The Europe In-Vitro Diagnostics Market was valued at US$ 22.40 Billion in 2023 and will grow to US$ 32.93 Billion by 2032, with a CAGR of 4.38% from 2024 to 2032. The increasing incidence of infectious diseases, the growing need for point-of-care (PoC) and rapid diagnostics, the growing awareness of early disease diagnosis, the rising cost of healthcare, and the increasing funding for research activities are all factors contributing to the growth of the IVD market in Europe.Europe in-vitro Diagnostics Market was US$ 25.36 Billion in 2022
Europe In-Vitro Diagnostics Market Overview
The acronym for in vitro diagnostics is IVD. It's a diagnostic technique for illnesses, conditions, and infections. The term ''''in vitro'''' means ''''in glass,'''' as these tests are typically conducted inside test tubes. Samples of human fluids are taken, including tissues, blood, and proteins. IVD is used to assess a person's health by looking for certain elements in these samples, such as bacteria and viruses. They are quite good at making accurate diagnoses, which aids in the treatment, prevention, or even cure of illnesses or other conditions. It's the initial stage in developing a plan of care appropriate for the diagnosis.The IVD medical devices are designed, manufactured, and packed to reduce the risk posed by impurities and residues encountered during usage, storage, and transportation. With their shorter downtime, IVDs are recognized to provide Fast Results and have a wide range of applications. It permits the detection of various substances in each test by using multiple tests with variation testing. They take less time and are more economical. Their minimal potential to produce misleading results makes them dependable.
Growth Factors in the Europe In-Vitro Diagnostics Industry
The Growing Chronic Illness Burden and Europe's Aging Population
One of the oldest populations in the world is found in Europe. The World Health Organization predicts that 40% of Europeans will be older than 60 by 2050. Alongside this aging population, chronic illnesses like diabetes, heart disease, and cancer are becoming more common. According to estimates from the European Heart Network, cardiovascular diseases alone cause about 3.9 million deaths in Europe each year, or over 45% of all deaths.IVD instruments are essential for early diagnosis, monitoring, and management of such health issues. More than ever, IVD products and services that provide prompt and precise detection are essential. These diagnostics direct treatment strategies, improve patient management, and drastically lower related healthcare expenditures. Thus, the increasing prevalence of chronic diseases and the aging population together serve as major factors driving the European in-vitro diagnostics market.
Genomic profiling and personalized medicine
The collection, processing, and interpretation of ultrasonography images are being revolutionized by AI and ML, which will enhance patient outcomes, workflow effectiveness, and diagnostic accuracy. Artificial intelligence algorithms can reduce the time and effort required for manual ultrasound picture interpretation by automatically analyzing the images, detecting abnormalities, and providing quantitative values. AI-enabled ultrasound systems, for example, can use ultrasound pictures to estimate the risk of breast cancer, assess the severity of carotid artery stenosis, and automatically discover and classify liver diseases. In addition to improving diagnosis speed and accuracy, these AI-assisted tools lower inter-observer variability by standardizing the interpretation of ultrasound pictures in the market for ultrasound devices.United Kingdom In-Vitro Diagnostics Market Overview:
The rise in point-of-care (POC) diagnostic tests and the increasing incidence of various chronic diseases in the UK are anticipated to fuel growth in the in-vitro diagnostics market. For example, in October 2022, Macmillan Cancer Support revised a report that predicted the number of new cancer cases in the United Kingdom will reach 3.5 million by 2025 and rise to 4 million by 2030.Additionally, 3.99 million people in the UK were diagnosed with diabetes in 2021, and the figure is expected to rise to 4.14 million by 2030, according to the International Diabetes Federation (IDF). As a result, the increased prevalence of chronic illnesses is promoting the uptake of in-vitro diagnostics tools for early detection and bolstering industry expansion.
Moreover, the United Kingdom's healthcare infrastructure development is expected to make a substantial contribution to the nation's overall market growth. As to a 2022 Department of Health and Social Care article, the United Kingdom's New Hospital Programme aims to establish 48 new hospitals by 2030. The demand for in-vitro diagnostics goods in the United Kingdom is anticipated to be significantly impacted by the hospital, which is also the principal consumer of in-vitro devices.
Furthermore, because older adults have lowered immune responses, they are more susceptible to infections and age-related illnesses; this will lead to a rise in the burden of infectious and chronic diseases in the United Kingdom. For example, The World Bank estimates that in 2021 there were around 12.7 million people over the age of 65, a 1.4% rise from the year before. This is also predicted to boost the need for and uptake of IVD equipment, which would in due course propel the expansion of the nation's in-vitro diagnostics market.
Therefore, it is projected that the growing geriatric population in the United Kingdom, rising investment in improving healthcare infrastructure, and the increasing prevalence of chronic diseases will boost demand for and adoption of IVD devices and promote market growth.
Europe In-Vitro Diagnostics Market Company Overview
Some of the industry leaders seen in the Europe In-Vitro Diagnostics Market Includes Roche Diagnostics, Abbott Diagnostics, Siemens Healthineers, Danaher Corporation, Thermo Fisher Scientific, Sysmex Corporation.Europe In-Vitro Diagnostics Market News
- In March 2023, The CE mark was granted to MGI Tech Co., Ltd. for their DNBSeq-G99 sequencer, which is intended to be used for precise genetic material sequencing.
- In December 2022, The Vidas Kube automated immunoassay system, which BioMérieux SA uses to diagnose infectious illnesses, immunochemistry, and food industry pathogens, has been granted the CE mark.
- In September 2022, to increase the scope of its in-vitro diagnostics system product range, Noul Co., Ltd. was granted the CE-IVD mark for two next-generation diagnostic testing products: miLab Cartridge CER and miLab Cartridge BCM.
Test Types - Market breakup in 11 viewpoints:
- ELISA & CLIA
- PCR
- Rapid Test
- Fluorescence Immunoassays (FIA)
- In Situ Hybridization
- Transcription Mediated Amplification
- Sequencing
- Colorimetric Immunoassay
- Radioimmunoassay (RIA)
- Isothermal Nucleic Acid Amplification Technology
- Others
Product - Market breakup in 3 viewpoints:
- Services
- Instruments
- Reagents
Application - Market breakup in 8 viewpoints:
- Infectious Disease
- Diabetes
- Cardiology
- Oncology
- Nephrology
- Autoimmune Diseases
- Drug Testing
- Other Applications
Technology- Market breakup in 7 viewpoints:
- Immunoassay
- Clinical Chemistry
- Molecular Diagnostics/Genetics
- Hematology
- Microbiology
- Coagulation
- Others
End Users - Market breakup in 4 viewpoints:
- Hospitals
- Laboratories
- Home - Care
- Others
Country - Market breakup in 32 viewpoints:
Europe
- Germany
- France
- Italy
- Spain
- Netherlands
- Greece
- Portugal
- Belgium
- Sweden
- Austria
- Denmark
- Finland
- Ireland
- Luxembourg
- Poland
- Romania
- Czechia
- Hungary
- Bulgaria
- Slovakia
- Croatia
- Lithuania
- Latvia
- Slovenia
- Estonia
- Cyprus
- Malta
- Switzerland
- Norway
- Iceland
- United Kingdom
- Turkey
The key players have been covered from 5 viewpoints:
- Overviews
- Key Person
- Recent Developments & Strategies
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Company Analysis:
- Roche Diagnostics
- Abbott Diagnostics
- Siemens Healthineers
- Danaher Corporation
- Thermo Fisher Scientific
- Sysmex Corporation
Table of Contents
1 Introduction2 Research Methodology3 Executive Summary5 Europe In-Vitro Diagnostics (IVD) Market
4 Market Dynamic
6 Market Share
7 By Test Types
8 By Product
9 By Application
10 By Technology
11 By End User
12 By Country
13 Porter’s Five Forces
14 SWOT Analysis
15 Company Analysis
Companies Mentioned
- Roche Diagnostics
- Abbott Diagnostics
- Siemens Healthineers
- Danaher Corporation
- Thermo Fisher Scientific
- Sysmex Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 310 |
| Published | August 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 22.4 Billion |
| Forecasted Market Value ( USD | $ 32.93 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 6 |
