IVD in Cardiology and Neurology Market – By Product Type (Instruments, Reagents, Kits & Consumables, Software & Services), Technology (Immunoassays, Molecular Diagnostics, Hematology), End-use (Hospitals, Clinics) – Global Forecast (2024 - 2032)

IVD in Cardiology and Neurology Market – By Product Type (Instruments, Reagents, Kits & Consumables, Software & Services), Technology (Immunoassays, Molecular Diagnostics, Hematology), End-use (Hospitals, Clinics) – Global Forecast (2024 - 2032)

IVD in cardiology and neurology market size is projected to record 5% CAGR between 2024 and 2032, driven by the rising prevalence of cardiovascular and neurological diseases. As per WHO, cardiovascular diseases (CVDs) are the major cause of death worldwide, claiming around 17.9 million lives every year. As heart diseases and strokes continue to be the leading causes of death, the demand for early and accurate diagnostic tools is increasing. IVD technologies, such as biomarkers, molecular diagnostics, and point-of-care testing provide critical information for the timely detection, monitoring, and management of these conditions.

Rapid technological innovations and increasing healthcare expenditures will also influence the market growth. The development of new diagnostic platforms, such as next-generation sequencing, digital pathology, and AI-based diagnostic tools will improve the accuracy and efficacy of tests, making them indispensable in clinical settings. Investments in healthcare infrastructure, specifically in emerging economies, will also improve access to advanced diagnostic services, expanding the market growth.

The IVD in cardiology and neurology industry is segmented into product type, technology, end-use and region.

Based on product type, the market share from the software & services segment is poised to generate substantial revenue by 2032, favored their accuracy, efficiency, and integration of diagnostic procedures. Advanced software enables analysis of complex diagnostic data for accurate and timely patient care decisions while automating procedures and improving efficiency. Services, such as data management, remote monitoring and telemedicine are also becoming increasingly important, especially due to the prevalence of chronic cardiovascular and neurological diseases.

IVD in cardiology and neurology industry from the hematology technology segment is slated to witness decent growth during 2024-2032, led by the strong need for providing crucial insights into blood-related parameters. Hematology tests, such as complete blood count (CBC) and coagulation profiles help detect conditions like anemia, clotting disorders, and diseases that can seriously affect heart and brain health. These tests are also important to assess risk factors, examine the progression of the disease and estimate the effectiveness of treatment measures.

Asia Pacific IVD in cardiology and neurology industry is anticipated to expand at a modest rate over 2024-2032, attributed to the increasing burden of neurological and cardiovascular diseases. Rapid urbanization and lifestyle changes have surged the incidence of diseases, such as strokes, dementia, and coronary heart disease, further increasing the demand for advanced diagnostic solutions. Multiple governments in the region are also investing significantly in health infrastructure and promoting early diagnosis through public health initiatives, stimulating the regional market growth.