Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Report 2024

The bioinformatics in in vitro diagnostics (IVD) testing market size has grown strongly in recent years. It will grow from $87.25 billion in 2023 to $93.02 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The increase during the historical period can be credited to enhancements in healthcare infrastructure, expansion of biobanks, a growing elderly population, government initiatives and funding, and the advancement of personalized medicine.

The bioinformatics in in vitro diagnostics (IVD) testing market size is expected to see strong growth in the next few years. It will grow to $121.57 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing disease prevalence, integration of IT in healthcare, government initiatives and funding, the shift towards personalized medicine, heightened awareness among healthcare providers about the benefits of bioinformatics in diagnostics, and declining costs of genomic sequencing. Key trends in the forecast period include artificial intelligence (AI) and machine learning, next-generation sequencing, point-of-care (POC) testing, cloud computing and big data, and advancements in immunochemical techniques.

The rising incidence of cancer is expected to drive growth in the bioinformatics in IVD testing market. Cancer encompasses various diseases characterized by abnormal cell growth that can spread throughout the body. Factors such as exposure, lifestyle choices, and environmental influences contribute to its increasing prevalence. In the field of cancer diagnostics, bioinformatics in IVD testing plays a crucial role by offering precise, personalized genetic insights that improve early detection, treatment decisions, and patient outcomes. For instance in May 2021, according to the National Library of Medicine, global cancer cases are projected to reach 28.4 million by 2040, marking a 47% increase from 2020. This upward trend in cancer incidence is a key driver for the bioinformatics in the IVD testing market.

Leading companies in this market are focused on innovation, particularly in next-generation sequencing (NGS) technology. NGS enables rapid sequencing of entire genomes or specific DNA and RNA regions, facilitating comprehensive genetic analysis. For example, in May 2022, Illumina Inc. introduced a pan-cancer companion diagnostic (CDx) indication for its CE-marked TruSight Oncology Comprehensive (EU) test. This test identifies cancer patients with solid tumors harboring neurotrophic tyrosine receptor kinase (NTRK) gene fusions (NTRK1, NTRK2, or NTRK3), who may benefit from targeted therapy with Bayer's Vitrakvi (larotrectinib). The TSO Comprehensive (EU) test employs comprehensive genomic profiling (CGP), using next-generation sequencing to analyze multiple tumor genes and biomarkers from a single biopsy specimen, thereby determining each patient's specific cancer molecular profile.

In August 2021, Illumina Inc., a US-based company specializing in manufacturing integrated systems for genetic variation and biological function analysis, acquired GRAIL for an undisclosed sum. This acquisition is intended to accelerate patient access to diagnostic tools capable of detecting multiple types of cancer from a single blood sample. GRAIL, also based in the US, specializes in bioinformatics for in vitro diagnostic (IVD) testing.

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, PerkinElmer Inc., QIAGEN N.V., Kollmorgen Corp, Bioreference Laboratories Inc., AssureRx Health Inc., Biodesix Inc., Crescendo Bioscience Inc., Affymetrix, Complete Genomics Inc., Aperico Technologies Inc., One Lambda Inc., Datech Oncology, Life Technologies, Signal genetics, CardioDx Inc.

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.

The countries covered in the bioinformatics in in-vitro diagnostics (IVD) testing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Bioinformatics in in vitro diagnostics (IVD) involves applying computational methods, data analysis, and software tools to interpret biological data from diagnostic tests conducted outside the living organism. This includes using algorithms and statistical models to process large volumes of molecular and clinical data.

In the realm of bioinformatics in IVD testing, hardware encompasses the physical components and devices used in laboratory and computational settings. These tests, which include blood-based and tissue-based assays, find applications in detecting conditions such as cardiovascular diseases, chronic illnesses, diabetes, cancer, among others.

The bioinformatics in IVD testing market research report is one of a series of new reports that provides bioinformatics in IVD testing market statistics, including bioinformatics in IVD testing industry global market size, regional shares, competitors with bioinformatics in IVD testing market share, detailed bioinformatics in IVD testing market segments, market trends, and opportunities, and any further data you may need to thrive in the bioinformatics in IVD testing industry. This bioinformatics in IVD testing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bioinformatics in in-vitro diagnostics (IVD) testing market consists of revenues earned by entities by providing services such as clinical decision support systems, sequence analysis, and clinical genomics software. The market value includes the value of related goods sold by the service provider or included within the service offering. The bioinformatics in in vitro diagnostics (IVD) testing market also includes sales of sequencing tools and diagnostics tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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