In Vitro Diagnostics - Iceland | Statista Market Forecast

The projected revenue in the In Vitro Diagnostics market market in Iceland is set to reach US$22.24m in 2024.
This indicates an annual growth rate (CAGR 2024-2029) of 5.07%, leading to a market volume of US$28.47m by 2029.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue, with US$30.10bn in 2024.
In Iceland, the market for In Vitro Diagnostics in the Medical Technology sector is witnessing a growing demand for genetic testing.

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 Iceland has been steadily growing over the past few years, driven by increasing demand for advanced diagnostic technologies and a growing aging population. Customer preferences in the In Vitro Diagnostics market in Iceland are shifting towards more personalized and accurate diagnostic solutions. Patients are increasingly seeking diagnostic tests that can provide early detection and prevention of diseases, as well as tailored treatment plans. This has led to a growing demand for molecular diagnostics and genetic testing, which can provide more precise and targeted results. Additionally, there is a rising demand for point-of-care testing, as it allows for faster and more convenient diagnosis, especially in remote areas of the country. Trends in the market indicate a growing adoption of digital health technologies and telemedicine. This is driven by the need to improve access to healthcare services in remote areas, as well as the desire for more efficient and cost-effective diagnostic solutions. The integration of electronic health records and telemedicine platforms allows for seamless data sharing and remote consultations, enabling healthcare professionals to provide accurate and timely diagnoses. This trend is expected to continue in the coming years, as advancements in technology and the increasing availability of high-speed internet access further facilitate the adoption of telemedicine solutions. Local special circumstances in Iceland, such as its small population and geographic isolation, have also contributed to the development of the In Vitro Diagnostics market. The small population size allows for more focused and targeted healthcare strategies, which can lead to better patient outcomes. Additionally, the country's geographic isolation has necessitated the development of robust diagnostic infrastructure, including well-equipped laboratories and efficient transportation systems for specimen collection and delivery. Underlying macroeconomic factors, such as government healthcare policies and funding, also play a significant role in the development of the In Vitro Diagnostics market in Iceland. The government has been actively investing in healthcare infrastructure and technology, with a focus on improving diagnostic capabilities and patient outcomes. This includes initiatives to increase access to molecular diagnostics and genetic testing, as well as funding for research and development in the field of diagnostics. These investments are expected to drive further growth in the market, as they enable the development and adoption of innovative diagnostic solutions. In conclusion, the In Vitro Diagnostics market in Iceland is experiencing steady growth, driven by customer preferences for personalized and accurate diagnostic solutions, as well as the adoption of digital health technologies and telemedicine. Local special circumstances, such as the small population size and geographic isolation, have also contributed to the development of the market. Furthermore, underlying macroeconomic factors, including government healthcare policies and funding, have played a significant role in driving growth in the market.

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.