Artificial Intelligence In IVD Market Size (2024 - 2029)

Artificial Intelligence In IVD Market Analysis

The Artificial Intelligence In IVD Market size is estimated at USD 0.42 billion in 2024, and is expected to reach USD 1.16 billion by 2029, growing at a CAGR of 22.35% during the forecast period (2024-2029).

The growing burden of chronic and infectious diseases, rising demand for early disease detection, and advancements in artificial intelligence (AI) technology are expected to boost the expansion of artificial intelligence in the IVD market.

The prevalence of chronic diseases such as diabetes, cardiovascular disorders, and cancer is increasing globally. AI technologies are being increasingly utilized to enhance diagnostic accuracy, efficiency, and personalized treatment options for these conditions. By analyzing large datasets and identifying patterns that human experts may miss, AI in IVD enables earlier disease detection, better risk assessment, and more effective management strategies. For instance, according to the British Heart Foundation, in January 2024, around 7.6 million people in the United Kingdom lived with heart and circulatory diseases in 2023.

As per the same source, around 4 million males and 3.6 million females in the United Kingdom lived with heart and circulatory diseases in 2023. Studies suggest that over half of the United Kingdom population will likely develop a heart or circulatory condition during their lifetime. Thus, the rising cases of cardiovascular disease are driving the market by enabling early detection through advanced data analysis, predicting disease progression, enhancing imaging analysis accuracy, and providing clinical decision support.

Also, AI offers advanced capabilities to analyze extensive patient data and detect disease indicators at early stages. For instance, an article published by Sensors in August 2022 stated that the AI-powered universal diagnostic system has undergone rigorous validation in extensive clinical studies, demonstrating its effectiveness in identifying early disease detection markers and assessing disease severity across various applications such as cardiovascular diseases, COVID-19, and oral cancer. Thus, AI's ability to analyze complex data from imaging enables accurate and timely disease detection, supports personalized medicine, and improves overall healthcare efficiency, which will be anticipated to drive the growth of the market during the forecast period.

Hence, due to the aforementioned factors, such as the growing cases of cardiovascular disease and the rising capabilities of AI for early disease detection, the market is expected to continue to grow in the coming years. However, stringent regulatory approval processes and data privacy and security concerns significantly hinder the adoption of AI during the forecast period.

Artificial Intelligence In IVD Industry Segmentation

As per the scope of the report, artificial intelligence (AI) in in-vitro diagnostics (IVD) refers to the use of computational algorithms and machine learning techniques to analyze diagnostic data, interpret results, and provide insights that enhance accuracy, efficiency, and clinical decision-making in laboratory testing and medical diagnostics. The AI in the IVD market is segmented by application, technology, end user, and geography. By application, the market is segmented into oncology, infectious disease, cardiology, and other applications. By technology, the market is segmented into machine learning, deep learning, and other technologies. By end user, the market is segmented into hospitals and clinics, diagnostic laboratories, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report offers the value (in USD) for the above segments.