In Vitro Diagnostics - Ireland | Statista Market Forecast

The projected revenue in the In Vitro Diagnostics market market in Ireland is set to reach US$208.60m in 2024.
Looking ahead, it is expected that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 2.32%, leading to a market volume of US$234.00m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$30.10bn in 2024, in the In Vitro Diagnostics market market.
Ireland's In Vitro Diagnostics market is experiencing a surge in demand for advanced molecular diagnostic technologies.

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 Ireland is experiencing steady growth due to increasing customer preferences for early disease detection and personalized medicine.

Customer preferences: Customers in Ireland are increasingly seeking early disease detection and personalized medicine options. They are becoming more proactive in managing their health and are willing to invest in diagnostic tests that can provide them with accurate and timely results. This shift in customer preferences is driving the demand for In Vitro Diagnostics in the country.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in Ireland is the growing adoption of point-of-care testing. Point-of-care testing allows for faster and more convenient diagnosis, as it can be performed outside of traditional laboratory settings. This trend is particularly important in rural areas where access to healthcare facilities may be limited. Additionally, advancements in technology have made point-of-care testing more accurate and reliable, further driving its adoption in Ireland. Another trend in the market is the increasing use of molecular diagnostics. Molecular diagnostics enable the detection and monitoring of diseases at a genetic level, allowing for more targeted and personalized treatment plans. This technology is particularly relevant in the field of oncology, where genetic profiling can help determine the most effective treatment options for patients. The growing adoption of molecular diagnostics in Ireland is driven by the increasing understanding of the role of genetics in disease development and progression.

Local special circumstances: Ireland has a well-established healthcare system with a strong focus on research and development. The country is home to several leading pharmaceutical and biotechnology companies, which contribute to the growth of the In Vitro Diagnostics market. The presence of these companies provides access to cutting-edge technologies and expertise, driving innovation in the field of diagnostics.

Underlying macroeconomic factors: The growing In Vitro Diagnostics market in Ireland is also influenced by underlying macroeconomic factors. The country has a stable economy with a high standard of living, which allows for increased healthcare spending. Additionally, Ireland has a rapidly aging population, which is driving the demand for diagnostic tests to detect and manage age-related diseases. The government's focus on healthcare infrastructure development and investment in research and development further supports the growth of the In Vitro Diagnostics market in the country. In conclusion, the In Vitro Diagnostics market in Ireland is experiencing growth due to increasing customer preferences for early disease detection and personalized medicine. The adoption of point-of-care testing and molecular diagnostics is driving this growth, while the presence of leading pharmaceutical and biotechnology companies in the country contributes to innovation. Underlying macroeconomic factors, such as a stable economy and an aging population, further support the expansion of 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.