In Vitro Diagnostics Market in Europe to exceed USD 27.6 Bn through 2027

Europe in vitro diagnostics market is anticipated to witness exponential expansion in the coming years with rising health awareness influencing the adoption of point of care testing (POCT).

High accuracy, faster results, and easier data collection and management as compared to conventional diagnostic methods are influencing the adoption of point of care testing to a large extent. The adoption of these diagnostics will further be fueled by the surging prevalence of cancer in the region. As per the Statistics by OECD, around 2.7 million people across EU27 countries were estimated to be diagnosed with cancer in 2020.

In vitro diagnostics market in Europe size is slated to exceed USD 27.6 billion by 2027.

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Described below are some factors likely to further complement the market forecast:

Growing consumption of in vitro diagnostic reagents & kits

In order to curb the rapid spread of the COVID-19 virus, the significant increase in testing programs across European countries has drastically augmented the adoption of various in vitro diagnostic medical devices. This is expected to further be driven by the growing focus on R&D activities to launch efficient diagnostic tests and products for the accurate detection of viruses as well as various chronic diseases.

Rising demand for cost-effective laboratory diagnostic kits across medium-low-income countries, along with increasing product launches by in vitro diagnostics market players will positively impact the overall business dynamics. For instance, in January 2020, Sysmex introduced a gene testing kit for blood cancer named ‘ipsogen JAK2 DX Reagent’ to cater to escalating demand triggered due to significant cancer prevalence across the region. On account of the same, in vitro diagnostics reagents & kits generated over USD 11 billion revenue for the overall market in 2020.

Surging uses in clinical chemistry

Clinical chemistry uses chemical processes to evaluate the levels of chemical components present in body fluids and tissues, such as plasma, serum, and urine. This method is widely adopted for various diagnostic and therapeutic purposes. With growing emphasis by several industry players towards the introduction of advanced clinical chemistry analyzer, the consumption of in vitro diagnostic products is predicted to grow significantly in the coming years.

For instance, in March 2020, Siemens Healthineers AG got the FDA approval for their Rapidpoint 500e blood-gas analyzer to monitor respiratory conditions. Driven by this, Europe in vitro diagnostics market share from clinical chemistry tests is slated to witness 2% CAGR through 2027.

Soaring applications in nephrology

Nephrology is concerned with the study of normal kidney functions and kidney diseases. The substantial rise in chronic kidney disease (CKD) prevalence across Europe is anticipated to augment the demand for in-vitro diagnostic tests and devices in nephrology. As per the Kidney Care UK, around 3 million people in the UK have chronic kidney disease (CKD) and approximately 20 people suffer from kidney failure every day.

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The demand for in vitro diagnostic products in nephrology is further expected to grow with rising launches of novel diagnostics for kidney diseases. For instance, in September 2020, Proteomics International in conjunction with Patia Europe launched PromarkerD in Spain, which is capable of detecting diabetic kidney disease in early stages. Owing to this, Europe in vitro diagnostics market witnessed around USD 893 million revenue share from nephrology applications in 2020.

Robust healthcare infrastructure in Italy

The Europe in vitro diagnostics market share from Italy is likely to showcase a CAGR of 6% through 2027. This is primarily attributed to escalating prevalence of diabetes and increasing awareness about the importance of early disease diagnosis. The presence of world-class healthcare infrastructure, along with rising government initiatives to introduce favorable healthcare policies in the country is expected to complement the regional market landscape in the coming years.

Table of Contents (ToC) of the report:

Chapter 1   Methodology

1.1    Definition and forecast parameters

1.1.1    Definition

1.1.2    Methodology and forecast parameters

1.2    Data sources

1.3    References & sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Executive Summary

2.1    Europe in vitro diagnostics market summary, 2016 – 2027

2.1.1    Business trends

2.1.2    Product type trends

2.1.3    Test type trends

2.1.4    Application trends

2.1.5    End-use trends

2.1.6    Regional trends

Chapter 3   In Vitro Diagnostics Market Insights

3.1    Industry segmentation

3.2    Industry outlook, 2016 – 2027

3.3    Major factor analysis

3.3.1    Growth drivers

3.3.1.1    Rising incidence of growth disorders

3.3.1.2    Growing R&D activities in growth hormone industry

3.3.1.3    Rising awareness about the synthetic growth hormone therapy in developing regions

3.3.2    Restraints & challenges

3.3.2.1    High cost of synthetic growth hormone treatment

3.3.2.2    Side effects associated with use of synthetic growth hormones

3.4    COVID-19 impact analysis

3.5    Porter’s analysis

3.6    Competitive review, 2020

3.7    PEST analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1019/europe-in-vitro-diagnostics-market

 

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