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.
This product will be delivered within 3-5 business days.
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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Characteristics3. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Trends and Strategies32. Global Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Competitive Benchmarking33. Global Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Competitive Dashboard34. Key Mergers and Acquisitions in the Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
4. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market - Macro Economic Scenario
5. Global Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Size and Growth
6. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Segmentation
7. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Regional and Country Analysis
8. Asia-Pacific Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
9. China Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
10. India Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
11. Japan Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
12. Australia Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
13. Indonesia Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
14. South Korea Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
15. Western Europe Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
16. UK Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
17. Germany Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
18. France Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
19. Italy Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
20. Spain Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
21. Eastern Europe Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
22. Russia Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
23. North America Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
24. USA Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
25. Canada Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
26. South America Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
27. Brazil Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
28. Middle East Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
29. Africa Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market
30. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Competitive Landscape and Company Profiles
31. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Other Major and Innovative Companies
35. Bioinformatics in in-Vitro Diagnostics (IVD) Testing Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Bioinformatics In In-Vitro Diagnostics (IVD) Testing Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on bioinformatics in in-vitro diagnostics (IVD) testing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for bioinformatics in in-vitro diagnostics (IVD) testing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bioinformatics in in-vitro diagnostics (IVD) testing market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Hardware; Software2) By Type Of Test: Blood Based Tests; Tissue Based Tests
3) By Application: Cardiovascular Diseases; Chronic Diseases; Diabetes; Cancer; Other Applications
Key Companies Mentioned: Siemens Healthineers; International Business Machines Corporation; Medtronic Inc.; Parker Hannifin Corp.; Illumina Inc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | August 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 93.02 Billion |
Forecasted Market Value ( USD | $ 121.57 Billion |
Compound Annual Growth Rate | 6.9% |
Regions Covered | Global |