IVD in Cardiology and Neurology Market – By Product Type (Instruments, Reagents, Kits & Consumables, Software & Services), Technology (Immunoassays, Molecular Diagnostics, Hematology), End-use (Hospitals, Clinics) – Global Forecast (2024 - 2032)

IVD in Cardiology and Neurology Market Size

IVD in Cardiology and Neurology Market size was valued at around USD 15.6 billion in 2023 and is estimated to reach over USD 24 billion by 2032. IVD in cardiology and neurology refers to diagnostic tests that are performed on samples of blood, tissue, or other bodily fluids outside of the body (in vitro) to detect diseases, conditions, or abnormalities related to the cardiovascular system or the nervous system.
 

The increasing incidence and prevalence of cardiovascular diseases (CVDs) and neurological disorders such as Alzheimer's disease, Parkinson's disease, and stroke are driving the demand for diagnostic tests in these areas. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) claim approximately 17.9 million lives annually, making them the primary cause of death worldwide. Additionally, neurological disorders rank as the second most common cause of death and the leading cause of disability globally.
 

A pioneering study on the Global Burden of Disease (GBD) forecasts a significant increase in the number of individuals affected by brain diseases, with projections indicating a doubling by 2050. Thus, as the global population ages and lifestyles change, the burden of these diseases is expected to rise, necessitating more accurate and timely diagnostic solutions.
 

The increasing adoption of point-of-care testing (POCT) in clinical settings contributes to the growth of markets. POCT devices offer rapid and decentralized diagnostic solutions, allowing for timely diagnosis and immediate treatment decisions at the patient's bedside or in remote settings. The convenience, speed, and accuracy of POCT devices enhance patient care and outcomes, particularly in emergency situations or resource-limited settings.
 

IVD in Cardiology and Neurology Market Trends

Advances in in-vitro diagnostics  (estimated to reach USD 141 billion by 2032), technologies, including molecular diagnostics, next-generation sequencing, imaging modalities, and biomarker discovery, have led to the development of more sensitive, specific, and efficient diagnostic tests for cardiovascular and neurological conditions. These technological advancements enable healthcare providers to diagnose diseases more accurately, assess disease severity, predict treatment response, and monitor disease progression with greater precision.
 

• There is a growing emphasis on research and development efforts aimed at identifying novel biomarkers, imaging techniques, and diagnostic algorithms for cardiovascular and neurological disorders.
   
• The focus on innovation drives the development of new diagnostic tests that improve sensitivity, specificity, and predictive value, ultimately leading to better patient outcomes through early detection, personalized treatment approaches, and effective disease management.
   

IVD in Cardiology and Neurology Market Analysis

Based on product type, the market is segmented into instruments, reagents, kits, & consumables, and software & services. The reagents, kits, & consumables segment is estimated to account for USD 12 billion by 2032.
 

• This growth is driven by several factors, including the essential role of these products in diagnostic testing for cardiovascular and neurological disorders, the increasing demand for such testing due to rising disease prevalence, and ongoing technological advancements in diagnostic technologies.
   
• Additionally, the expansion of point-of-care testing and continued research and development efforts in cardiology and neurology contribute to the heightened demand for reagents, kits, and consumables.
   
• Thus, as these products remain integral components in the diagnostic process, their market expansion reflects the evolving landscape of diagnostic testing and the pursuit of improved patient care in these critical areas of medicine.
   

Based on technology, the IVD in cardiology and neurology market is segmented into immunoassays, molecular diagnostics, hematology, and other technologies. The immunoassays segment held a substantial revenue of USD 6.6 billion in 2023.
 

• Immunoassays are widely utilized in the diagnosis and monitoring of various cardiovascular and neurological conditions due to their high sensitivity and specificity in detecting biomarkers associated with these disorders.
   
• Ongoing advancements in immunoassay technologies, such as enzyme-linked immunosorbent assays (ELISA) and chemiluminescent immunoassays (CLIA), have improved assay performance, enabling healthcare professionals to obtain more precise diagnostic results.
   
• Immunoassays are often preferred for their ease of use, scalability, and cost-effectiveness, making them suitable for both centralized laboratory settings and point-of-care testing environments.
   

Based on end-use, the IVD in cardiology and neurology market is segmented into hospitals & clinics, diagnostic laboratories, and other end-users. The hospitals & clinics segment is anticipated to reach USD 12.9 billion by 2032.
 

• Hospitals and clinics serve as primary points of care for individuals seeking diagnosis, treatment, and management of cardiovascular and neurological conditions. As such, these healthcare facilities require a wide range of diagnostic tests and tools to accurately assess patient health and guide clinical decision-making.
   
• The increasing prevalence of cardiovascular diseases (CVDs) and neurological disorders globally further drives the demand for diagnostic testing services in hospitals and clinics.
   
• The growing emphasis on early detection, personalized medicine, and preventative healthcare initiatives reinforce the importance of diagnostic testing in hospitals and clinics.
   

In 2023, North America held a significant market share of 40.8% in the IVD in cardiology and neurology market and is predicted to witness substantial market growth over the analysis timeline.
 

• North America benefits from a well-established healthcare infrastructure, advanced diagnostic technologies, and a strong emphasis on research and development in the field of medicine. This allows for the widespread adoption of innovative diagnostic tests and tools for cardiovascular and neurological conditions, driving market growth.
   
• The region's high prevalence of cardiovascular diseases and neurological disorders, coupled with an aging population, increases the demand for diagnostic testing services to accurately diagnose, monitor, and manage these conditions.
   
• Supportive government policies, favorable reimbursement schemes, and investments in healthcare technology further contribute to market growth by facilitating access to advanced diagnostic solutions.
   
• Moreover, collaborations between healthcare providers, academic institutions, and industry stakeholders promote the development and adoption of cutting-edge diagnostic technologies, enhancing the region's position as a leader in the IVD market for cardiology and neurology.
   

IVD in Cardiology and Neurology Market Share

The IVD in cardiology and neurology industry is competitive in nature, with several large multinationals and small and mid-sized companies competing in the industry. The development and launch of novel advanced products and services based on different technologies is among a key market strategy. Some of the leading industry players have a notable presence in the market.
 

IVD in Cardiology and Neurology Market Companies

Some of the eminent market participants operating in the IVD in cardiology and neurology industry include:

• Abbott Laboratories
• Becton, Dickinson and Company
• bioMerieux S.A.
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• DiaSorin S.p.A.
• F. Hoffmann-La Roche Ltd.
• QIAGEN N.V.
• Siemens Healthineers AG
• Sysmex Corporation
• Thermo Fisher Scientific Inc.
   

IVD in Cardiology and Neurology Industry News:

• In March 2023, Abbott obtained U.S. FDA clearance for the first commercially available laboratory traumatic brain injury (TBI) blood test. Operating on Abbott's Alinity i laboratory instrument, this test provided clinicians with an objective way to quickly assess individuals with mild TBIs, revolutionizing the company’s product portfolio.
   
• In March 2022, BD collaborated with Babson Diagnostics for a strategic partnership to move blood sample collection into new care settings, allowing patients to collect blood samples at home for diagnostic testing. This strategy increased the advancements and facilities in in-vitro diagnostics, thereby generating more sales.
   

The IVD in cardiology and neurology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 -2032 for the following segments:

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Market, By Product Type

• Instruments
• Reagents, kits, & consumables
• Software & services

Market, By Technology

• Immunoassays
  • Enzyme-linked immunosorbent assay (ELISA)
  • Chemiluminescence immunoassay (CLIA)
  • Fluorescence immunoassay (FIA)
  • Other immunoassays 
• Molecular diagnostics
  • Polymerase chain reaction (PCR)
  • Hybridization
  • Sequencing
  • Isothermal nucleic acid amplification technology (INAAT)
  • Microarrays
  • Other molecular diagnostics
• Hematology
• Other technologies

Market, By End-use

• Hospitals & clinics
• Diagnostic laboratories
• Other end-users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East and Africa