European In Vitro Diagnostics Market to Register Incremental Sales Opportunity During 2023–28

The market report on the European In Vitro Diagnostics Market published by Stratview Research indicates lucrative growth opportunities in the European In Vitro Diagnostics industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.

European In Vitro Diagnostics Market Forecast:

European in vitro diagnostics market was estimated at USD 15.29 billion in 2022 and is likely to grow at a CAGR of 5.08% during 2023–2028 to reach USD 20.66 billion in 2028.

What are in vitro diagnostics?

In vitro diagnostics (IVD) encompasses a wide range of tests done on blood or tissue samples from the human body. These tests are vital for detecting diseases or assessing other health conditions and can also be used to monitor patients’ overall health. By providing vital insights, IVD remains one of the significant components of healthcare, contributing to improved patient outcomes.

Market Dynamics

The market dynamics of the European In Vitro Diagnostics (IVD) market are influenced by various factors that drive its growth. Here are some key growth factors:

• Rising chronic and infectious diseases — The prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases in Europe is rising. The Organisation for Economic Co-operation and Development (OECD) states that cardiovascular diseases (CVD) are the leading cause of death in Europe, causing ~3.9 million deaths every year, which corresponds to 45% of all deaths. This rise is leading to an increased demand for IVDs to diagnose or monitor these diseases.
• Growth in geriatric population — The European Union (Europe. eu) states that the median age of the EU’s population is increasing. In 2022, more than one-fifth (21.1 %) of the EU population was aged 65 and over. It is projected that there will be close to half a million centenarians in the EU-27 by 2050. Greying of Europeans leads to high chances of chronic diseases, which require regular monitoring, and thus demand more IVDs.
• Rise in the use of personalized medicines — Personalized medicine is the practice of tailoring medical treatment to the individual patient’s genetic makeup. This is becoming increasingly important as scientists learn more about the genetic basis of diseases. IVDs are playing a key role in personalized medicine by providing doctors with information about the patient’s genetic makeup.
• Rising R&D expenditure to introduce new products — The surge in demand for in-vitro diagnostic tests has encouraged the market players to invest more in R&D and develop innovative products. For instance, in April 2023, bioMérieux — a French multinational biotechnology giant, and JMI Laboratories (JMI) announced a six-year partnership to undertake collaborative projects to enhance the effectiveness of quick microbiology diagnostics, crucial in the fight against antimicrobial resistance (AMR).
• Technological advancements — Continuous advancements in technology have improved the performance, accuracy, and efficiency of diagnostic tests. The introduction of innovative techniques, such as molecular diagnostics, point-of-care testing, and artificial intelligence has expanded the range of diagnostic capabilities and accelerated the adoption of IVD tests. For instance, in June 2023, news stated that the incorporation of AI technology in oncology-based in vitro diagnostic (IVD) products is projected to revolutionize cancer diagnosis, enabling early detection, and improved patient outcomes.

Here are the key players in the market –

• Abbott Laboratories, Inc.,
• Alere, Inc.,
• Bio-Rad Laboratories, Inc.,
• Cepheid, Inc.,
• Hologic, Inc.,
• OraSure Technologies,
• Qiagen N.V.,
• Quidel Corporation,
• Roche Diagnostics,
• Siemens Healthcare GmbH.

European In Vitro Diagnostics Market Segmentation:

Based on the product type, the market is segmented as instruments, reagents, software, and services. The reagents segment is expected to hold the major share of the market during the forecast period owing to its high precision and accuracy in diagnosis. Furthermore, the Covid-19 pandemic has increased the demand for reagents. Also, an increase in the use of self-diagnosis tests and the number of R&D activities is expected to drive market growth during the forecast period.

Based on the technique type, the market is segmented as immunology, hematology, clinical chemistry, molecular diagnostics, coagulation, microbiology, and others. The molecular diagnostics segment is anticipated to register high growth in the market owing to the increasing demand for molecular diagnosis in infectious diseases. Furthermore, the rapid rise in chronic diseases, as well as the increase in the number of genetic disorders, is expected to drive market growth during the forecast period.

Based on the application type, the market is segmented as infectious diseases, diabetes, oncology/cancer, cardiology, nephrology, autoimmune diseases, drug testing, and others. The infectious diseases application type segment is estimated to account for the major share of the market during the forecast period on account of the increasing number of infectious diseases such as HIV-AIDS, hepatitis, and Respiratory Syncytial Virus.

In terms of country, Germany is estimated to be the leading country in the market over the forecast period. The growth of the market is owing to the increasing prevalence of infectious diseases and the growing demand for rapid tests. Furthermore, the presence of various manufacturing companies is expected to fuel market growth over the forecast period. The UK is also expected to offer substantial growth opportunities during the forecast period.

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