Forecast: Europe's In Vitro Diagnostic (IVD) Market Set to Surpass $39.77 Billion by 2030

Meticulous Research® Unveils Forecasts for Europe's In Vitro Diagnostic (IVD) Market

Meticulous Research®, a premier global market research firm, has released its latest research report titled, "Europe IVD 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 projects that the Europe IVD market will surge to $39.77 billion by 2030, marking a robust CAGR of 3.7% from 2023 to 2030.

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Market Drivers and Constraints

The growth trajectory of the Europe IVD market is driven by a myriad of factors, including the escalating prevalence of chronic diseases alongside an aging population, a surge in infectious diseases, the burgeoning demand for point-of-care (PoC) and rapid diagnostics, heightened awareness regarding early disease detection, increased healthcare expenditure, and expanded research funding. However, the market faces challenges such as stringent technical requisites and regulatory processes for high/moderate-complexity tests, disparities in rapid IVD test results, and evolving regulatory frameworks.

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Key Players and Opportunities

Key players in the Europe IVD market landscape include industry stalwarts like Abbott Laboratories, Becton, Dickinson and Company, bioMérieux SA, and F. Hoffmann-La Roche Ltd. The report outlines growth opportunities stemming from the burgeoning trend towards personalized medicine and advancements in genomics and proteomics, albeit acknowledging the evolving regulatory landscape as a significant challenge to market growth.

Segmentation Overview

The report segments the Europe IVD market based on offerings, technology, applications, diagnostic approach, end users, and countries. Notably, kits & reagents are anticipated to witness the highest CAGR, with molecular diagnostics emerging as the dominant technology segment. Infectious diseases, particularly, are expected to drive substantial market growth, with point-of-care testing poised to register the highest CAGR owing to innovations and the dearth of skilled technicians.

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Geographic Review

Geographically, the report delves into major European countries such as Germany, the U.K., France, Italy, and Spain, with Germany expected to dominate the market in 2023. Factors contributing to Germany's market leadership include the rising prevalence of chronic diseases, government support for routine tests, and biomarker testing reimbursement policies.

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This release was published on openPR.