companies in the bioinformatics in IVD testing market include:
    • Siemens Healthineers
    • International Business Machines Corporation
    • Medtronic Inc.
    • Illumina Inc.
    • QIAGEN N.V.
    • PerkinElmer Inc.
    • Bioreference Laboratories Inc.
  • These companies are driving innovation and expansion in the market, contributing to its rapid growth.

Revolutionizing Genetic Analysis with NGS Technology
Advancements in Next-Generation Sequencing (NGS)

  • Major companies focus on developing next-generation sequencing (NGS) technology.
  • NGS allows for rapid sequencing of entire genomes or specific DNA/RNA regions.
  • This technology improves:
    • Detection and analysis of genetic mutations.
    • Diagnostic accuracy.
    • Personalized medicine approaches.

Case Study: Illumina’s Innovations

  • In May 2022, Illumina Inc. launched the TruSight Oncology Comprehensive (EU) test.
  • This pan-cancer companion diagnostic (CDx) identifies cancer patients with neurotrophic tyrosine receptor kinase (NTRK) gene fusions.
  • The test aids in targeted therapy, showcasing the power of NGS in cancer treatment.

Accelerating Cancer Diagnosis: Illumina’s Acquisition of GRAIL
Strategic Acquisition for Enhanced Diagnostics

  • In August 2021, Illumina Inc. acquired GRAIL to accelerate cancer diagnosis.
  • GRAIL specializes in bioinformatics for IVD testing, particularly in cancer detection.
  • This acquisition aims to:
    • Speed up patient access to diagnostic tools.
    • Enable the identification of multiple cancer types using a single blood sample.

Regional Insights and Market Segmentation
North America Leading, Asia-Pacific Rising

  • North America was the largest region in the bioinformatics in IVD testing market in 2023.
  • Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by:
    • Expanding healthcare infrastructure.
    • Increased government initiatives and funding.
    • Rising demand for personalized medicine.

Market Segmentation

  • The bioinformatics in IVD testing market is segmented by:
    • Type: Hardware, Software.
    • Type of Test: Blood-Based Tests, Tissue-Based Tests.
    • Application: Cardiovascular Diseases, Chronic Diseases, Diabetes, Cancer, Other Applications.

Conclusion: A Market Poised for Growth

  • The bioinformatics in IVD testing market is set for continued growth, driven by advancements in technology, rising disease prevalence, and increasing focus on personalized medicine.
  • As companies innovate and expand, the market will continue to play a critical role in enhancing diagnostic accuracy and improving patient outcomes.

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