In Vitro Diagnostics - Lithuania | Statista Market Forecast

The projected revenue for the In Vitro Diagnostics market market in Lithuania is set to reach US$57.25m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.48%, leading to a market volume of US$67.94m by 2029.
When compared globally, the United States is expected to generate the highest revenue in this market, with US$30.10bn in 2024.
Lithuania is witnessing a growing demand for innovative and advanced in vitro diagnostics technologies, driving the development of its medical technology sector.

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 Lithuania is experiencing steady growth due to increasing customer preferences for advanced medical technologies and the rising demand for accurate and efficient diagnostic tests.

Customer preferences: Customers in Lithuania are increasingly seeking advanced diagnostic tests that provide accurate and reliable results. They value tests that can detect diseases at an early stage, allowing for prompt treatment and better patient outcomes. Additionally, there is a growing demand for non-invasive diagnostic tests that minimize patient discomfort and reduce the need for invasive procedures. Customers also prioritize tests that offer quick turnaround times, enabling healthcare professionals to make timely decisions regarding patient care.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in Lithuania is the adoption of molecular diagnostics. This technology allows for the detection and analysis of genetic material, enabling more precise diagnoses and personalized treatment plans. Molecular diagnostics is particularly valuable in the field of oncology, where it can help identify specific genetic mutations and guide targeted therapies. The increasing prevalence of chronic diseases, such as cancer and cardiovascular disorders, is driving the demand for molecular diagnostics in Lithuania. Another trend in the market is the growing use of point-of-care testing (POCT). POCT refers to diagnostic tests that can be performed at or near the patient, providing immediate results. This is particularly beneficial in remote areas or during emergency situations where timely access to diagnostic information is crucial. The convenience and efficiency of POCT have contributed to its popularity among healthcare providers in Lithuania.

Local special circumstances: Lithuania has a well-developed healthcare system that emphasizes the importance of preventive care and early disease detection. The government has implemented various initiatives to promote regular health screenings and diagnostic tests, which has further fueled the demand for in vitro diagnostics in the country. Additionally, Lithuania has a high incidence of certain diseases, such as cardiovascular disorders and cancer, which necessitates the use of advanced diagnostic tests for early detection and effective treatment.

Underlying macroeconomic factors: The steady growth of the In Vitro Diagnostics market in Lithuania can also be attributed to favorable macroeconomic factors. The country has experienced stable economic growth in recent years, leading to increased healthcare spending. The government has allocated significant resources to improve healthcare infrastructure and enhance the accessibility of medical services, including diagnostic tests. Furthermore, Lithuania is a member of the European Union, which provides access to a wide range of medical technologies and expertise, contributing to the development of the In Vitro Diagnostics market in the country. In conclusion, the In Vitro Diagnostics market in Lithuania is growing due to customer preferences for advanced diagnostic technologies, such as molecular diagnostics and point-of-care testing. The emphasis on preventive care and early disease detection, along with favorable macroeconomic factors, has further fueled the market's development. With the increasing demand for accurate and efficient diagnostic tests, the In Vitro Diagnostics market in Lithuania is expected to continue its growth trajectory in the coming years.

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.