The size of the European in vitro diagnostic market will mark a notable expansion until 2027

SKYLINE MARKET RESEARCH LLP

SKYLINE MARKET RESEARCH LLP

The recent report on ‘Europe In Vitro Diagnostics Market’ provides an elaborate set of attributes that determine the growth dynamics of the industry between 2021 and 2027.

Pune, India, March 24, 2022 (GLOBE NEWSWIRE) — According to MarketStudyReport, Europe in vitro diagnostic market is poised to be worth $27.6 billion by 2027, given increased health awareness, which supports the widespread adoption of point-of-care testing (POCT) leading to faster results. accurate and faster.

It orchestrates an in-depth study of market verticals to determine profit potential and presents an overview of the competitive hierarchy of major players.

In addition, it addresses the impact of COVID-19 in the business world and offers competent measures to mitigate its impact in the coming years.

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In addition, the growing burden of chronic diseases, the increase in the proportion of blood donors and the increasing spending on health care add to the valuation of the industry.

Furthermore, extensive technological advances in the field of in vitro diagnostics (IVD), combined with an increase in the number of hospitals and academic institutions, are further magnifying the development of the industry.

It is also estimated that Italy’s industry share is projected to grow at a CAGR of 6% through 2027, due to the presence of world-class healthcare infrastructure, the pervasiveness of diabetes, and the collective focus on early diagnosis of diseases.

COVID-19 impact analysis:

During the COVID-19 pandemic, the global health system faced an unprecedented challenge, with nations taking draconian measures, such as closing manufacturing plants, to contain the spread of the virus and ensure people’s safety. However, leading firms are responding in an extraordinary way through the development of rapid tests and new product innovations that have intensified the demand for IVD procedures, resulting in a strong growth rate for the European in vitro diagnostics industry.

North America Market:

North America In vitro diagnostic market it is estimated that it will accumulate USD 49 billion by 2027. This remarkable expansion is attributed to an increase in the aging of the population and the increase in the incidence of chronic diseases, both of which have contributed dramatically to the income share.

The deep demand for in vitro medical devices during the pandemic has fueled the supply of rapid tests, further validating the acceptance of such diagnostics in the business sphere. In response to the growing demand for rapid detection of chronic and infectious diseases, point-of-care (POC) technology is becoming increasingly important to the healthcare industry. The introduction of smart devices in point-of-care diagnostics has improved the technology’s safety, accuracy, and ease of use. The increasing use of self-testing and point-of-care devices is likely to increase the demand for reagents and kits. In fact, the share of reagents and kits in the North American in vitro diagnostic industry accounted for $20.5 billion in sales in 2020. Due to the increasing demand for sophisticated technologies such as qRT-PCR, diagnostic solutions are expected to advanced will see an increase until 2027. To keep up With the personalized healthcare needs of the aging population, the IVD market is likely to expand further in the next six years. Abbott, Thermo Fisher Scientific Inc., Danaher Corporation, and Becton, Dickinson and Company are among the leading in vitro diagnostic companies in North America.

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Asia Pacific Market:

Pacific Asia in vitro diagnostic market The size is speculated to exceed $23.7 billion by 2027, under the rising incidence of infectious diseases that is driving demand for advanced testing systems and increased awareness of synthetic growth hormone therapy.

Additionally, the instrument segment of the regional market realized $4.5 billion in 2020, due to the ability of automated instruments to reduce errors and improve thermal cycler performance in IVD testing, coupled with extensive government support for medical vertical manufacturing. China’s Asia Pacific in vitro diagnostics market share is anticipated to witness around 5% CAGR till 2027. This is mainly credited to the growing geriatric population base and rising prevalence of infectious and chronic diseases, such as COVID -19, diabetes and cancer. According to the National Library of Medicine, the prevalence of diabetes in China is estimated to reach around 109 million by 2035.

Inactive lifestyles, erratic eating habits, and obesity are some of the prominent factors that contribute to the burden of disease. With this, the appearance of new delta variants of the coronavirus in the country is driving a significant demand for new IVD products in laboratories, complementing the expansion of the regional market.

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Competitive board:

Key players in the market include names like Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Ortho Clinical Diagnostics, Abbott Laboratories, QIAGEN NV, Danaher Corporation, Thermo Fisher Scientific Inc., Siemens Healthineers AG, Sysmex Corporation, bioMerieux SA, Bio-Rad Laboratories and DiaSorin Inc., among others.

Europe in vitro diagnostics market, by product type (revenue, million dollars, 2016-2027)

  • Instruments

  • Reagents and kits

Europe in vitro diagnostic market, by type of test (revenue, million dollars, 2016-2027)

Europe in vitro diagnostics market, by application (revenue, USD million, 2016-2027)

Europe in vitro diagnostics market, by end use (revenue, USD million, 2016-2027)

Europe in vitro diagnostic market, regional analysis (revenue, million dollars, 2016-2027)

North America

Europe

  • Finland

  • Germany

  • Norway

  • France

  • Denmark

  • United Kingdom

  • Poland

  • Italy

  • Netherlands

  • Spain

  • Switzerland

Pacific Asia

  • India

  • Indonesia

  • Taiwan

  • Japan

  • Philippines

  • South Korea

  • Malaysia

  • Singapore

  • Australia

  • Thailand

  • China

Europe in vitro diagnostic market, competitive panel (revenue, million dollars, 2016-2027)

  • Becton, Dickinson and Company

  • F. Hoffmann-La Roche AG

  • Ortho Clinical Diagnosis

  • Abbott Laboratories

  • QIAGEN N.V.

  • Danaher Corporation

  • ThermoFisher Scientific Inc.

  • Siemens Healthineers AG

  • Sysmex Corporation

  • Biomérieux Inc.

  • Bio-Rad Laboratories

  • DiaSorin Inc.

Related report:

In Vitro Diagnostic Services Market Size, Application Potential, Competitive Market Share and Forecast, 2018 – 2024

The in vitro diagnostic services market will exceed USD 63 billion by 2024; according to new research report. The increasing number of pathology laboratories in developed and developing economies will fuel the growth of the industry in the coming years. The elderly population base suffering from chronic diseases will have a strong preference for laboratory diagnostic services which should increase the growth of the in vitro diagnostic services market. Also, business growth will be triggered due to increasing automations in diagnostic devices used in pathology laboratory centers. The increasing number of liquid biopsy tests will positively impact the growth of the industry over the anticipated time period. Technological advances in liquid biopsy devices for accurate tumor analysis will increase their preference over the anticipated time period. Also, a favorable repayment scenario should boost business growth. For example, insurance providers in the US have developed new reimbursement policies for biopsy tests that will ensure high growth for the industry in the coming years.

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