Stratview Research publishes a new report titled European In Vitro Diagnostics Market which is segmented by Product Type (Instruments, Reagents, Software, and Services), by Technique Type (Immunology, Hematology, Clinical Chemistry, Molecular Diagnostics, Coagulation, Microbiology, and Others), by Application Type (Infectious Diseases, Diabetes, Oncology/Cancer, Cardiology, Nephrology, Autoimmune Diseases, Drug Testing, and Others), by End-User Type (Hospitals, Laboratory, Home Care, and Others), and by Country (Germany, France, The UK, Russia, Spain, and Rest of Europe).

Market Insights

European in vitro diagnostics market was estimated at USD 15.29 billion in 2022 and is likely to grow at a CAGR of 5.08% during 2023-2028 to reach USD 20.66 billion in 2028.

What are in vitro diagnostics?

In vitro diagnostics encompasses a wide range of tests done on blood or tissue samples from the human body. These tests are vital for detecting diseases or assessing other health conditions and can also be used to monitor patients’ overall health. By providing vital insights, in vitro diagnostics remains one of the significant components of healthcare, contributing to improved patient outcomes.

Market Dynamics

The market dynamics of the European In Vitro Diagnostics market are influenced by various factors that drive its growth. Here are some key growth factors-

• Rising chronic and infectious diseases – The prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases in Europe is rising. The Organisation for Economic Co-operation and Development (OECD) states that cardiovascular diseases (CVD) are the leading cause of death in Europe, causing ~3.9 million deaths every year, which corresponds to 45% of all deaths. This rise is leading to an increased demand for in vitro diagnostics to diagnose or monitor these diseases.
• Growth in geriatric population – The European Union (Europe. eu) states that the median age of the EU's population is increasing. In 2022, more than one-fifth (21.1 %) of the EU population was aged 65 and over. It is projected that there will be close to half a million centenarians in the EU-27 by 2050. Greying of Europeans leads to high chances of chronic diseases, which require regular monitoring, and thus demand more in vitro diagnostics.
• Rise in the use of personalized medicines – Personalized medicine is the practice of tailoring medical treatment to the individual patient's genetic makeup. This is becoming increasingly important as scientists learn more about the genetic basis of diseases. in vitro diagnostics are playing a key role in personalized medicine by providing doctors with information about the patient's genetic makeup.
• Rising R&D expenditure to introduce new products – The surge in demand for in-vitro diagnostic tests has encouraged the market players to invest more in R&D and develop innovative products. For instance, in April 2023, bioMérieux – a French multinational biotechnology giant, and JMI Laboratories (JMI) announced a six-year partnership to undertake collaborative projects to enhance the effectiveness of quick microbiology diagnostics, crucial in the fight against antimicrobial resistance (AMR).
• Technological advancements – Continuous advancements in technology have improved the performance, accuracy, and efficiency of diagnostic tests. The introduction of innovative techniques, such as molecular diagnostics, point-of-care testing, and artificial intelligence has expanded the range of diagnostic capabilities and accelerated the adoption of in vitro diagnostic tests. For instance, in June 2023, news stated that the incorporation of AI technology in oncology-based in vitro diagnostic products is projected to revolutionize cancer diagnosis, enabling early detection, and improved patient outcomes.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Global European In Vitro Diagnostics Market Report Segments:

Based on the product type, the market is segmented as instruments, reagents, software, and services. The reagents segment is expected to hold the major share of the market during the forecast period owing to its high precision and accuracy in diagnosis. Furthermore, the Covid-19 pandemic has increased the demand for reagents. Also, an increase in the use of self-diagnosis tests and the number of R&D activities is expected to drive market growth during the forecast period.

Based on the technique type, the market is segmented as immunology, hematology, clinical chemistry, molecular diagnostics, coagulation, microbiology, and others. The molecular diagnostics segment is anticipated to register high growth in the market owing to the increasing demand for molecular diagnosis in infectious diseases. Furthermore, the rapid rise in chronic diseases, as well as the increase in the number of genetic disorders, is expected to drive market growth during the forecast period.

Based on the application type, the market is segmented as infectious diseases, diabetes, oncology/cancer, cardiology, nephrology, autoimmune diseases, drug testing, and others. The infectious diseases application type segment is estimated to account for the major share of the market during the forecast period on account of the increasing number of infectious diseases such as HIV-AIDS, hepatitis, and Respiratory Syncytial Virus.

In terms of country, Germany is estimated to be the leading country in the market over the forecast period. The growth of the market is owing to the increasing prevalence of infectious diseases and the growing demand for rapid tests. Furthermore, the presence of various manufacturing companies is expected to fuel market growth over the forecast period. The UK is also expected to offer substantial growth opportunities during the forecast period.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Why is this report beneficial?

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

It also offers –

-        Market Overview

-        Key Manufacturers Profiles

-        Market Analysis by Region

-        Market Segment by Type

-        Market Segment by Application

-        Raw Material and Supply Chain

-        Other Key Research Findings

All the data compiled by the market experts is the outcome of rigorous primary and secondary research conducted on the market players and reliable sources, including company white papers, journals, press releases, and more.

Key players active in the market –

The following are some of the key players in the European In Vitro Diagnostics Market:

• Abbott Laboratories, Inc.
• Alere, Inc.
• Bio-Rad Laboratories, Inc.
• Cepheid, Inc.
• Hologic, Inc.
• OraSure Technologies
• Qiagen N.V.
• Quidel Corporation
• Roche Diagnostics
• Siemens Healthcare GmbH.

Customization of the report –

At Stratview Research, the market researchers make a note of opportunities, drawbacks/bottlenecks, estimations, and information related to the market using experienced skills and verified methodologies. Our research reports offer an exceptional experience of innovative solutions and outcomes to the users. If required, user can also opt for customization of the report.

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