Europe In Vitro
Diagnostics (IVD) Market Overview:
Europe In Vitro
Diagnostics (IVD) market was estimated at USD 19,679 million in 2018 and is expected to reach USD 25,459 million by 2025, which will
grow at a compound annual growth rate of 3% over the 2018-2025 forecast period.
In vitro diagnostics are medical devices used to examine
biological samples such as blood, urine, feces, tissues and other body fluids.
The tests can be performed in an independent laboratory and in a hospital
laboratory. Important technologies incorporated in IVD include polymerase chain
reaction, microarray techniques, sequencing technology and mass spectrometry,
which are used for the preparation of test samples.
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Drivers, Challenges
and Opportunities:
The increase in the prevalence of chronic diseases should
stimulate this market growth. Increases in obesity, poor eating habits,
sedentary lifestyle and high consumption of tobacco and alcohol are among the
factors responsible for the high incidence of cancer, diabetes, cardiovascular
disease and others disorders, supporting the IVD market. The growing geriatric
population, which is prone to disease, needs regular diagnostic tests, which is
one of the main factors of market growth. In addition, technological
developments in terms of accuracy, portability and cost-effectiveness should
accelerate the demand for IVD devices. Also, the growing demand for on-site
processing devices is expected to stimulate market growth.
However, the shortage of experienced health professionals
and the lack of awareness among the population limit market growth. There are
also strict regulations on new and existing products and techniques that may
limit market growth to a certain extent.
But the growing demand for portable in vitro diagnostic
devices is one of the key factors driving business opportunities. It is hoped
that the introduction of improved technologies such as miniaturization of
microfluidics, biochips and Nano-biotechnology will increase opportunities in
the future.
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Geographic
Segmentation:
By country, the European IVD market it is analyzed in the regions
of United Kingdom, Germany, France, Italy, Spain and the rest of Europe. France
is expected to experience the highest growth rate over the forecast period.
Increasing prevalence of chronic and infectious diseases and increasing public
investment in R&D and medical care is driving market growth. France should
become the region with maximum growth potential due to the concentration of key
players in emerging economies and the improvement of health infrastructure.
Key market players:
BioMérieux SA, F. Hoffmann-La Roche Ltd. Becton, Dickinson
and Company; Hologic, Inc. (Gen-Probe); Siemens Healthineers; Abbott; Alere
Danaher; Sysmex Corporation; Qiagen; and Cepheid are some of the major players
in this market.
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