Pune, India, March 24, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, Europe in-vitro diagnostics market is poised to be worth USD 27.6 billion by 2027, given the heightened health awareness, supporting the widespread adoption of point of care testing (POCT) which enables highly accurate and faster results.
It orchestrates an in-depth study of the market's verticals to determine the profit potential and presents an overview of the competitive hierarchy of the leading players.
Furthermore, it addresses the impact of COVID-19 on the business sphere and offers competent measures to mitigate its impact in the coming years.
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Also, rising burden of chronic diseases, uptick in the proportion of blood donors, and burgeoning healthcare expenditure are adding to industry valuation.
Moreover, extensive technological advancements in the field of in-vitro diagnostics (IVD), combined with an escalation in the number of hospitals & academic institutions are further magnifying the industry development.
It is also estimated that Italy industry share is projected to grow at a 6% CAGR through 2027, due to the presence of world-class healthcare infrastructure, pervasiveness of diabetes, and collective focus on early disease diagnosis.
COVID-19 Impact Analysis:
During the COVID-19 pandemic, the global healthcare system faced an unprecedented challenge, with the nations taking draconian steps, such as closing manufacturing plants, to contain the spread of virus and ensure people's safety. However, prominent firms are responding in extraordinary ways through development of rapid testing and new product innovations which have intensified the demand for IVD procedures, resulting in a strong growth rate for Europe in-vitro diagnostics industry.
North America Market:
North America In-Vitro Diagnostics market is estimated to amass USD 49 billion by 2027. This notable expansion is attributed to an upsurge in aging population and rising incidence of chronic diseases, both of which have contributed drastically to revenue share.
The profound demand for in-vitro medical devices during the pandemic has prompted the supply for rapid testing, further validating the acceptance of such diagnostics in the business sphere. In response to the growing demand for quick detection of both chronic and infectious illnesses, point-of-care (POC) technology is becoming increasingly important for the healthcare industry. The introduction of smart devices into point-of-care diagnostics has improved the technology's safety, accuracy, and usability. The increasing usage of self-test and point-of-care devices is likely to drive up demand for reagents and kits. In fact, North America in vitro diagnostics industry share from reagents & kits accounted for $20.5 billion in sales in 2020. Due to rising demand for sophisticated technologies such as qRT-PCR, advanced diagnostic solutions are expected to witness uptick through 2027. To keep up with the ageing population's personalized healthcare needs, the IVD market is likely to expand further in the approaching six years. Abbott, Thermo Fisher Scientific Inc., Danaher Corporation and Becton, Dickinson, and company are among the leading in vitro diagnosis companies in North America.
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Asia Pacific Market:
Asia Pacific in-vitro diagnostics market size is speculated to exceed USD 23.7 billion by 2027, by virtue of spiraling incidences of infectious diseases which is driving the demand for advanced testing systems, and greater awareness about synthetic growth hormone therapy.
Additionally, the instruments segment of regional market garnered USD 4.5 billion in 2020, owing to capability of automated instrument to reduce errors and improve the thermal cycler performance in IVD testing, in consort with extensive government support for medical manufacturing vertical. Asia Pacific in vitro diagnostics market share from China is anticipated to witness around 5% CAGR through 2027. This is majorly accredited to the surging geriatric population base and soaring prevalence of infectious and chronic diseases, such as COVID-19, diabetes, and cancer. As per the National Library of Medicine, the prevalence of diabetes in China is estimated to reach around 109 million by 2035.
Inactive lifestyles, erratic eating habits, and obesity are some prominent factors supporting disease burden. With this, the emergence of new coronavirus delta variants in the country is driving significant demand for novel IVD products in laboratories, complementing the regional market expansion.
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Competitive Dashboard:
The key players in the market include names like Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Ortho Clinical Diagnostics, Abbott Laboratories, QIAGEN N.V., Danaher Corporation, Thermo Fisher Scientific Inc., Siemens Healthineers AG, Sysmex Corporation, bioMerieux S.A., Bio-Rad Laboratories, and DiaSorin Inc. among others.
Europe In-Vitro Diagnostics Market, By Product Type (Revenue, USD Million, 2016-2027)
- Instruments
- Reagents & Kits
Europe In-Vitro Diagnostics Market, By Test Type (Revenue, USD Million, 2016-2027)
- Immunoassay/Immunochemistry
- Urinalysis
- Molecular diagnostics
- Clinical chemistry
- Hematology
- Others
Europe In-Vitro Diagnostics Market, By Application (Revenue, USD Million, 2016-2027)
- Diabetes
- Drug Testing/Pharmacogenomics
- Cardiology
- Infectious diseases
- Nephrology
- Oncology
- Autoimmune Diseases
- Others
Europe In-Vitro Diagnostics Market, By End-use (Revenue, USD Million, 2016-2027)
- Diagnostic laboratories
- Hospitals
- Academic & research institutes
- Others
Europe In-Vitro Diagnostics Market, Regional Analysis (Revenue, USD Million, 2016-2027)
North America
- U.S.
- Canada
Europe
- Finland
- Germany
- Norway
- France
- Demark
- UK
- Poland
- Italy
- Netherland
- Spain
- Switzerland
Asia Pacific
- India
- Indonesia
- Taiwan
- Japan
- Philippines
- South Korea
- Malaysia
- Singapore
- Australia
- Thailand
- China
Europe In-Vitro Diagnostics Market, Competitive Dashboard (Revenue, USD Million, 2016-2027)
- Becton, Dickinson and Company
- F. Hoffmann-La Roche AG
- Ortho Clinical Diagnostics
- Abbott Laboratories
- QIAGEN N.V.
- Danaher Corporation
- Thermo Fisher Scientific Inc.
- Siemens Healthineers AG
- Sysmex Corporation
- BioMerieux Inc.
- Bio-Rad Laboratories
- DiaSorin Inc.
Related Report:
In-vitro Diagnostic Services Market Size, Application Potential, Competitive Market Share & Forecast, 2018 - 2024
In-vitro Diagnostic Services Market will exceed USD 63 billion by 2024; as per a new research report. Growing number of pathology laboratories in developed as well as developing economies will impel the industry growth in upcoming years. Elderly population base suffering from chronic conditions will have high preference for laboratory diagnostic services that should escalate in-vitro diagnostic services market growth. Moreover, business growth will be triggered due to increasing automations in the diagnostic devices utilized in the pathology laboratory centers. Rising number of liquid biopsy tests will positively impact the industry growth during forecast timeframe. Technological advancements in the liquid biopsy devices to have an accurate analysis of the tumor will increase its preference over the forecast timeframe. Also, favorable reimbursement scenario should drive business growth. For instance, insurance providers in the U.S. have developed new reimbursement policies for biopsy tests that will ensure high industry growth in coming years.
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