Europe IVD
Market was valued at $19,124 million in
2016, and is projected to reach at $26,623 million by 2023, growing at a CAGR
of 4.7% from 2017 to 2023.
In vitro diagnostic tests are performed using
biological samples to detect the health ailments and other diseases. Rise in
technological developments in IVD techniques, increase in incidence and
prevalence of chronic and infectious diseases and increase in government healthcare
expenditure in the European region drive the market growth. However, stringent
government regulations related to the safety and efficacy of the IVD and
unfavorable reimbursement policies are expected to restrain the market growth
during the forecast period.
The major players profiled in the Europe IVD
market are Thermo Fisher Scientific Inc., Alere Inc., Biomerieux, Danaher
Corporation, F. Hoffmann-La Roche AG, Becton Dickinson and Company, Bio-Rad
Laboratories, Bayer AG, Sysmex Corporation, and Johnson & Johnson.
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Based on product type, the reagents segment
held the highest market share of third-fifths in 2016, due to introduction of
efficacious reagents in the market that are utilized in IVD technology for the
detection of several disease.
Based on technique, the immunodiagnostics
segment contributed the highest market share (one-third) in 2016, owing to the
increase in prevalence of chronic diseases such as cancer that is analyzed by
tissue or other diagnostic techniques and increase in demand for non-invasive
techniques.
Based on application, the infectious diseases
segment contributed the highest market share (two-sevenths) in 2016, owing to
the increase in prevalence of infectious diseases such as tuberculosis,
malaria, and pertussis that fuel the IVD market.
Based on end users, the standalone laboratory
segment captured the highest market share (third-sevenths) in 2016, mainly due
to availability of complex tests that are difficult to perform and increase in
healthcare expenditure thus improving healthcare facilities.
Germany accounted for the highest shares in
2016, and is expected to dominate the market throughout the forecast period and
is attributed to increase in incidence of chronic diseases such as
tuberculosis, diabetes, and cancer. In addition, rise in demand for
non-invasive technology, advancement in technology, and well-established
healthcare systems is anticipated to provide new growth opportunities for the
key players in the market. However, France is estimated to register the highest
growth rate during the forecast period, owing to rise in government healthcare
expenditure and growth in demand for healthcare devices from large pool of
patient population, and improvement in healthcare infrastructure.
Key Findings of
the Europe IVD Market:
- The reagents segment dominated the market
in 2016, and is projected to grow at the 3.7% CAGR.
- The immunodiagnostics segment accounted for
the highest share in 2016.
- The pathology segment was the major
shareholder in the Europe IVD market in 2016.
- The standalone laboratory segment accounted
for the highest share in 2016.
- UK was the major shareholder of Europe IVD
market in 2016.
- Germany is expected to grow at the highest
CAGR in the Europe IVD market.
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