According to a research report by Stratview Research, the 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.
Market Dynamics
Major factors driving the growth of the European in vitro diagnostics market are-
Growing incidence of chronic and infectious illnesses: Europe has been experiencing an upswing in the prevalence of chronic health conditions, encompassing cancer, cardiovascular disorders, diabetes, and respiratory diseases. Furthermore, the emergence of infectious diseases, such as the recent COVID-19 pandemic, has underscored the imperative for precise and prompt diagnostic testing.
Based on the GLOBOCAN report of 2020, Germany recorded approximately 628,519 new cancer cases within the year. Among females, breast and colorectal cancer were found to be more prevalent, while prostate and lung cancer were more prevalent among males. In a bid to enhance the lives of over three million individuals affected by cancer by 2030, the European Union launched two initiatives in 2020. These initiatives primarily focus on raising awareness about the significance of cancer diagnosis. Consequently, with the increasing diagnosis of chronic diseases like cancer in Europe, the market for in-vitro diagnostics is poised to witness robust growth in the near future.
Shifting demographics: Europe is characterized by a notable aging population that is susceptible to a higher incidence of chronic diseases, necessitating frequent monitoring and diagnostic procedures. The expanding elderly demographic has led to an increased demand for diagnostics, crucial for the early detection and effective management of age-related conditions.
Progress in technology: Uninterrupted strides in technology have propelled significant enhancements in the precision, efficacy, and efficiency of diagnostic tests. Revolutionary methodologies, including molecular diagnostics, point-of-care testing, and automation, have broadened the horizons of diagnostic capabilities and expedited the widespread adoption of in-vitro diagnostics (IVD) tests.
Governmental support and investment: Governments across Europe have been actively investing in healthcare infrastructure while advocating for early diagnosis and preventive healthcare initiatives. Such endeavors frequently encompass funding research and development in the field of diagnostics, as well as facilitating the adoption of state-of-the-art diagnostic technologies.
Market integration and collaborative alliances: In the European IVD market, a notable trend has emerged with multiple instances of mergers, acquisitions, and collaborations among companies. These endeavors aim to fortify product portfolios, extend geographical presence, and leverage synergistic opportunities. The strategic partnerships have proven instrumental in fostering market expansion and pooling resources, expertise, and distribution networks to achieve collective growth.
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.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
Market structure: Overview, industry life cycle analysis, supply chain analysis
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Emerging trends
Strategic growth opportunities for the existing and new players
Key success factors
Leading Players Covered in the Composite Process Materials Market Report:
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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