The In-vitro diagnostics for cardiology and neurology market is expected to register a CAGR of 6.03%, during the forecast period, 2018 to 2023. Due to increasing incidences of heart and neurological disorders, rapid adoption of point-of-care testing, along with increasing preference for personalized medicine, the in-vitro diagnostics market for cardiology and neurology in the North American region is expected to lead the global market during the forecast period.
According to Centers for Disease Control and Prevention, chronic diseases were the leading cause of death and disability in the United States. It also states that, in 2012, there were more than 117 million people or nearly half of all adults who had one or more chronic health condition. As of 2015, chronic diseases were responsible for 7 out of 10 deaths among Americans each year, and has also accounted for approximately 86% of the nation’s healthcare costs. This trend of prevalence of chronic diseases is likely to continue in the near future. Considering most of the chronic diseases are diagnosed by In-vitro tests, the increasing trend of chronic diseases is expected to drive the in-vitro diagnostics for cardiology and neurology market during forecast period.
In addition, increasing government healthcare expenditure, along with rapid adoption of point-of-care testing, is also expected to boost the global market.
According to FDA (Food and Drug Administration), in-vitro diagnostics products fall under medical devices category. Since IVDs include products used to collect specimens, or to prepare or examine specimens (e.g., blood, serum, urine, spinal fluid, tissue samples) after they are removed from the human body, maximum precaution is needed to prevent contamination even within the device. The guidelines laid for these devices are to be strictly followed, denial of which may result in product recalls, and thus, many companies are reluctant to enter into this market, which is acting as a major restraint for the US in-vitro diagnostics market.
Additionally, lack of favorable reimbursement policies in the field of in-vitro diagnostics is also hindering the growth of the global market.
The in-vitro diagnostics market is segmented by technology, product type, application type, and end-user. By technology type, immunoassay dominates the global in-vitro diagnostics for cardiology and neurology market, due to high accuracy of these tests, along with less time consumed. The advent of point-of-care testing, which mainly utilizes immunoassay technology is also a major factor responsible for driving the market for in-vitro diagnostics globally. Although, immunoassay dominates the market, the molecular diagnostics segment is expected to witness the highest CAGR in the overall market.
August 2017: ARCHITECT STAT High Sensitive Troponin-I test (currently available outside the U.S.) was developed by Abbott. This test can identify very low levels of cardiac troponin helping doctors to detect heart attack
Major Players: Abbott Laboratories, Inc., Johnson & Johnson, Becton, Dickson and Company, Danaher Corporation, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Alere, Inc., Roche Diagnostics Limited, and Siemens Healthcare, among others.
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