The Point of Care (POC) Diagnostics/Testing Market in Europe was worth USD 6.98 billion in 2022. This value is further estimated to be growing at a CAGR of 9.72% from 2022 to 2027 and worth USD 11.10 billion by the end of 2027.
Sedentary lifestyles, bad eating habits, and environmental concerns are likely to boost the POC diagnostics market’s development rate. Furthermore, the growing need for efficient, easy-to-use, and faster consumer products and these portable personal care devices is expected to drive the European POC diagnostics market.
In addition, the integration of automated techniques in healthcare is expected to increase the rise of new products launches of home testing cancer kits at regular intervals and enhanced laboratories. As a result, the key market players have created significant research and development activities to create innovative point of care tests and devices for rapid disease diagnosis and monitoring.
On the other hand, with the high prevalence of chronic diseases and cancers, a significant customer base uses low-cost, quick diagnostic tests, which drives the POC diagnostics market in the European region. Furthermore, the market is likely to accelerate as key companies increase their efforts to develop an enhanced point of care testing. Increased demand for efficient point-of-care diagnostics is boosted due to faster diagnostic outcomes than traditional procedures. In the coming years, the patient population and hospitalization are expected to generate lucrative economic prospects for the market.
One of the significant factors for the growth of the European point on care diagnostics market is the effort and coordination required among the healthcare centers, researchers, practitioners, and manufacturers. However, the point of care diagnostics market also faces problems such as industry resistance to modifying established norms, numerous product recalls, a strict regulatory environment, and an unfavorable reimbursement scenario.
This research report on the European POC diagnostics market has been segmented and sub-segmented into the following categories.
Regionally, Europe is expected to command a decent share in the overall market in the next five years due to premium healthcare infrastructure, established reimbursement framework, and high healthcare affordability in this region. Moreover, the presence of high levels of awareness amongst the patient population base and the physicians associated with fast disease diagnosis is supportive in the industrial revenue.
The UK POC diagnostics market accounted for a significant share in the European market in 2020 and is predicted to grow at a prominent CAGR from 2022 to 2027.
The France POC diagnostics market is expected to play a significant role in the European POC diagnostics market during the forecast period due to the prevalence of unhealthy lifestyles, a high number of chronic diseases, and increased FDA approvals and government laws connected to healthcare development. In addition, France is one of the world’s most significant users of pharmaceutical products and one of the most complex to sell them.
The German POC diagnostics market is estimated to be growing at a promising CAGR during the forecast period. Increased government initiatives aimed at reducing hospital stays and improving healthcare infrastructure and favorable reimbursement policies are expected a rise the use of POC diagnostics in Europe.
KEY MARKET PLAYERS:
A few of the notable companies operating in the Europe Point of Care (POC) Diagnostics/Testing Market profiled in this report are Abbott Laboratories, Inc., Danaher Corporation, Roche Diagnostics Limited, BioMerieux, Siemens Healthcare, Beckman Coulter, Inc., Becton, Dickinson and Company, Johnson & Johnson, Alere Inc., and PTS Diagnostics.
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