Sweden In Vitro Diagnostics Market Size 2019 – 2024 by Emerging Industry Reviews: Abbott Laboratories, LabVantage, McKesson Corporation, LabLynx, and Siemens Healthcare GmbH

The Swedish in vitro diagnostics market is expected to witness a CAGR of 5.2% during the forecast period.
Certain factors that are driving the market growth include high prevalence of chronic diseases, increasing use of point-of-care (POC) diagnostics, advanced technologies, and increasing awareness and acceptance of personalized medicine and companion diagnostics.

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According to the European Commission data, Sweden has the third-highest healthcare spending in the EU, in terms of share in GDP (11.0% in 2015 compared to the EU average of 9.9%), and the fifth-highest in per capita spending (EUR 3,932 compared to the EU average EUR 2,797). Public expenditure accounts for 84% of all health spending, a share which is also higher than the EU average (79%). Voluntary health insurance has a small but rapidly increasing role in funding health.

Scope of the Report
As per the scope of this report, in vitro diagnostics involves medical devices and consumables that are utilized to perform in vitro tests on various biological samples. They are used for the diagnosis of various medical conditions, such as chronic diseases.

Competitive Landscape
The Swedish in vitro diagnostics market is highly competitive and consists of a number of major players. Companies, like Abbott Laboratories, Becton, Dickinson, and Company, Bio-Rad Laboratories Inc., Danaher Corporation, Johnson & Johnson, Roche Diagnostics, Siemens Healthcare, and Thermo Fisher Scientific Inc., among others, hold the substantial market share in the Swedish in the vitro diagnostics market.

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Effective management of patients with one or more chronic disease is a commonly debated concern in Sweden. More effective primary care delivery may increase the overall efficiency and responsiveness of the health system. Hence, the increasing health expenditure in the country is expected to fuel market growth over the forecast period.

Key Market Trends
The Reagent Segment is Expected to Hold the Highest Market Share During the Forecast Period
The reagent segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturer to be used during the in the vitro diagnosis process. Given the high cost of many diagnostic platforms, it is common for manufacturers to lease equipment instead of selling technology outright to end users. In these arrangements, the lease is tied to contracts to purchase associated reagents or assays for the equipment over the term of the contract. Many diagnostic companies have in excess of 75% of sales from consumables, such as assays and reagents, and such agreements guarantee the generation of cyclic revenues associated with the sale of reagents and other consumables.

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This release was published on openPR.