Key Drivers and Opportunities in the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market: Insights into Trends and Growth
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What Long-Term Growth Rate is Expected for the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Between 2025 and 2034?
The market size of bioinformatics in in-vitro diagnostics (IVD) testing has witnessed robust growth in the last few years. This market is projected to expand from $93.02 billion in 2024 to $99.69 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%. This growth during the historical period can be traced back to the enhancement of healthcare infrastructure, the enlargement of biobanks, an increasing elderly population, government policies and financial aid, and the evolution of personalized medicine.
Anticipated to experience robust expansion in the coming years, the bioinformatics in in-vitro diagnostics (IVD) testing market is projected to swell to $129.89 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%. The impending growth within the predicted period can be ascribed to the escalating pervasiveness of diseases, the merging of IT into healthcare sectors, government support initiatives and funding, the transition towards individualised medicine, heightened cognizance about the advantages of bioinformatics in diagnostics among healthcare professionals and the reducing costs of genome sequencing. The forecast period will be characterised by significant trends such as artificial intelligence (AI) and machine learning, next-generation sequencing, point-of-care (POC) testing, cloud computing and big data, and breakthroughs in immunochemical methods.
What Factors Are Propelling the Growth of the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market from 2025 to 2034?
The rise in cancer cases is anticipated to fuel the expansion of the bioinformatics in IVD testing market in the future. Cancer is a collective term used to describe a series of diseases wherein abnormal cells grow in a way that can potentially spread to various parts of the body. This growing occurrence of cancer can be attributed to different factors such as exposure to certain elements, lifestyle choices, and environmental factors. Bioinformatics in IVD testing revolutionizes cancer diagnosis by offering accurate, tailored, and detailed genetic data that bolster early detection, influence treatment choices, and improve the health outcomes of patients. For example, data from the National Association of Chronic Disease Directors (NACDD), a US government organization, in 2022 revealed that roughly 40% of American adults are living with multiple chronic conditions (MCC). Increasing evidence indicates that suffering from one chronic disease heightens the risk of developing others, a risk that intensifies with age. Hence, the escalating incidence of Cancer is stimulating the bioinformatics in the IVD testing market.
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What Are the Key Firms That Are Driving Transformation 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
What Current Trends in the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Should Industry Players Pay Attention To?
Leading firms in the bioinformatics domain of the IVD testing market are investing their resources to devise innovative solutions such as Next-Generation Sequencing (NGS) technology. This helps in not only enhancing the understanding and identification of genetic mutations, but also boosting diagnostic precision, and paving the path for personalized medical treatment. NGS technology allows for swift sequencing of full genomes or DNA and RNA specific zones, facilitating a thorough genetic investigation. For instance, in May 2022, Illumina Inc., a biotechnology enterprise headquartered in the US, introduced a novel pan-cancer companion diagnostic (CDx) indication for its CE-endorsed Trusight Oncology Comprehensive (EU) test. This advanced test enables the identification of cancer patients having solid tumors linked to neurotrophic tyrosine receptor kinase (NTRK) gene fusions, including NTRK1, NTRK2, or NTRK3, who can potentially benefit from targeted therapy using Bayer’s Vitrakvi (larotrectinib). The TSO Comprehensive (EU) test harnesses next-generation sequencing to analyze a multitude of tumor genes and biomarkers from a singular biopsy specimen, leading to a precise molecular profile of a patient’s specific cancer type.
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Which Primary Segments of the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Are Driving Growth and Industry Transformations?
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
What Regions Are Driving Expansion in the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market?
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.
How Is the Bioinformatics In In-Vitro Diagnostics (IVD) Testing Market Categorized and Defined in the Industry?
Bioinformatics in in vitro diagnostics (IVD) refers to the application of computational methods, data analysis, and software tools to interpret and analyze biological data generated from in vitro diagnostic tests. It involves using algorithms and statistical models to process large volumes of molecular and clinical data from diagnostic tests conducted outside the living organism (in vitro).
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