Global In-Vitro Diagnostics for Cardiology and Neurology Market Highlights Over 2022 - 2031
The global in-vitro diagnostics for cardiology and neurology market is estimated to garner a large amount of revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing adoption of point-of-care testing devices to fuel the demand for in-vitro diagnostics tests, and increasing prevalence of chronic diseases across the globe. In 2019, approximately 18 million people in the world died from cardiovascular diseases, and about 9 million people from cancer, both of which are chronic diseases. Along with these, rising awareness levels regarding disease diagnosis, and rapidly surging geriatric population worldwide, as they are more prone to several disorders, are also expected to drive market growth in the forthcoming years. Furthermore, pharmaceutical companies are investing heavily on the development of condition-specific markers and tests, which in turn is projected to offer ample growth opportunities to the market in the near future.
The market is segmented by product type into instruments, data management software, and reagents & consumables, out of which, the reagents & consumables segment is anticipated to observe robust growth in the global in-vitro diagnostics for cardiology and neurology market. This can be accounted to the fact that recently developed reagents & consumables possess high precision and enable accurate diagnosis. Apart from these, rise in research and development activities to diagnose chronic disorders is also predicted to raise the demand for reagents in the future. Additionally, on the basis of end user, the hospitals segment is assessed to acquire the largest share during the forecast period owing to the huge amount of diagnostic testing required for supporting a clinical decision to enhance patient discovery, which is only possible in a hospital facility. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global In-Vitro Diagnostics for Cardiology and Neurology Market Regional Synopsis
Regionally, the global in-vitro diagnostics for cardiology and neurology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing investments by healthcare providers to improve the diagnostics infrastructure in the region. In addition, high need to maintain the rising burden of cardiological diseases is also expected to boost the market growth in the region in the coming years. Moreover, the market in North America is projected to grab the largest share during the forecast period owing to the high healthcare spending, increasing investments to improve molecular diagnostic devices, and strong presence of major market players in the region. As per the data provided by the Centers for Medicare and Medicaid Services, the healthcare spending in the United States grew 9.7 percent in 2020, reaching a value of USD 4.1 trillion or USD 12,530 per person.
The global in-vitro diagnostics for cardiology and neurology market is further classified on the basis of region as follows:
Our in-depth analysis of the global in-vitro diagnostics for cardiology and neurology market includes the following segments:
By Product Type
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing adoption of point-of-care testing devices, and increasing prevalence of chronic diseases across the globe.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022-2031.
Asia Pacific will provide more business opportunities for market growth owing to the growing investments by healthcare providers to improve the diagnostics infrastructure in the region.
The major players in the market are Thermo Fisher Scientific Inc., F. Hoffman-La Roche Ltd, Sysmex Corporation, Siemens AG, Becton, Dickinson, and Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, technology, end user, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
High cost of in-vitro diagnostics instruments is estimated to hamper the market growth.
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