In Vitro Diagnostics - Malta | Statista Market Forecast

The In Vitro Diagnostics market market in Malta is forecasted to achieve a revenue of US$10.51m by 2024.
This implies an anticipated annual growth rate (CAGR 2024-2029) of 4.70%, leading to a market volume of US$13.22m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$30.10bn in 2024.
Malta's In Vitro Diagnostics market is experiencing a surge in demand for COVID-19 testing kits due to the country's effort to control the spread of the virus.

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 Malta is experiencing steady growth due to increasing customer preferences for advanced medical testing and diagnostics. This trend is driven by several factors, including the rising demand for early disease detection and personalized medicine, as well as advancements in technology and healthcare infrastructure.

Customer preferences: Customers in Malta are increasingly seeking advanced medical testing and diagnostics to ensure early detection and accurate diagnosis of diseases. This is driven by the growing awareness about the importance of preventive healthcare and the need to identify health issues at an early stage. Additionally, the demand for personalized medicine is increasing, with patients seeking tailored treatment plans based on their specific genetic makeup and medical history. As a result, there is a growing demand for a wide range of in vitro diagnostic tests, including genetic testing, molecular diagnostics, and point-of-care testing.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in Malta is the adoption of advanced technologies and automation in diagnostic laboratories. This allows for faster and more accurate test results, improving patient care and treatment outcomes. Additionally, there is a shift towards decentralized testing, with an increasing number of healthcare facilities and clinics offering on-site testing services. This trend is driven by the need for quick and efficient diagnosis, especially in emergency situations. Another trend in the market is the increasing use of digital health solutions and telemedicine. This allows for remote monitoring of patients and the sharing of test results between healthcare providers, improving coordination and efficiency in healthcare delivery. Furthermore, the COVID-19 pandemic has accelerated the adoption of telemedicine and remote testing, as it reduces the risk of infection and allows for easier access to healthcare services.

Local special circumstances: Malta has a well-developed healthcare system, with a high level of investment in healthcare infrastructure and technology. The country has a strong focus on research and development, with several institutions and organizations dedicated to advancing medical science and technology. This has created a favorable environment for the growth of the In Vitro Diagnostics market, as there is a strong support system for innovation and the adoption of new technologies.

Underlying macroeconomic factors: The growth of the In Vitro Diagnostics market in Malta is also influenced by underlying macroeconomic factors. The country has a stable economy and a high level of disposable income, which allows for increased spending on healthcare services. Additionally, Malta has a growing elderly population, which is more prone to chronic diseases and requires regular medical testing and monitoring. These factors contribute to the increasing demand for in vitro diagnostic tests and services in the country. In conclusion, the In Vitro Diagnostics market in Malta is experiencing steady growth due to increasing customer preferences for advanced medical testing and diagnostics. This trend is driven by the rising demand for early disease detection and personalized medicine, as well as advancements in technology and healthcare infrastructure. The adoption of advanced technologies, decentralization of testing, and the use of digital health solutions are some of the key trends in the market. Malta's well-developed healthcare system, strong focus on research and development, and favorable macroeconomic factors contribute to the growth 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.