Canada In-Vitro Diagnostics Market by Type (Reagents, Instruments, and Software & Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Others), and by End User (Stand Alone, Laboratory, Hospitals, Academics and Medical Schools, Point of Care Testing, and Other End Users) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Healthcare | Publish Date: 06-Jul-2024 | No of Pages: 139 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : N/A
Canada In-Vitro Diagnostics Market Overview
The Canada In-Vitro Diagnostics Market size was valued at USD 4.28 billion in 2023, and is predicted to reach USD 6.51 billion by 2030, at a CAGR of 5.7% from 2024 to 2030. In-vitro diagnostics (IVD) refers to a wide range of medical tests conducted on samples of bodily fluids, tissues, or cells outside of the body to diagnose diseases, monitor therapy, and assess overall health conditions. These tests are performed in laboratory settings using various techniques and technologies, including immunoassays, molecular diagnostics, clinical chemistry, hematology, and microbiology.
IVD tests enable early detection of diseases, allowing for timely intervention and treatment initiation. By providing rapid and accurate results, these tests facilitate personalized medicine, guiding tailored treatment approaches based on individual patient characteristics. Also, immunoassay experiments provide valuable insights into biological systems, enabling scientists and researchers to make significant contributions to fields such as medicine, biotechnology, and pharmacology. They serve as essential tools for understanding fundamental biological processes and developing innovative solutions to address health challenges.
Rising Healthcare Expenditure in Canada Drives the Market Growth
Expansion in healthcare expenditure is significantly driving the in-vitro diagnostics market growth in the region. The Canadian medical Association reported that, Canada allocates about USD 220 billion annually towards healthcare expenditure.
As healthcare expenditure increases, there is a greater allocation of resources towards improving healthcare infrastructure, enhancing medical facilities, and expanding access to healthcare services, including immunodiagnostic testing.
This includes the adoption of innovative products and platforms that offer more accurate, efficient, and timely diagnostic. These investments enable healthcare facilities to enhance their diagnostic capabilities, improve patient care, and achieve better treatment outcomes.
Expansion of Services by the International Molecular Diagnostics Group, Drives the Market Growth in Canada
The expansion of an international molecular diagnostics group in the country, aimed at providing various molecular diagnostics services to the Canadian population, significantly contributes to the Canada of the in-vitro diagnostics market growth.
By offering a diverse range of molecular diagnostic tests and services, including those for infectious diseases, genetic disorders, and cancer, this initiative enhances access to advanced diagnostic solutions. For instance, in January 2022, Yourgene, an international molecular diagnostics group, announced the launch of its expanded facilities by Yourgene Health Canada Inc.
This expansion reflects Yourgene's strategic alignment with anticipated growth in instrument manufacturing and consumable shipping demands, demonstrating their dedication to addressing the increasing need for molecular diagnostics in Canada.
By enhancing manufacturing capabilities, Yourgene aims to contribute to the advancement of the in-vitro diagnostics market and facilitate the delivery of innovative diagnostic solutions to healthcare providers and patients nationwide.
High Research, Development, and Regulatory Approval Costs Hinder the Market Growth
High costs associated with research, development, and regulatory approval are significant factors restraining the market growth. Operating within this sector necessitates significant financial investment for companies to navigate the complex landscape of research and development.
This investment often encompasses extensive clinical trials, laboratory testing, and product refinement to guarantee accuracy and reliability. Additionally, obtaining regulatory approvals from agencies such as the FDA requires strict adherence to stringent standards, further compounding the financial burden. This financial constraint can discourage potential adopters from the Canada IVD market expansion.
Introduction of Point-of-Care Testing Solutions in IVD Creates Market Opportunity
Point-of-care testing (POCT) is poised to be a significant driver of the Canada in-vitro diagnostics market demand in the forthcoming years. POCT serves as a valuable complement to laboratory testing, especially in situations where immediate results are crucial, such as emergency departments, ambulances, and remote healthcare settings.
With POCT technologies offering rapid tests for infectious diseases, cardiac biomarkers, glucose monitoring, pregnancy testing, and more, healthcare providers can quickly assess patients' conditions and make timely treatment decisions.
By integrating POCT with traditional IVD, healthcare providers can enhance their diagnostic capabilities, delivering more efficient and patient-centered care. This integration streamlines workflows, allowing for faster diagnosis and treatment initiation, ultimately leading to improved patient outcomes.
Competitive Landscape
The promising players operating in the Canada in-vitro diagnostics industry include Roche Holding AG, Abbott Laboratories, Thermo Fisher Scientific Inc, Danaher Corporation, Becton, Dickinson and Company, Siemens Healthineers AG, bioMérieux SA, Sysmex Corporation, QIAGEN N.V., and Bio-Rad Laboratories, Inc., and others.
Canada In-Vitro Diagnostics Market Key Segments
By Type
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Reagents
-
Instruments
-
Software & Services
By Technique
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Immunodiagnostics
-
Enzyme-Linked Immunosorbent Assay (ELISA)
-
Rapid Tests
-
Chemiluminescence Immunoassay (CLIA)
-
Enzyme-linked Immunosorbent spot (ELISpot)
-
Radioimmunoassay (RIA)
-
Western Blot
-
-
Hematology
-
Molecular Diagnostics
-
PCR
-
INAAT
-
Hybridization
-
DNA diagnostics
-
Microarray
-
Other Molecular Diagnostics
-
-
Tissue Diagnostics
-
Clinical Chemistry
-
Basic Metabolic Panel
-
Liver Panel
-
Renal Profile
-
Lipid Profile
-
Thyroid Function Panel
-
Electrolyte Panel
-
Speciality Chemicals
-
-
Other IVD Techniques
By Application
-
Infectious Diseases
-
Cancer
-
Cardiac Diseases
-
Immune System Disorders
-
Nephrological Diseases
-
Gastrointestinal Diseases
-
Others
By End User
-
Stand Alone Laboratory
-
Hospitals
-
Academics and Medical Schools
-
Point of Care Testing
-
Other End Users
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 4.28 billion |
|
Revenue Forecast in 2030 |
USD 6.51 billion |
|
Value Growth Rate |
CAGR of 5.7% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Roche Holding AG
-
Abbott Laboratories
-
Thermo Fisher Scientific Inc.
-
Danaher Corporation
-
Becton, Dickinson and Company
-
Siemens Healthineers AG
-
bioMérieux SA
-
Sysmex Corporation
-
QIAGEN N.V.
-
Bio-Rad Laboratories, Inc.
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