Meticulous Research® Forecasts Europe In Vitro Diagnostics Market to Reach $39.77 Billion by 2030

Meticulous Research®, a renowned global market research company, has unveiled its latest research report titled 'Europe In Vitro Diagnostics Market by Offering (Kits, Software), Technology (Immunoassay, Molecular Diagnostics [PCR, NGS, Microarray], Rapid Tests, Biochemistry), Application (Infectious Diseases, Oncology), Diagnostic Approach (Lab, PoC) - Forecast to 2030.' The report anticipates the Europe In Vitro Diagnostics (IVD) market to soar to $39.77 billion by 2030, boasting a Compound Annual Growth Rate (CAGR) of 3.7% from 2023 to 2030.

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Market Dynamics and Growth Drivers

The robust growth of the Europe IVD market is attributed to various factors, including the escalating prevalence of chronic diseases coupled with an aging population, the surge in infectious diseases, a heightened demand for point-of-care (PoC) and rapid diagnostics, rising awareness regarding early disease diagnosis, increased healthcare expenditures, and growing funding for research activities. However, challenges such as stringent technical requirements and regulatory processes for high/moderate-complexity tests, as well as variations in test results observed in rapid IVD tests, pose constraints to market growth. The market is also grappling with the evolving regulatory landscape. Nevertheless, the rising inclination toward personalized medicine and advancements in genomics and proteomics are poised to create growth opportunities for industry players.

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Leading Industry Participants

Key players in the Europe IVD market include Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), bioMérieux SA (France), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China), Siemens Healthineers AG (Germany), Thermo Fisher Scientific Inc. (U.S.), QuidelOrtho Corporation (U.S.), Agilent Technologies Inc. (U.S.), and DiaSorin S.p.A. (Italy).

Future Outlook for the Europe IVD Market

The Europe IVD market is segmented by Offering (Kits & Reagents, Systems, and Software & Services), Technology (Immunoassay/Immunochemistry, Biochemistry/Clinical Chemistry, Molecular Diagnostics, Point of Care (POC) Diagnostics, Whole Blood Glucose Monitoring, Microbiology, Hematology, Coagulation/Hemostasis, Urinalysis, and Other Technologies), Application (Infectious Diseases, Oncology, Diabetes, Cardiology, Nephrology, Autoimmune Disorders, and Other Applications), Diagnostic Approach (Lab Testing, OTC/Self-testing, and Point of Care Testing), and End User (Diagnostic Laboratories, Hospitals & Clinics, Home Healthcare, and Other End Users), and Countries.
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Segment Highlights

Offering: Among all offerings, the kits & reagents segment is expected to register the highest CAGR, attributed to continuous advancements, adoption of IVD kits for disease diagnosis, and ease of use, driven by trends in self-testing and POC diagnostic testing.

Technology: In 2023, the molecular diagnostic segment is expected to dominate, driven by the rising prevalence of communicable and non-communicable diseases and advancements in molecular diagnostic techniques such as Nucleic Acid Amplification Testing (NAAT).

Application: The infectious disease segment is projected to account for the largest share in 2023, attributed to the increasing prevalence of healthcare-associated infections (HAIs) and sexually transmitted diseases (STDs).

Diagnostic Approach: The point-of-care testing segment is expected to grow at the highest CAGR during the forecast period, driven by increasing chronic diseases, innovations in PoC tests, development of CLIA-waived PoC tests, and a shortage of skilled technicians for lab tests.

End User: Hospitals & clinics are expected to dominate in 2023, fueled by a wide range of tests performed for diagnosing various medical conditions, ensuring proper clinical planning, and the surge in hospital admissions during the COVID-19 pandemic.

Geographic Review

The research report analyzes major European countries: Germany, the U.K., France, Italy, Spain, Switzerland, Netherlands, Denmark, and Rest of Europe. In 2023, Germany is expected to hold the largest market share, attributed to the rising prevalence of chronic diseases, government support for routine tests, and a high prevalence of HAI infections.

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This release was published on openPR.