Meticulous Research®, a leading global market research company, published a research report titled, ‘Europe In Vitro Diagnostics Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach (Lab, PoC) - Forecast to 2030.’
According to this latest publication from Meticulous Research®, the Europe In Vitro Diagnostics (IVD) market is expected to reach $39.77 billion by 2030 at a CAGR of 3.7% from 2023 to 2030. The growth of the Europe IVD market is attributed to the rising prevalence of chronic diseases coupled with the increasing geriatric population, the rising prevalence of infectious diseases, the growing demand for point-of-care (PoC) and rapid diagnostics, rising awareness regarding early disease diagnosis, rising healthcare expenditures, and increasing funding for research activities. However, stringent technical requirements and regulatory processes for high/moderate-complexity tests and the variance in test results observed in rapid IVD tests restrain the growth of the IVD market. The increasing inclination toward personalized medicine and advancements in genomics and proteomics are expected to create growth opportunities for the players operating in this market. However, the evolving regulatory landscape is a major challenge for market growth.
The key players operating in the Europe IVD market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), QuidelOrtho Corporation (U.S.), Agilent Technologies Inc. (U.S.), and DiaSorin S.p.A. (Italy).
Europe IVD Market: Future Outlook
The Europe IVD market is segmented by Offering (Kits & Reagents, Systems, and Software & Services), Technology (Immunoassay/Immunochemistry, Biochemistry/Clinical Chemistry, Molecular Diagnostics, Point of Care (POC) Diagnostics, Whole Blood Glucose Monitoring, Microbiology, Hematology, Coagulation/Hemostasis, Urinalysis, and Other Technologies), Application (Infectious Diseases, Oncology, Diabetes, Cardiology, Nephrology, Autoimmune Disorders, and Other Applications), Diagnostic Approach (Lab Testing, OTC/Self-testing, and Point of Care Testing), and End User (Diagnostic Laboratories, Hospitals & Clinics, Home Healthcare, and Other End Users), and Countries. The study also evaluates industry competitors and analyzes their market share at the country level.
Among all offerings studied in this report, the kits & reagents segment is expected to register the highest CAGR over the forecast period. The continuous advancements in the development of reagents and kits, the adoption of IVD kits for disease diagnosis, and ease of use are increasing the demand for consumables. Additionally, the increasing trend of self-testing and adoption of POC diagnostic testing is contributing to the largest share of this segment.
Among all technologies studied in this report, in 2023, the molecular diagnostic segment is expected to account for the largest share of the Europe IVD market. The large market share of this segment is attributed to the rising prevalence of communicable and non-communicable diseases and the growth in the geriatric population. Moreover, the introduction of advancements in molecular diagnostic techniques, such as Nucleic Acid Amplification Testing (NAAT), is giving more access for high volume testing in less time and better specificity, increasing the adoption of molecular diagnostic techniques.
Among all applications studied in this report, in 2023, the infectious disease segment is expected to account for the largest share of the Europe IVD market. Infectious diseases are further categorized into respiratory infections (excluding influenza), hepatitis, HIV, HAIs, tropical diseases, influenza, sexually transmitted diseases (STDs), and other infectious diseases. The increasing prevalence of healthcare-associated infections (HAIs) and sexually transmitted diseases (STDs) is increasing the demand for IVD testing. According to the UK Health Security Agency (UKHSA), in 2022, 392,453 cases of sexually transmitted infections (STIs) were reported in the U.K., an increase of 24% than 2021.
Among all diagnostic approaches studied in this report, the point-of-care testing segment is expected to grow at the highest CAGR during the forecast period. The growth of the POC testing segment is attributed to the increasing prevalence of chronic diseases, innovations in PoC tests, the development of CLIA-waived PoC tests, and the lack of skilled technicians for performing lab tests.
Among all end users studied in this report, in 2023, the hospitals & clinics segment is expected to account for the largest share of the Europe IVD market. Hospitals and clinics perform a wide range of tests to diagnose various medical conditions, including communicable and non-communicable diseases, to ensure proper clinical planning of treatment and prevention. Hospitals in urban and rural areas provide large populations with access to diagnosis. Also, a significant increase in hospital admissions was witnessed during the COVID-19 pandemic, which boosted the demand for diagnostic products.
This research report comprehensively analyzes major countries: Germany, the U.K., France, Italy, Spain, Switzerland, Netherlands, Denmark, and Rest of Europe. In 2023, Germany is expected to account for the largest share of the Europe IVD market. The rising prevalence of chronic diseases, the growth in the geriatric population, government support for routine tests, and the high prevalence of HAI infections are contributing to the largest share of the country. Additionally, biomarker testing in Germany is publicly reimbursed, though funding sources may vary depending on the biomarker test. These factors are expected to support the market growth in Germany.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5718
Key questions answered in the report:
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Dental Practice Management Software Market Worth $ 3.11 Billion by 2029Read More