IVD In Cardiology And Neurology Market To Reach $30.54 Billion By 2030

IVD In Cardiology And Neurology Market Growth & Trends

The global IVD in cardiology and neurology market size is anticipated to reach USD 30.54 billion by 2030, registering a CAGR of 9.44% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is primarily driven by the increasing prevalence of cardiovascular and neurological disorders aided by the growing geriatric population. According to an article published by the World Heart Federation, in 2023, cardiovascular diseases (CVDs) are the leading cause of death worldwide, with an estimated deaths registered being 20.5 million in 2021. Moreover, neurological disorders are found to affect 15% of the total population globally.

Innovative treatments that combine new or existing medicines with biomarkers are continuously being launched. For instance, currently, biomarkers are used for the treatment of neurological diseases to track brain health by measuring molecules. Recent progressions in biomarkers, such as biomarker signatures, are enhancing the treatment of neurological diseases. This has resulted in early diagnosis, faster drug development, and noninvasive testing. Moreover, digital biomarkers offer numerous pharmaceutical companies contextual and supplemental information to conclude clinical trial decisions. For instance, IXICO Plc is collaborating with major biopharmaceutical firms to authenticate clinically digital biomarkers and use them in clinical trials.

Moreover, the development and introduction of BBBM tests for the diagnosis of indications, such as AD & mild traumatic brain injury, among others, are contributing to market growth. For instance, in March 2020, NIH-funded researchers developed a blood-based test for detecting phosphorylated-tau-181 (ptau181), indicating Alzheimer's disease presence. This approach is less costly and invasive than the existing brain imaging & spinal fluid tests. Similarly, in January 2021, Abbott introduced the first rapid blood test for traumatic brain injury, including concussion. This test measures a particular protein that is found in the blood after a traumatic brain injury and can be used to rule out the need for CT scanning in case of negative test results.

Furthermore, IVDs are gaining increasing importance across various clinical fields for the diagnosis and monitoring of various diseases. A rise in the availability of novel IVD solutions for cardiovascular and neurological disorders is one of the major drivers anticipated to boost market growth. For instance, in October 2023, Mindray announced the expansion of its cardiac biomarker portfolio with the launch of two novel highly sensitive NT-proBNP and troponin I (hs-cTnI) cardiac biomarkers. With this launch, the company aims to enhance and diversify its existing portfolio with innovative technologies for better diagnosis and management of CVDs. Moreover, in July 2023, Quest Diagnostics announced the availability of the first test available for consumers, the AD-Detect Test for Alzheimer's Disease that helps in accessing the potential risk of developing Alzheimer's disease.

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IVD In Cardiology And Neurology Market Report Highlights

• The reagents & consumables segment led the market and is anticipated to register the fastest CAGR from 2024 to 2030 owing to extensive R&D initiatives being undertaken by major players for the development of novel biomarker kits

• The immunoassays segment led the market in 2023 due to the rising R&D about the development of novel immunological diagnostic solutions

• The molecular diagnostic segment is anticipated to grow at the fastest CAGR from 2024 to 2030 owing to the development of advanced and innovative molecular diagnostics instruments

• The hospitals end-use segment led the market in 2023 due to the popular trend of providing innovative devices in hospitals by key plato provideiding quality care

• North America dominated the global market in 2023 owing to factors, such as advanced healthcare infrastructure, rising prevalence of target diseases, and favorable regulatory environment

 IVD In Cardiology And Neurology Market Segmentation

Grand View Research has segmented the global IVD in cardiology and neurology market on the basis of product type, technology, end-use, and region:

IVD In Cardiology & Neurology Product Type Outlook (Revenue, USD Million, 2018 - 2030)

• Instruments

• Reagents & Consumables

• Software & Services

IVD In Cardiology & Neurology Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Immunoassays

• Molecular Diagnostics

• Hematology

• Others

IVD In Cardiology & Neurology End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Clinical Laboratories

• Others

IVD In Cardiology & Neurology Regional Outlook (Revenue, USD Million, 201P8 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Thailand

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in IVD In Cardiology And Neurology Market

• Thermo Fisher Scientific Inc.

• F. Hoffmann-La Roche Ltd.

• Sysmex Corporation

• Siemens Healthineers AG

• Quest Diagnostics Incorporated

• Abbott

• BD

• Bio-Rad Laboratories, Inc.

• Beckman Coulter, Inc.