The size of the IVD market in the European region is predicted to grow from USD 15.21 billion in 2022 to USD 19.5 billion in 2027, registering a CAGR of 5.10% during the forecast period.
A few of the key insights from this report:
Growing awareness of the benefits of in-vitro diagnostics is predicted to propel the IVD market in the European region. Around 70% of the diagnostic decisions are taken with the help of in-vitro diagnostics as it reduces the hospital stay and the total health care cost. Furthermore, in-vitro diagnostics play an essential role in this outbreak of COVID-19, as this technique is used to monitor and diagnose the disease. Furthermore, the YOY rise in genetic disorders and other infectious diseases and awareness of the availability of various diagnostic and treatment procedures further accelerated the growth of IVD market in Europe. Furthermore, growing health focus, the rising prevalence of early diagnosis, and escalating expenditure on healthcare are further contributing to the growth rate of the European IVD Market. Besides, an increase in the scale of diagnostics centers with the latest devices is estimated to promote the market's growth rate.
However, the high cost of installing and maintaining the equipment in laboratories, the shortage of skilled persons to manage the devices in diagnostics centers, and the lack of complete knowledge in analyzing the outcomes of the tests are a few of the challenging factors for the European IVD Market’s growth. In addition, the EU government's strict rules and regulations in approving new products for safety and changes in economic strategies may also be expected to hamper the European IVD market growth.
Impact of COVID-19 on the European IVD market:
The globe has been put on high alert due to the novel coronavirus (COVID-19) pandemic. In early March 2020, the World Health Organization declared a worldwide pandemic. It has affected every sector globally, and the COVID-19 outbreak in Europe has affected the IVD Market. This is due to several reasons: shifting supply chains, growing and declining product demand, resource availability, and so on. On the other hand, People are opting for simple diagnostic tests that can be done in-home care settings, which has increased the importance of these products during the COVID-19 pandemic. The recently released IVD instruments are simple and efficient, boosting their popularity among healthcare professionals. There are also numerous over-the-counter diagnostic items, such as glucose monitoring kits. People prefer these products because they minimize hospital visits. Key players have launched several test kits in response to the rising demand for new IVD products for COVID-19 testing. As a result, the market's growth has increased rapidly at present and in the coming years.
This research report on the European IVD Market has been segmented and sub-segmented into the following categories:
Regionally, the UK IVD Market is the fastest-growing regional market in the European region during the forecast period. Increasing R&D activities is a significant factor in the market's growth in this region. As a result, the UK IVD Market is anticipated to have the quickest growth in this region. The market growth owes to increasing research and development activities, the high occurrence rate of chronic diseases, and the growing demand for minimum deadly surgeries.
The German IVD Market had the largest market share in the EU IVD market in 2020. It is further estimated to register a healthy growth rate in European In-Vitro diagnostics during the forecast period. The appearance of several key players and creative developments in the IVD field drive the IVD market in Europe. In addition, an increase in the elder people population and advanced technologies speedy aging population are bolstering the growth.
The Italian IVD market is another lucrative regional market in the European region. Italy is an advanced region with a well-organized healthcare system. The presence of an enormous number of crucial players fuels market growth. The average increase in diabetes and its high incidence rate in Italy has increased for many years. It is projected to raise the demand for pre-existing diagnostics tests, which boosts the growth in this region. Moreover, having more knowledge and approval for personalized medicine augments the Italian IVD market.
The Spanish IVD Market is driven by chronic diseases and increases the demand for POC diagnostics. The emergence of e-commerce in every sector is to promote the need of the market in Spain. Rising incidences of COVID-19 cases are escalating the market's growth in France. The market is expected to have the highest CAGR in the coming years. Spain IVD market is expected to have strong growth over the upcoming years. The factors fuelling the Spanish IVD market's growth are a high standard increase of constant and continuous diseases, technological diseases, and the growing utilization of POC diagnostics. The efficiency of usage and capacity to offer instant outcomes in Spain augments the growth of IVD. Moreover, frequent advancements in technology and the growing obtainment of new upgraded technologies enhance the increase in the European region.
The IVD market in France is predicted to have a promising CAGR during the forecast period owing to the increasing aging population, one of the major factors propelling growth. Furthermore, saving the cost for future treatment and enhancing the patient’s lives escalate the market growth in IVD.
KEY MARKET PLAYERS:
A few of the most prominent companies occupying the most significant share in the European IVD Market profiled in this report are Abbott Laboratories, Johnson and Johnson, Siemens Healthcare, Becton Dickinson, Roche Diagnostic, Beckman Coulter Inc., Biomérieux, Ortho Clinical Diagnostics, Inc., Bio-Rad Laboratories, Inc., Danaher Corporation, Sysmex Corporation and Thermo Fisher Scientific, Inc.
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