In-vitro diagnostics for cardiology and neurology Market size was valued at USD 15.83 billion in 2023 and is set to cross USD 47.96 billion by 2036, registering more than 8.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of In-vitro diagnostics for cardiology and neurology is evaluated at USD 16.96 billion. The growth of the market can be attributed to the growing adoption of point-of-care testing devices to fuel the demand for in-vitro diagnostics tests, and increasing prevalence of chronic diseases across the globe. In 2019, approximately 18 million people in the world died from cardiovascular diseases, and about 9 million people from cancer, both of which are chronic diseases. Along with these, rising awareness levels regarding disease diagnosis, and rapidly surging geriatric population worldwide, as they are more prone to several disorders, are also expected to drive market growth in the forthcoming years. Furthermore, pharmaceutical companies are investing heavily on the development of condition-specific markers and tests, which in turn is projected to offer ample growth opportunities to the market in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.9% |
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Base Year Market Size (2023) |
USD 15.83 billion |
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Forecast Year Market Size (2036) |
USD 47.96 billion |
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Regional Scope |
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The market is segmented by product type into instruments, data management software, and reagents & consumables, out of which, the reagents & consumables segment is anticipated to observe robust growth in the global in-vitro diagnostics for cardiology and neurology industry. This can be accounted to the fact that recently developed reagents & consumables possess high precision and enable accurate diagnosis. Apart from these, rise in research and development activities to diagnose chronic disorders is also predicted to raise the demand for reagents in the future. Additionally, on the basis of end user, the hospitals segment is assessed to acquire the largest share during the forecast period owing to the huge amount of diagnostic testing required for supporting a clinical decision to enhance patient discovery, which is only possible in a hospital facility.
Our in-depth analysis of the market includes the following segments:
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By Product Type |
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By Technology |
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End user |
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Regionally, the global in-vitro diagnostics for cardiology and neurology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is poised to dominate majority revenue share by 2036, attributed to growing investments by healthcare providers to improve the diagnostics infrastructure in the region. In addition, high need to maintain the rising burden of cardiological diseases is also expected to boost the market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period owing to the high healthcare spending, increasing investments to improve molecular diagnostic devices, and strong presence of major market players in the region. As per the data provided by the Centers for Medicare and Medicaid Services, the healthcare spending in the United States grew 9.7 percent in 2020, reaching a value of USD 4.1 trillion or USD 12,530 per person.
December 2021- Roche completed the purchase agreement or expanding PCR-test portfolio in the fight against new infectious diseases with its long-term partner TIB Molbiol.
November 2021- Thermo Fisher Scientific launched a new in-vitro diagnostics system that enables assay developers and clinical laboratories to accelerate molecular diagnosis growth.
Author Credits: Radhika Pawar
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