Europe In Vitro Diagnostics (IVD) Market size crossed USD 21 billion in 2021 and is anticipated to register a CAGR of 2% between 2022 and 2028.

The rising burden of chronic diseases and growing investment to strengthen global healthcare systems are some of the key factors driving the market trends. Extensive technological advancements in the field of in-vitro diagnostics (IVD), combined with growing number of hospitals & academic institutions in the region. The prevalence of lifestyle disorders has surged significantly over the past decade across developed countries.

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Increasing application of point of care testing (POCT) is a major element accelerating IVD solution deployment. Factors such as faster diagnostic results compared to conventional methods, increased test accuracy, precision, and easier data collection and management offered by POCT centers have resulted in a dramatic increase in use of the tests over the last few years. Furthermore, POCT is less expensive than testing at laboratories and hospitals.

Impact of COVID-19 outbreak on Europe in vitro diagnostics market

The COVID-19 pandemic considerably raised the demand for rapid testing solutions, thereby influencing in-vitro diagnostic product sales. IVD applications in infectious disease segment increased since 2020 to help tackle the virus outbreak. The adoption of other tests also jumped to diagnose the occurrence or augmentation or other diseases due to the novel coronavirus. Over the coming years, the growing prevalence of chronic and awareness about possible infections will encouraged market participants to introduce innovative testing and diagnostics equipment in the market. The adoption of smart devices into point-of-care diagnostics will increases the safety, accuracy, and usability of the technology.

Europe Market, By Product Type

The instruments segment revenue in the Europe in vitro diagnostics market was over USD 7.5 billion in 2021. The advanced functionality and high accuracy features of advanced IVD instruments ae some crucial reasons supporting product demand. As regional governments and private institutions invest in the development of advanced medical laboratories in economies across Europe, the utilization of various diagnostic instruments is likely to upscale. The other key product segment in the industry comprises of reagents & kits, the consumption of which is also gaining momentum.

Europe Market, By Test Type

The clinical chemistry segment will reach USD 3.5 billion revenue in the Europe in vitro diagnostics market by 2028. The valuable tool is used to evaluate body fluids for therapeutic and diagnostic healthcare purposes. Some of frequently tested samples in pathology are urine, plasma, and serum. Factors such as growing use of approved blood-gas analyzers to analyze various respiratory conditions are likely to boost the market growth.

Europe Market, By Application

The cardiology application segment will showcase around 2.5% growth rate during the forecast period. As per European Cardiovascular Disease Statistics, over 3.9 million deaths are caused due to cardiovascular disease (CVD) each year in Europe, out of which, more than 1.8 million deaths occur in European Union (EU). Such high frequency of fatalities due to heart attacks has led to increased awareness about early diagnosis among the general population. Factors such as alcoholism, smoking, high blood pressure, poor diet, and lack of physical activity are some of the common risk factors which can lead to cardiovascular disease.

Europe In Vitro Diagnostics Market, By End-Use

The academic & research institutes segment size is poised to exceed USD 2.5 billion by 2028. The global threat of new infectious and chronic illnesses has prompted significant research in the field. In vitro diagnostic tests are a vital component in running predefined gene panels, studying next-generation sequencing (NGS) tests, or pursuing a variety of clinical research applications in research labs.

Europe Market, By Country

Italy in vitro diagnostics market is expected to hold more than 12% revenue share by 2028. The growing diabetes incidence in developed countries is a driving force in augmenting the awareness and availability of advanced IVD tests & equipment. There are more than 61 million diabetic patients in the EUR region, and this number is further expected to rise to over 69 million by 2045. Consistent efforts to address the disorder and higher focus on tackling the surge in cancer prevalence across the region will bolster IDV development.

Competitive Industry Landscape

Prominent participants operating across the Europe in vitro diagnostics market are Danaher, Siemens Healthineers, Abbott, F. Hoffmann-La Roche AG, DiaSorin, BioMerieux, Sysmex Corporation, Thermo Fisher Scientific, Bio-Rad Laboratories, Ortho Clinical Diagnostics, Becton Dickinson & Company and Qiagen. These companies have adopted a slew of marketing strategies such as new product launches, distribution agreements, business collaborations, and acquisitions to sustain their market position in an increasingly competitive business sphere.