Smart or AI In-Vitro Diagnostics Market to Record an Exponential CAGR by 2031 - Exclusive Report by InsightAce Analytic

JERSEY CITY, N.J., Nov. 29, 2023 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Smart or AI In-Vitro Diagnostics Market Size, Share & Trends Analysis Report By Application Area (Cancer Diagnostics, Infectious Disease Testing, Metabolic Testing, Cardiac Testing, Diabetes Testing, and Other Disease Testing), By Technology (Next-Generation Sequencing (NGS)Technology, PCR Technology, Chemistry/IA Technology, Pathology Technology, and Other Technology), By End-User (Research, Pharmaceutical Research, and Clinical), Region, Market Outlook And Industry Analysis 2031"

The global Smart or AI In-Vitro Diagnostics market is estimated to exhibit a CAGR of 14.8% during the forecast period. 

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In recent times, there has been a recent uprise in the prevalence of chronic diseases, along with expanded research and development for the use of IVDs for more accurate and speedy diagnosis. Additionally, the rising utilization of pandemic-required breakthroughs, including digital pathology and remote collection, is anticipated to propel market growth.

It is projected that such technological improvements and product launches to simplify in-vitro diagnostics procedures will substantially impact the market under study throughout the forecast period. The major elements propelling the growth of the smart or AI In-Vitro diagnostics market are the growing number of chronic and infectious diseases worldwide, growing awareness of early disease identification, a shift in emphasis from centralized to point-of-care testing, and the emergence of the COVID-19 pandemic.

In addition, market participants have an enormous amount of growth potential due to the emergence of new markets, technological advancements, and advances in genomics and proteomics. The COVID-19 pandemic's beneficial market effects resulted from the pandemic's dramatic increase in testing volume. With the pandemic, diagnostic testing became an integral tool. Key manufacturers are focusing on developing novel kits and assays due to the pandemic.

List of Prominent Players in the Smart or AI In-Vitro Diagnostics Market:

• Adaptive Biotechnologies
• ARUP Laboratories
• Bay Echo Labs
• BGI Genomics
• Biofourmis Singapore Pte. Ltd.
• CareDX
• Caris Life Sciences
• Case Western Reserve University
• Clever Culture Systems
• CompCyst
• Copan Diagnostics
• Curetis Group
• Diagnomics
• DNAnexus
• Eko
• Euroclone Diagnostica
• Flagship Biosciences
• Freenome
• Genomenon
• GenomeSmart
• Gilead
• Gnosis Data Analysis
• Google
• Grail
• Ibex Medical
• IBM Watson Health
• Individumed
• Inspirata
• Institut Curie
• IntegraGen
• IQVIA
• Johns Hopkins
• LabCorp
• LungLife AI
• Maxwell Plus
• Medtronic
• Nikon Instruments
• OPTiM
• Oxford Nanopore
• Paragon Genomics
• PathAI
• Pathway Genomics
• Persivia
• Phase Genomics
• Philips
• Predicine
• PredictImmune
• Predigraft
• Qiagen
• Rady Children's Institute for Genomic Medicine
• Reliant Immune Diagnostics
• RenalytixAI
• Seegene
• Siemens Healthineers
• Sophia Genetics
• Surgisphere Corporation
• Sysmex
• UgenTec
• Viome
• Xifin

Market Dynamics:

Drivers-

The substantial incidence of chronic diseases, expanding use of point-of-care (POC) diagnostics, and growing adoption of customized healthcare and companion diagnostics are the main drivers propelling the growth of the Indian in-vitro diagnostics market. The primary driver of market development is the rising incidence of chronic diseases like cancer, diabetes, and others in the nation.

The other significant drivers are the big corporations' research and production facilities. In order to provide more effective and timely treatment, early cancer diagnosis is becoming essential. This will increase the need for in-vitro diagnostics, which is expected to propel market growth throughout the forecast period. Additionally, cutting-edge medical technology advancements, including biosensors, lab-on-a-chip, wearables, and POC diagnostics, are progressively playing a significant role in healthcare.

Challenges:

Strict regulations and onerous reimbursement procedures will likely hamper the market's expansion. Over the projected period, a severe regulatory environment is anticipated to impede the in-vitro diagnostics market's revenue growth. Regulatory agencies have shortened medical device and IVD kit approval procedures in emerging nations. However, a protracted approval process causes the approval process to be delayed in nations with developing healthcare infrastructure. This restricts product commercialization, which has an impact on market revenue growth.

Regional Trends:

The North America Smart or AI In-Vitro Diagnostics market is expected to record a noteworthy market share in revenue and grow at a high CAGR shortly. Growing population, rapid urbanization, increasing industrialization, and increasing R&D activities by prominent players are factors expected to proliferate the growth of the region's AI in the IVD (In-Vitro Diagnostics) market. Similarly, Asia Pacific had a substantial share of the market.

The increased prevalence of chronic and infectious diseases, the rising geriatric population, increased access to healthcare services, and a growing number of hospitals and clinics are the main factors propelling the growth of the Asia-Pacific IVD market. Cancer, diabetes, infectious diseases, cardiovascular issues, and other conditions can all be diagnosed in vitro. The increase in healthcare spending and the incidence of diabetes have been related to the expansion of the Asia-Pacific area.

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Recent Developments:

• In Jan 2023, Qiagen introduced the EZ2 Connect MDx IVD platform for automated laboratory sampling. Eighteen months after making the platform accessible for research, the company has made it available for widespread use. Recently, Qiagen and Neuron23 signed an agreement to develop a next-generation sequencing (NGS) companion diagnostic (CDx) for the treatment of Parkinson's disease with Neuron23's brain penetrant leucine-rich repeat kinase (LRRK2) inhibitor.
• In Feb 2023, Ibex Medical Analytics' pathology diagnostics platform, Galen Prostate, was granted a CE mark under the European Union's (EU) In Vitro Diagnostic Medical Devices Regulation (IVDR). The new platform has been devised to assist pathologists with prostate biopsy primary diagnosis. The platform employs AI to analyze specimens prior to pathologist evaluation, thereby enhancing the efficiency and accuracy of cancer diagnosis and streamlining pathology workflows.
• In June 2022, The CoviEasy Self-test Rapid Antigen kit for COVID-19, accompanied by an AI-driven mobile app, was introduced by Genes2Me Pvt. Ltd.
• In February 2022, CoviSwift, a point-of-care (POC) testing solution comprised of the CoviSwift assay and Compact-Q machines, was introduced by Mylab Discovery Solutions. It processes 16 samples in 40 minutes, four times faster than the standard RT-PCR testing approach.

Segmentation of Smart or AI In-Vitro Diagnostics Market-

By Application

• Cancer Diagnostics
• Infectious Disease Testing
• Metabolic Testing
• Cardiac Testing
• Diabetes Testing
• Other Disease Testing

By Technology

• Next-Generation Sequencing (NGS)Technology
• PCR Technology
• Chemistry/IA Technology
• Pathology Technology
• Other Technology

By End-user

• Research
• Pharmaceutical Research
• Clinical

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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Why should buy this report:

• To receive a comprehensive analysis of the prospects for the global Smart or AI In-Vitro Diagnostics market
• To receive an industry overview and future trends in the global Smart or AI In-Vitro Diagnostics market
• To analyze the Smart or AI In-Vitro Diagnostics market drivers and challenges
• To get information on the Smart or AI In-Vitro Diagnostics market size value (US$ Mn) forecast till 2031
• Major Investments, Mergers & Acquisitions in the global Smart or AI In-Vitro Diagnostics market industry

Other Related Reports Published by InsightAce Analytic:

AI in Remote Patient Monitoring Market

AI in Respiratory Diseases Market

AI in Patient Management Market

Digital Pathology Market

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