Jersey City, NJ, May 04, 2023 (GLOBE NEWSWIRE) -- According to the latest research by InsightAce Analytic, the global Smart or AI In-Vitro Diagnostics Market size is valued at US$ 1.23 Billion in 2022, & it is expected to reach US$ 3.12 Billion in 2031, recording a promising CAGR of 11.2% during the forecast period of 2023-2031.
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.
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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.
Key developments in the market:
- 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.
Some of the prominent players in the Smart or AI In-Vitro Diagnostics market are:
- Adaptive Biotechnologies
- Aidoc
- Anumana
- ARUP Laboratories
- Atomwise
- Bayesian Health
- Behold.ai
- BGI Genomics Co. Ltd
- bioMérieux Diagnostics
- Bio-Rad Laboratories, Inc
- Cambridge Cognition
- Cardiologs (Phillips)
- CareDx
- Caris Molecular Diagnostics
- Cleerly
- ClosedLoop AI
- CloudMedX Health
- Deepcell
- Digital Diagnostics
- EKF Diagnostics Holdings
- Freenome
- GE Healthcare
- Glooko
- Idoven
- Illumina
- Infohealth
- Jade
- K Health
- Lunit
- MaxCyte
- Mayo Clinic Laboratories
- Medtronic
- Merative
- Nanox
- NIOX Group
- Niramai Health Analytix
- NVIDIA
- Oncohost
- OraLiva
- Owkin
- Oxford Nanopore Technologies
- Pacific Biosciences
- Paige.AI
- PathAI
- Perthera
- Philips Healthcare
- Prognos
- Qiagen
- Qure.ai
- Renalytix
- Seegene
- Siemens Healthineers
- Sophia Genetics
- Sysmex
- Viz.ai
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Smart or AI In-Vitro Diagnostics Market Report Scope
| Report Attribute | Specifications |
| Growth rate CAGR | CAGR of 11.2 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, 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 statistics, growth prospects, and trends |
| Segments covered | Application Area, Software Solution, End-user, Type of Deployment |
| 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; Southeast Asia; South Korea; Southeast Asia |
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. (InsightAce Study)" 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.
Leading manufacturers of this field focus on offering high quality and customizable services to the clients. Also, partnerships, collaborations, mergers, and acquisitions are helping market players to boost their businesses.
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Market Segments:
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Application Area
- Donor eligibility assessment
- Sample collection
- Manufacturing
- Logistics
- Patient verification and treatment follow-up
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Type of Software Solution
- Cell orchestration platform
- Enterprise manufacturing system
- Inventory management system
- Laboratory information management system
- Logistics management system
- Patient management system
- Quality management system
- Tracking and tracing system
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on End-User
- Biobank
- Cell Therapy Lab
- Hospital
- Research Institute
- Commercial Organization
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Type of Deployment
- Cloud-Based
- On-premises
Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2023 to 2031 based on Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
- U.S.
- Canada
Europe Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Smart or AI In-Vitro Diagnostics market revenue (US$ Million) by Country, 2023 to 2031
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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