Europe In-Vitro Diagnostics Market is expected to reach US$ 22,221.8 million by 2027

Reagents and Kits Segment has the Largest Share of Product and Services in the Europe In-Vitro Diagnostics Market during 2019–2027

According to The Insight Partners market research study on “Europe In-Vitro Diagnostics Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Product and Services, Technology, Application, and End User,” is expected to reach US$ 22,221.8 million by 2027 from US$ 15,973.0 million in 2019. The market is estimated to grow at a CAGR of 4.2% from 2020 to 2027. The report provides trends prevailing in the Europe In-vitro diagnostics market along with the drivers and restraints pertaining to the market growth. The increasing prevalence of chronic and infectious diseases, growing geriatric population and a rising demand for in-vitro diagnostics during covid-19 pandemic. However, the market is expected experiencing slow growth during the forecast period owing to the lack of healthcare infrastructure and reimbursement policies.

The coronavirus pandemic has offered unprecedented growth opportunities and challenges for the European region's in-vitro diagnostic market. The in-vitro diagnostics market has experienced profitable growth due to the raised awareness and increased demand for in-vitro diagnostics tests. The IVD product manufacturers primarily supported the growth of the market. The manufacturers were at the frontline and have invested in the expertise, production, distribution of the IVD products. On the other hand, there are several regulatory challenges concerning IVD. The regulatory bodies are involved in the development of new in vitro Diagnostic Regulation (IVDR). It is expected that the IVDR will be fully implemented from May 26, 2022. According to the new regulations, manufacturers will have to re-certify all tests on time and the infrastructure facilities. In contrast, there have been significant installations of PCR and qPCR in the laboratories and hospitals to improve the capacity of COVID-19 tests. Countries such as Italy, Spain, and the UK have faced a significant number of patients. Therefore, these countries have significantly contributed to the growth of the in-vitro diagnostics market.

The market for In-vitro diagnostics market is segmented into product and services, technology, application, and end user. Based on product and services, the market is segmented into reagents and kits, instruments, and software and services. In 2019, the instruments and kits segment accounted for the largest market share in the in-vitro diagnostics market. The growth of the instruments and kits segment is expected to grow due to increasing adoption of in-vitro diagnostics across the region. Moreover, increasing prevalence of chronic diseases coupled with growing awareness and availability of the product in considerable margins are projected to drive the growth of the instruments and kits segment during the forecast period.

F. HOFFMANN-LA ROCHE LTD., DANAHER, ABBOTT, SIEMENS AG, SYSMEX CORPORATION, THERMO FISHER SCIENTIFIC, INC., BD, BIOMERIEUX SA, BIO-RAD LABORATORIES, INC., and QIAGEN are among the leading companies in the Europe In-vitro diagnostics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in May 2019, Roche launched a diagnostic tool named as VENTANA ROS1 a in vitro diagnostic ROS1 immunohistochemistry (IHC) assay. The test detects the presence of ROS1 protein in tissue and may be useful in identifying ROS1-positive cancer cases.

The report segments the Europe In-Vitro Diagnostics market as follows:

By Product and Services

• Instruments
• Reagents & Kits
• Software & Services

By Technology

• Immunoassay/ Immunochemistry
• Clinical Chemistry
• Molecular Diagnostics
• Microbiology
• Blood Glucose Self-Monitoring
• Coagulation & Hemostasis
• Hematology
• Urinalysis
• Others

By Application

• Infectious Diseases
• Diabetes
• Oncology
• Cardiology
• Autoimmune Diseases
• Nephrology
• Others

By End User

• Hospitals
• Laboratories
• Homecare
• Others

By Country

• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe