Europe IVD Market Value Expected to Hit $19,124 Million by 2023 : Allied Market Research

New Report "Europe IVD Market by Product Type, Techniques, Application, and End Users: Global Opportunity Analysis and Industry Forecast, 2017-2023", published by Allied Market Research. Europe IVD market was valued at $19,124 million in 2016, and is projected to reach at $26,623 million by 2023, growing at a CAGR of 4.7% from 2017 to 2023.

In vitro diagnostic tests are performed using biological samples to detect disease and other diseases. Technological advances in IVD technology, increased chronic and epidemic incidence and prevalence, increased government spending in Europe. However, government regulations related to IVD safety and efficacy and adverse reimbursement policies are expected to be rigorous to curb market growth during the forecast period.

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Depending on the product type, the reagent sector achieved a market share of one-third in 2016 due to the introduction of effective reagents in the market.

Based on technology, the immunodiagnosis sector has contributed to the highest market share (1/3) in 2016 to increase the prevalence of chronic diseases such as cancer and other diagnostic technologies and to increase the demand for non-invasive technologies.

The infectious disease sector accounted for the largest market share (2/7) in 2016 due to the spread of infectious diseases such as pertussis, which is fueling the tuberculosis, malaria and IVD markets, depending on the application.

Based on end users, the stand-alone lab segment was the largest market share (3/7) in 2016, largely due to the complexity of testing.

Germany accounted for the highest shares in 2016, and is expected to dominate the market throughout the forecast period and is attributed to increase in incidence of chronic diseases such as tuberculosis, diabetes, and cancer. In addition, rise in demand for non-invasive technology, advancement in technology, and well-established healthcare systems is anticipated to provide new growth opportunities for the key players in the market. However, France is estimated to register the highest growth rate during the forecast period, owing to rise in government healthcare expenditure and growth in demand for healthcare devices from large pool of patient population, and improvement in healthcare infrastructure.

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Key Findings of the Europe IVD Market:

• The reagents segment dominated the market in 2016, and is projected to grow at the 3.7% CAGR.
• The immunodiagnostics segment accounted for the highest share in 2016.
• The pathology segment was the major shareholder in the Europe IVD market in 2016.
• The standalone laboratory segment accounted for the highest share in 2016.
• UK was the major shareholder of Europe IVD market in 2016.
• Germany is expected to grow at the highest CAGR in the Europe IVD market.

The major players profiled in the Europe IVD market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson.

Segment Review

Based on product type, the market is categorized into reagents, instruments, and software & services. The reagent segment accounted for the highest market share in 2016, and the software & services is expected to grow at the highest growth rate during the forecast period. The growth of the reagent market is attributed to the recent introduction of new novel reagents and wide availability of effective and cost-efficient reagents. On the basis of techniques, the immunodiagnostics segment captured the highest market share in 2016, owing to the increase in demand for personalized medicines. On the basis of application, infectious diseases segment captured the highest market share in 2016, owing to the increase in prevalence of infectious diseases and rise in preventive healthcare awareness among the population. Based on end users, the standalone laboratory segment captured the highest market share in 2016, primarily due to non-availability of complex tests in hospitals and commercial clinics.

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Country Wise Review

Country wise, it is analyzed across the UK, Germany, France, Italy, Spain, and Rest of Europe. Germany accounted for the highest share of the market in 2016, followed by China. France is anticipated to witness the highest growth rate during the forecast period. Increase in prevalence of chronic and infectious diseases and rise in government investments for R&D and the healthcare drive the market growth. France is expected to emerge as the area with maximum growth potential due to focus of key players in the emerging economies and improvement in healthcare infrastructure.

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