Stratview Research delivers key insights into the global Product Type (Instruments, Reagents, Software, and Services), by Technique Type (Immunology, Hematology, Clinical Chemistry, Molecular Diagnostics, Coagulation, Microbiology, and Others), by Application Type (Infectious Diseases, Diabetes, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing, and Others), by End-User Type (Hospitals, Laboratory, Home Care, and Others), and by Country (Germany, France, The UK, Russia, Spain, and Rest of Europe).
The report suggests that the overall European in vitro diagnostics market was estimated at USD 14.5 billion in 2021 and is likely to grow at a CAGR of 5.15% during 2022-2028 to reach USD 20.66 billion in 2028.
What are in vitro diagnostics?
In vitro diagnostics (IVD) tests are done on samples such as blood or tissue that have been taken from the human body. These tests are used to detect diseases and infections and to monitor the health of a person to treat and prevent diseases. In vitro simply means ‘in glass, thus these tests are performed in test tubes and similar equipment.
Major factors driving the growth of the European in vitro diagnostics market are-
- An increase in the number of genetic disorders,
- An increase in the number of incidences of chronic and infectious diseases,
- Growing awareness for the early diagnosis of life-threatening diseases,
- Increasing demand for point-of-care testing
Furthermore, technological advancements in the field of in vitro diagnostic technologies are expected to drive the growth of the market during the forecast period.
Market Segments' Analysis
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.
The following are some of the key players in the European In Vitro Diagnostics 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.
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