The global bioinformatics in IVD testing market size is projected to register a substantial CAGR during the forecast period attributed to the wide association of bioinformatics IVD companies with various IT companies. The rising association offers to develop advanced software and diagnostic kits that help in the effective analysis of congenital diseases.
The bioinformatics in IVD tests are taken for the diagnosis of life-threatening and inherited diseases such as cancer. It also helps in the diagnosis of other several disorders caused by viruses or bacteria and also allows facilities to study, assess, and analyze the health concerns and prepare their therapy management.
The outbreak of COVID-19 pandemic had a positive impact on global bioinformatics in the IVD market as the IVD testing is extensively used for coronavirus detection and research related to the virus. Several new products have been launched recently that provide easy home care settings and offer point of care system that would reduce patients’ hospitals visit. The IVD testing process is also used in diagnosis and treatment of other several diseases such as Alzheimer’s disease, gastrointestinal disorder, Parkinson’s disease, genome sequencing, arthritis, blood-based diagnosis, mass spectroscopy diagnosis, and psychiatric disorders.
Market Trends, Drivers, Restraints, and Opportunities
- Rise in incidence of life-endangering diseases such as cancer, HIV, and others along with increase in awareness among people for early diagnosis are key drivers of the market.
- Advancement of technology for diagnosis of such diseases along with large research and development projects are expected to propel the market growth.
- Launch of innovative diagnostics test that are highly efficient along with cost-effectiveness is a key factor driving the market growth.
- Increase in affiliations of research organizations with IT companies to provide cost-efficient medicines for incurable diseases is another key factor expected to help grow the market.
- Incompetent reimbursement methods used at pathology labs is a major restraining factor expected to hamper in the market growth.
Scope of the Report
The report on the global bioinformatics in IVD testing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Bioinformatics In IVD Testing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Disease Types (Chronic Diseases, Cardiovascular Diseases, Cancer, and Diabetes) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast |
| Key Players Covered in the Report | Biodesix Inc.; AssureRx Health Inc.; Bioreference Laboratories Inc.; Affymetrix; Aperico Technologies Inc.; Medtronic Inc.; CardioDx Inc.; Signal genetics and One Lambda Inc.; Datech Oncology; Life Technologies; and Pathogenica |
Market Segment Insights
Cancer diagnostic segment is anticipated to dominate the market
On the basis of disease types, the global bioinformatics in IVD testing market is categorized as chronic diseases, cardiovascular diseases, cancer, and diabetes. The cancer diagnostic segment is anticipated to dominate the market during the forecast period owing to increase in incidence of target diseases and wide adoption of therapy management for cancer. Another reason that helps to grow the cancer diagnostic segment is the rapid development of diagnostic devices and technology that helps in mass spectroscopy process.
Asia Pacific is a fast-growing market
In terms of region, the global bioinformatics in IVD testing market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America constituted a key share of the bioinformatics in IVD testing market in 2020 and is expected to exhibit a high CAGR during the forecast period. The regional market growth is attributed to the rise in awareness regarding health and increase in expenditure of patients for the disease treatment. On the other hand, Asia-Pacific is a fast-growing market and the market of the region is expected to grow at a rapid pace during the forecast period due to an increase in the incidence of cancer and other rare diseases among a large number of people in the region.
Segments
Segments Covered in the Report
The global bioinformatics in IVD testing market has been segmented on the basis of
Disease Types
- Chronic Diseases
- Cardiovascular Diseases
- Cancer
- Diabetes
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Biodesix Inc.
- AssureRx Health Inc.
- Bioreference Laboratories Inc.
- Affymetrix
- Aperico Technologies Inc.
- Medtronic Inc.
- CardioDx Inc.
- Signal genetics and One Lambda Inc.
- Datech Oncology
- Life Technologies
- Pathogenica
Competitive Landscape
Key players competing in the global bioinformatics in IVD testing market are Biodesix Inc.; AssureRx Health Inc.; Bioreference Laboratories Inc.; Affymetrix; Aperico Technologies Inc.; Medtronic Inc.; CardioDx Inc.; Signal genetics and One Lambda Inc.; Datech Oncology; Life Technologies; and Pathogenica. Many of these players have adopted business strategies such as collaborations with IT companies to design specific software to detect specific diseases. For instance, “Watson” a supercomputer developed by IBM that is able to store databases and recommend suitable treatments based on individuals.
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