Europe IVD Market to Grow Exponentially by 2023

In vitro diagnostic is a non-invasive technique utilized in early diagnosis and management of diseases. The In vitro diagnostic offers detection of several diseases, and helps in management and maintenance of diseases related conditions. IVD are reagents, instruments, and systems intended to diagnose various diseases that include determination of the state of health, and also cure, mitigate, treat, or prevent diseases. The Europe IVD market accounted for $19,124 million in 2016, and is estimated to reach $26,623 million by 2023, growing at a CAGR of 4.7% during the analysis period of 2017‐2023.

The growth of the IVD market in Europe is primarily characterized by the increase in geriatric & amputee population, high incidence of chronic diseases, and growth in investment on hospital infrastructure. Point-of-care testing is widely used in Europe due to the ease of use and convenience. Recently, European Union (EU) regulatory framework for IVD has introduced significant changes to the previous regulatory framework. This updated policy is expected to enable new product launches at a much faster rate as the new EU regulatory authority aims to provide a robust, transparent, and sustainable regulatory framework.

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The market is segmented on the basis of product type, techniques, application, end user, and country. By product type, the market is categorized into reagents, instruments and software & services. On the basis of techniques, it is categorized into immunodiagnostics, blood testing, molecular diagnostics, tissue diagnostics, clinical chemistry, and other IVD techniques. Application segment covered in the study includes infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and other indications. Based on end user, it is classified into hospitals, academic and medical schools, point-of-care testing, and others. By geography, it is analyzed across the UK, Germany, France, Spain, Italy, and Rest of Europe.

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KEY BENEFITS FOR STAKEHOLDERS

  • Comprehensive analysis of factors that drive and restrict the growth of the Europe IVD market is provided.
  • The projections in the market are made by studying the current market trends and future market potential for the period in terms of value.
  • Extensive analysis by technology and application helps understand the various trends and prevailing opportunities in the respective market
  • Key market players within the Europe IVD market are profiled in the market and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the market.
  • Comprehensive analysis of all countries is provided that determines the prevailing opportunities in these countries.
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