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

News provided by

Nov 29, 2023, 03:46 ET

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.

Report Attribute	Specifications
Growth Rate CAGR	CAGR of 14.8% from 2023 to 2031
Quantitative Units	Representation of revenue in US$ Million and CAGR from 2023 to 2031
Historic Year	2019 to 2022
Forecast Year	2023-2031
Report Coverage	The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments Covered	By Application, End-user, By Technology
Regional Scope	North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope	U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia

Request for Sample Pages: https://www.insightaceanalytic.com/request-sample/1773

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.

Enquiry Before Buying: https://www.insightaceanalytic.com/enquiry-before-buying/1773

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

For More Customization: https://www.insightaceanalytic.com/customisation/1773

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

About Us:

InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis of key market insights in a timely and cost-effective manner.

InsightAce Analytic Pvt. Ltd.
Tel.: +1 551 226 6109
Email: [email protected]
Site Visit: www.insightaceanalytic.com
Follow Us on LinkedIn @ bit.ly/2tBXsgS
Follow Us On Facebook @ bit.ly/2H9jnDZ

Logo: https://mma.prnewswire.com/media/1729637/InsightAce_Analytic_Logo.jpg

SOURCE InsightAce Analytic Pvt. Ltd