In Vitro Diagnostics - Baltics | Statista Market Forecast

The projected revenue in the In Vitro Diagnostics market market in the Baltics is expected to reach US$140.40m by the year 2024.
It is anticipated that the revenue will show a Compound Annual Growth Rate (CAGR) of 3.77% between 2024 and 2029, leading to a market volume of US$169.00m by 2029.
When compared globally, the United States is expected to generate the highest revenue in this market, with an estimated amount of US$30.10bn in 2024.
In the Baltics, the In Vitro Diagnostics market is experiencing a surge in demand for advanced genetic testing services.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in the Baltics is experiencing significant growth and development. Customer preferences in the Baltics are driving the growth of the In Vitro Diagnostics market. Customers in the region are increasingly seeking access to advanced diagnostic technologies and tests to improve healthcare outcomes. They are also demanding faster and more accurate diagnostic results, leading to a growing demand for point-of-care testing and molecular diagnostics. Additionally, the aging population in the Baltics is contributing to the increased demand for In Vitro Diagnostics as the prevalence of chronic diseases rises. Several trends are shaping the In Vitro Diagnostics market in the Baltics. Firstly, there is a shift towards personalized medicine, with healthcare providers and patients alike recognizing the importance of tailored diagnostic tests and treatments. This trend is driving the adoption of advanced molecular diagnostics, such as genetic testing and companion diagnostics. Secondly, there is a growing emphasis on preventive healthcare, with individuals becoming more proactive in managing their health. This has led to an increased demand for screening and early detection tests, such as cancer screening and infectious disease testing. Lastly, the market is witnessing a rise in the adoption of digital health technologies, such as telemedicine and remote monitoring, which are enabling easier and more convenient access to diagnostic services. The Baltics also have some unique local special circumstances that are influencing the In Vitro Diagnostics market. Firstly, the region has a relatively small population compared to other European countries, which can limit the economies of scale for diagnostic manufacturers. However, the Baltics have a well-developed healthcare system and a high level of healthcare expenditure per capita, which creates opportunities for market growth. Additionally, the Baltics have a strong focus on innovation and technology, with several local companies and startups developing cutting-edge diagnostic solutions. This local expertise and innovation contribute to the growth and competitiveness of the In Vitro Diagnostics market in the region. Underlying macroeconomic factors also play a role in the development of the In Vitro Diagnostics market in the Baltics. The region has experienced steady economic growth in recent years, which has led to increased healthcare spending and investment in healthcare infrastructure. Additionally, the Baltics are part of the European Union, which provides access to a larger market and regulatory harmonization. This facilitates the introduction and adoption of new diagnostic technologies and products in the region. In conclusion, the In Vitro Diagnostics market in the Baltics is growing and evolving due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for advanced diagnostic technologies, personalized medicine, and preventive healthcare is driving the market forward. Additionally, the region's focus on innovation, strong healthcare system, and economic growth contribute to the development of the In Vitro Diagnostics market in the Baltics.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.