Newark, June 14, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates the USD 10 billion in 2022 Europe IVD market will reach USD 17.90 billion by 2032. The market companies are currently focusing on outsourcing their diagnostics to improve efficiency. The IVD market is predicted to become more accessible and affordable due to rising government healthcare spending, fueling industry expansion. The market will grow faster if regulatory processes are streamlined and improved to boost approval rates for new software, technology, and services. Modern medicine primarily focuses on improving patient outcomes in chronic and rare disorders. Automation, digitization, and technological breakthroughs have modernised healthcare globally. The focus on providing each patient with the best possible care has prepared the way for targeted innovative drugs, therapies, and treatments that will fuel the growth of the IVD market. More government and corporate funding for gene therapies have resulted from the encouraging results of several gene therapy experiments, which has contributed to the market's growth.
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Key Insight of the Europe IVD Market
In 2022, the reagents segment dominated the market with the largest market share of 40% and market revenue of 4 billion.
The product type segment is divided into reagents, software, instruments, services and others. In 2022, the reagents segment dominated the market with the largest market share of 40% and market revenue of 4 billion.
In 2022, the molecular diagnostics segment dominated the market with the largest market share of 34% and market revenue of 3.4 billion.
The technology segment is divided into clinical chemistry, immunoassays, molecular diagnostics, hematology, coagulation and hemostasis, microbiology, and others. In 2022, the molecular diagnostics segment dominated the market with the largest market share of 34% and market revenue of 3.4 billion.
In 2022, the infectious diseases segment dominated the market with the largest market share of 33% and market revenue of 3.3 billion.
The application segment is divided into infectious diseases, cardiac diseases, nephrological diseases, cancer, infectious diseases, drug testing, HIV, immune system disorders, gastrointestinal diseases, and others. In 2022, the infectious diseases segment dominated the market with the largest market share of 33% and market revenue of 3.3 billion.
In 2022, the hospitals' segment dominated the market with the largest market share of 43% and market revenue of 4.3 billion.
The end-user segment is divided into standalone laboratories, research and academic institutions, medical institutions, hospitals, point-of-care, and others. In 2022, the hospitals' segment dominated the market with the largest market share of 43% and market revenue of 4.3 billion.
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Advancement in market
June 2022: Imagia Canexia Health announced that its Imagia Canexia Health Insights Platform (ICHIP) had received the CE-IVD certification in Europe. Using tailored next-generation sequencing (NGS) data, ICHIP offers complex molecular and computational genome analyses for specific cancer patients. The company offers a novel clinical solution for European oncologists to quickly prepare reports with therapeutic and clinical trial recommendations. Imagia Canexia Health's objective to integrate cutting-edge genetics, oncology, artificial intelligence, and informatics to enable health systems to perform cost-effective testing internally and provide patients with precision cancer therapies regardless of where they reside is furthered by this new approval.
Market Dynamics
Drivers: the rise in the prevalence of infectious and chronic diseases.
The permafrost catastrophe brought on by the climate change crisis has raised the likelihood that endemic diseases like smallpox and influenza would reemerge with new, more lethal forms. The risks and losses caused by an infectious disease have been brought to light by the COVID-19 pandemic. Viral pandemics are quite likely to occur in the future. Chronic diseases and disorders have also increased due to lifestyle and environmental changes. The patient pool is expanding as a result of the ageing population. As a result, the market will rise due to the rising prevalence of chronic and infectious disorders.
Restraints: Lack of qualified employees.
The covid-19 pandemic brought to light the dearth of personnel needed in labs across Europe to diagnose, monitor, contact tracing, and viral control. The facilities were overloaded with infections, which delayed the identification of new strains and caused policy efforts to stop the spread of the disease to be delayed. Additionally, IVDs are sophisticated medical equipment that someone with the appropriate training should only manage. Since laboratories regularly deal with deadly infectious substances that can cause contamination and leakage if not handled correctly, it is critical to have highly skilled personnel. Consequently, the market's expansion will be hampered by a scarcity of skilled workers.
Opportunities: the rising research and development expenditure.
Better diagnostics, medications, therapies, and technologies that can stop deaths are being developed due to the rise in autoimmune and cancer cases. To enhance outcomes and make them more dependable, detailed, and precise, market participants are heavily spending on developing innovative IVD technologies, software, hardware, and services. The demand for better diagnostics has increased as personalised medicine, gene therapy, and stem cells are becoming more widely used. Therefore, future market expansion will have attractive chances, given the technological improvements.
Challenge: The stringent regulatory framework.
The European Union has one of the most stringent rules, regulations and guidelines governing the healthcare and pharmaceuticals sectors. The authorities scrutinise every action of market players and healthcare providers to ensure accountability, control and optimal care for its citizens. However, these stringent rules create a slew of bottlenecks for the market players when it comes to market approvals causing them time and money. Therefore, the stringent regulatory framework will challenge the market's growth.
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Some of the major players operating in the Europe IVD market are:
• Thermo Fisher Scientific
• Sysmex Corporation
• Siemens AG
• Qiagen N.V.
• Hoffmann-La Roche AG
• Danaher Corporation
• Bio-Rad Laboratories, Inc.
• Biomérieux SA
• Becton, Dickinson and Company
• Abbott Laboratories
Key Segments cover in the market:
By Product Type
• Reagents
• Software
• Instruments
• Services
• Others
By Technology
• Clinical Chemistry
• Immunoassays
• Molecular Diagnostics
• Hematology
• Coagulation and Hemostasis
• Microbiology
• Others
By Application
• Infectious Diseases
• Cardiac Diseases
• Nephrological Diseases
• Cancer
• Infectious Diseases
• Drug Testing
• HIV
• Immune System Disorders
• Gastrointestinal Diseases
• Others
By End User
• Standalone Laboratories
• Research and Academic Institutions
• Medical Institutions
• Hospitals
• Point-Of-Care
• Others
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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