The size of the IVD market in the European region is predicted to grow from USD 15.98 billion in 2023 to USD 20.49 billion in 2028, registering a CAGR of 5.10% during the forecast period.
Increasing chronic and infectious diseases are demanding a surge in the number of diagnostics tests.
There is a rising prevalence of chronic diseases in many people, where in vitro diagnostics are necessary to know the medical condition of the person. The increasing number of patients suffering from chronic diseases such as cancer, cardiovascular diseases, diabetes, and others are demanding early diagnosis to prevent critical conditions. Many infectious diseases need diagnostic tests for the correct treatment. Around 75% of the diagnoses are considered with the in vitro tests. Growing infectious diseases demand in vitro tests, accelerating the European IVD market growth. According to the European Centre for Disease Prevention and Control, the number of influenza cases reported between 2021 and 2022 is 4,690, higher than the previous year. According to the International Diabetes Federation, in 2021, the prevalence of diabetes in European adults was 9.2%, which is projected to reach 9.8% by 2030. The increased number of patients demands diagnostic techniques such as immunodiagnostics, molecular diagnostics, and early detection, which drive the European in-vitro diagnostics market growth.
In vitro diagnostic techniques are used for the primary diagnosis of coronavirus, and they are also highly used during the Pandemic for testing COVID-positive cases.
Growing New launches and advanced technologies are accelerating the market growth.
The rising advancements in technology are helping diagnostic instruments perform better. Many standard instruments, such as coagulation test systems, cell imaging, analysis systems, blood sugar monitoring systems, and PCR testing platforms, use advanced technology to increase multiple sample screening with rapid results. Launching advanced point-of-care testing kits for different symptoms boosts market growth, as these kits are simple to use and highly efficient.
Investing in research and development by the key market players is estimated to create lucrative opportunities for the market over the forecast period. The possibility of outsourcing is creating opportunities for the key players in Europe's in vitro diagnostics market.
Strict government regulations and standards for approving diagnostic instruments and methods hinder market expansion. Low awareness regarding the benefits of in vitro diagnostics and infectious diseases also hampers the market growth. Many procedures need to include reimbursement policies, which makes people consider diagnostic techniques due to their high cost.
The major challenge of the in vitro diagnostics market is that it cannot capture the inherent complexity of the organ systems. As the in vitro tests are done outside the body, they cannot provide information about the body's internal environment.
COVID-19 Impact on the European IVD Market:
The Pandemic impacted the supply chain of diagnostic equipment as Europe was a severely affected region. The increased adoption of these instruments during the Pandemic due to their capability to diagnose COVID symptoms boosted the market growth. According to the report by the UK government, 7.6 million flow device tests were performed in England in 2021. The market growth remained stable in the post-pandemic period in Europe due to a decrease in COVID-19 confirmation cases and reduced diagnostic testing procedures. The new launches for COVID testing positively impacted the market in Europe. For instance, in July 2021, QuantuMDx Group Ltd. Launched Q-POC in Europe for precise and rapid results for the coronavirus in 30 minutes.
This research report on the European IVD Market has been segmented and sub-segmented into the following categories:
Europe IVD Market - By Product:
The instruments segment will hold a significant share of the European IVD market in 2022. Invitro diagnostics instruments detect diseases and infections by examining urine, blood, tissues, etc. Targeted gene sequencing devices, clinical chemistry analyzers, and immunology analyzers are used in combination or alone for the invitro testing of specimens. Standard IVD instruments are significantly used for diagnosis; detecting multiple markers simultaneously drives the instrument segment in the in vitro diagnostics market. The reagents segment was estimated to drive the market with the highest growth rate during the forecast period.
Europe IVD Market- By Technology:
Other IVD TechnologiesThe molecular diagnostics segment dominated the market in 2022 with a share of 34% and is expected to maintain its domination throughout the forecast period. This technique involves detection, diagnosis, subclassification, and prognosis by offering effective treatment solutions. Molecular diagnostics are cost-effective and provide high accuracy for pathogens without false positive test findings.
Europe IVD Market - By Application:
The infectious segment dominated in 2022 with a market share of 33% for the European in vitro diagnostics market. Infectious diseases are increasing as people become prone to various bacteria and viruses. In vitro diagnostics are performed to identify the disease-causing organism and effectively treat the disease. Chronic infectious diseases such as HIV are also on the rise. Even the COVID-19 diagnostic tests are performed with IVD techniques, which are highly useful in emergencies.
Europe IVD Market - By Country:
Regionally, the UK IVD Market is estimated to be the fastest-growing regional market in Europe 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 older 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.
The IVD market in Europe is largely driven by contributions from major economies such as Germany, France, and the United Kingdom.
The growing emphasis on personalized medicine, advancements in technology, and an increasing focus on point-of-care testing are some of the major trends in the European IVD market.
The Europe IVD market is predicted to grow at a CAGR of 5.1% from 2023 to 2028.
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