Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Europe In-Vitro Diagnostics Market Forecast Report by Test Types, Product, Application, Technology, End User, Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Europe In-Vitro Diagnostics Market was valued at US$ 22.40 Billion in 2023 and will grow to US$ 32.93 Billion by 2032, with a CAGR of 4.38% from 2024 to 2032
The increasing incidence of infectious diseases, the growing need for point-of-care (PoC) and rapid diagnostics, the growing awareness of early disease diagnosis, the rising cost of healthcare, and the increasing funding for research activities are all factors contributing to the growth of the IVD market in Europe. 
The IVD medical devices are designed, manufactured, and packed to reduce the risk posed by impurities and residues encountered during usage, storage, and transportation. With their shorter downtime, IVDs are recognized to provide Fast Results and have a wide range of applications. It permits the detection of various substances in each test by using multiple tests with variation testing. They take less time and are more economical. Their minimal potential to produce misleading results makes them dependable.
Growth Factors in the Europe In-Vitro Diagnostics Industry
The Growing Chronic Illness Burden and Europe's Aging Population
One of the oldest populations in the world is found in Europe. The World Health Organization predicts that 40% of Europeans will be older than 60 by 2050. Alongside this aging population, chronic illnesses like diabetes, heart disease, and cancer are becoming more common. According to estimates from the European Heart Network, cardiovascular diseases alone cause about 3.9 million deaths in Europe each year, or over 45% of all deaths.
IVD instruments are essential for early diagnosis, monitoring, and management of such health issues. More than ever, IVD products and services that provide prompt and precise detection are essential. These diagnostics direct treatment strategies, improve patient management, and drastically lower related healthcare expenditures. Thus, the increasing prevalence of chronic diseases and the aging population together serve as major factors driving the European in-vitro diagnostics market.
Genomic profiling and personalized medicine
The collection, processing, and interpretation of ultrasonography images are being revolutionized by AI and ML, which will enhance patient outcomes, workflow effectiveness, and diagnostic accuracy. Artificial intelligence algorithms can reduce the time and effort required for manual ultrasound picture interpretation by automatically analyzing the images, detecting abnormalities, and providing quantitative values.
AI-enabled ultrasound systems, for example, can use ultrasound pictures to estimate the risk of breast cancer, assess the severity of carotid artery stenosis, and automatically discover and classify liver diseases. In addition to improving diagnosis speed and accuracy, these AI-assisted tools lower inter-observer variability by standardizing the interpretation of ultrasound pictures in the market for ultrasound devices.
United Kingdom In-Vitro Diagnostics Market Overview:
The rise in point-of-care (POC) diagnostic tests and the increasing incidence of various chronic diseases in the UK are anticipated to fuel growth in the in-vitro diagnostics market. For example, in October 2022, Macmillan Cancer Support revised a report that predicted the number of new cancer cases in the United Kingdom will reach 3.5 million by 2025 and rise to 4 million by 2030.
Additionally, 3.99 million people in the UK were diagnosed with diabetes in 2021, and the figure is expected to rise to 4.14 million by 2030, according to the International Diabetes Federation (IDF). As a result, the increased prevalence of chronic illnesses is promoting the uptake of in-vitro diagnostics tools for early detection and bolstering industry expansion.
Moreover, the United Kingdom's healthcare infrastructure development is expected to make a substantial contribution to the nation's overall market growth. As to a 2022 Department of Health and Social Care article, the United Kingdom's New Hospital Programme aims to establish 48 new hospitals by 2030. The demand for in-vitro diagnostics goods in the United Kingdom is anticipated to be significantly impacted by the hospital, which is also the principal consumer of in-vitro devices.
Furthermore, because older adults have lowered immune responses, they are more susceptible to infections and age-related illnesses; this will lead to a rise in the burden of infectious and chronic diseases in the United Kingdom. For example, The World Bank estimates that in 2021 there were around 12.7 million people over the age of 65, a 1.4% rise from the year before. This is also predicted to boost the need for and uptake of IVD equipment, which would in due course propel the expansion of the nation's in-vitro diagnostics market.
Therefore, it is projected that the growing geriatric population in the United Kingdom, rising investment in improving healthcare infrastructure, and the increasing prevalence of chronic diseases will boost demand for and adoption of IVD devices and promote market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 310 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $22.4 Billion |
| Forecasted Market Value (USD) by 2032 | $32.93 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Europe |
Company Analysis:
- Roche Diagnostics
- Abbott Diagnostics
- Siemens Healthineers
- Danaher Corporation
- Thermo Fisher Scientific
- Sysmex Corporation
Test Types - Market breakup in 11 viewpoints:
- ELISA & CLIA
- PCR
- Rapid Test
- Fluorescence Immunoassays (FIA)
- In Situ Hybridization
- Transcription Mediated Amplification
- Sequencing
- Colorimetric Immunoassay
- Radioimmunoassay (RIA)
- Isothermal Nucleic Acid Amplification Technology
- Others
Product - Market breakup in 3 viewpoints:
- Services
- Instruments
- Reagents
Application - Market breakup in 8 viewpoints:
- Infectious Disease
- Diabetes
- Cardiology
- Oncology
- Nephrology
- Autoimmune Diseases
- Drug Testing
- Other Applications
Technology- Market breakup in 7 viewpoints:
- Immunoassay
- Clinical Chemistry
- Molecular Diagnostics/Genetics
- Hematology
- Microbiology
- Coagulation
- Others
End Users - Market breakup in 4 viewpoints:
- Hospitals
- Laboratories
- Home - Care
- Others
Country - Market breakup in 32 viewpoints:
- Germany
- France
- Italy
- Spain
- Netherlands
- Greece
- Portugal
- Belgium
- Sweden
- Austria
- Denmark
- Finland
- Ireland
- Luxembourg
- Poland
- Romania
- Czechia
- Hungary
- Bulgaria
- Slovakia
- Croatia
- Lithuania
- Latvia
- Slovenia
- Estonia
- Cyprus
- Malta
- Switzerland
- Norway
- Iceland
- United Kingdom
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/ripft4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
