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IVD in Cardiology and Neurology Market Size

Report ID: GMI8846
Published Date: Apr 2024
Report Format: PDF

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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.

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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.

IVD in Cardiology and Neurology Market Report Attributes
Report Attribute	Details
Base Year:	2023
IVD in Cardiology and Neurology Market Size in 2023:	USD 15.6 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	5%
2024 – 2032 Value Projection:	USD 24 Billion
Historical Data for:	2021 – 2023
No. of Pages:	176
Tables, Charts & Figures:	285
Segments covered:	Product Type, Technology, End-use, and Region
Growth Drivers:	Growing prevalence of cardiovascular and neurological disorders Technological advancements in IVD diagnostics Rising adoption of point of care testing Increasing focus on research for the development of novel diagnostics
Pitfalls & Challenges:	Stringent regulatory scenario High development costs

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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.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

IVD in cardiology and neurology industry size was USD 15.6 billion in 2023 and is estimated to exceed USD 24 billion by 2032, due to increasing incidence and prevalence of cardiovascular diseases (CVDs) and neurological disorders like Alzheimer's disease, Parkinson's disease, and stroke.

The reagents, kits, & consumables product type segment is estimated to record USD 12 billion by the end of 2032, owing to higher adoption in diagnostic testing for cardiovascular and neurological disorders.

North America held 40.8% of the IVD in cardiology and neurology industry share in 2023, and will witness significant growth till 2032, due to presence of well-established healthcare infrastructure, advanced diagnostic technologies, and a strong emphasis on R&D in the field of medicine.

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, and Thermo Fisher Scientific Inc.