The size of the European Immunoassay Market was valued at USD 6.21 Billion in 2023. It is estimated to reach USD 9.92 Billion by the end of 2028, growing at a CAGR of 9.82% between 2023 to 2028.
The European market is expected to show promising growth owing to the growing applications of immunoassays in diagnosing drug testing for various diseases. Immunoassays play a vital role in disease diagnosis and treatment planning, which is expected to boost European market growth. The growing prevalence of chronic diseases such as cancer, cardiovascular disease, and diabetes across the European region is expected to result in the growing usage of immunoassays and the regional market growth. In addition, the growing adoption of technologically well-developed automated immunoassay is promoting the market's growth rate in Europe. Furthermore, the rising demand and growing adoption of point-of-care testing devices further drive the European immunoassay market growth. In addition, the growing patient count suffering from infectious diseases is supporting the growth rate of the European immunoassays market.
Furthermore, the growth of the European immunoassays market is expected to be driven by the improved regulatory processes for innovative devices.
However, technological challenges provided by immunoassay kits and reagents, such as cross-reactivity of antibodies, poor detection limits of accessible antibodies, false negatives, and others, stifle the immunoassay market's growth in Europe. In addition, constantly changing reimbursement policies and the high cost of immunoassay kits are limiting the growth of the European immunoassay market.
This research report on the European immunoassay market has segmented & sub-segmented the market into the following categories:
By End User:
Geographically, the European market is expected to account for the second-largest share of the global immunoassays market during the forecast period. The market growth is driven owing to the expanding applications of immune tests in diagnosing medication testing for various diseases. However, the introduction of technologically superior analyzers into the European market has boosted the market growth in the region tremendously. Furthermore, due to the exceptional COVID-19 outbreak, which has resulted in a shortage of diagnostics and infrastructure, the market is expected to rise significantly. This has generated many options for market players to close the gap between supply and demand. In addition, several research centers relevant to diagnostics, such as central laboratory testing and point-of-care tests, have resulted from considerable investment in the healthcare sector, both from the public and private sectors in this region.
The German immunoassays market dominated the European market with significant revenue in 2022 and is likely to hold this position throughout the forecast period owing to the growing aging population and favorable regulatory scenarios.
On the other hand, the UK immunoassay market is estimated to register a healthy CAGR during the forecast period due to the presence of modern healthcare infrastructure, high disposable income, increasing healthcare expenditure, and increased awareness about early disease diagnosis; the market in the United Kingdom is predicted to develop rapidly throughout the forecast per od. Furthermore, the market for immunoassay analyzers is expanding owing to the high demand for diagnostics, which can be linked to the rising frequency of chronic diseases.
KEY MARKET PLAYERS:
A few of the notable companies operating in the European immunoassay market analyzed in this report are Roche Diagnostics, DiaSorin S.p. A, Beckman Coulter, Siemens Healthcare, Ortho Clinical Diagnostics, bioMerieux, Thermo Fisher Scientific and Abbott Laboratories, Akers Biosciences, Inc, Becton Dickinson and Company, Devon Medical Products, EDP Biotech Corporation, Hologic (Gen-Probe), Intrinsic LifeSciences.
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