At 5.3% CAGR, the Europe In-Vitro Diagnostics Market is projected to be worth US$ 34,247.12 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe in-vitro diagnostics market was valued at US$ 22,616.55 million in 2022 and is expected to reach US$ 34,247.12 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Integration of IVD technologies with digital health solutions and increasing demand for personalized medicine and genomics are among the critical factors attributed to the Europe in-vitro diagnostics market expansion.    

IVD is used in clinical, laboratory, and outpatient settings with the aim specifically to help in the detection of diseases and, consequently, aid in the selection of appropriate treatment protocols. The integration of IVD technologies with digital health solutions is gaining traction globally. Data analytics, artificial Intelligence, and remote monitoring enhance the value of diagnostic tests, leading to better patient management and outcomes. IVD technologies integrated with digital health solutions can be incorporated into clinical decision support systems. As recognized by the WHO, digital health solutions could help detect diseases. Artificial intelligence health bots and similar other emerging solutions may present opportunities for patient care and address challenges such as high cost and time requirements. In diagnostics based on genomic testing, deep learning can identify cancer cells, determine their type, and predict what mutations may occur in a tumor from images of a specific sample. Artificial intelligence and machine learning (AI/ML) in in-vitro diagnostics are revolutionizing medical device development. These modern diagnostic systems facilitate diagnosis based on digital image analysis, thereby improving healthcare decision-making. Smart diagnostics are extremely scalable IVD solutions that use artificial intelligence to perform better than lab-based diagnostics at a fraction of the price. Additionally, this type of diagnostics can derive emergent features through unique chemical and biological signature detection and analysis. Thus, the integration of IVD with digital health technologies is likely to offer lucrative opportunities to the in-vitro diagnostics market in the coming years.

On the contrary, cumbersome reimbursement procedures and stringent regulations regarding products hamper the Europe in-vitro diagnostics market.

Based on product & services, the Europe in-vitro diagnostics market is segmented into reagents & kits, instruments, and software & services. The reagents & kits segment held 79.0% share of Europe in-vitro diagnostics market in 2022, amassing US$ 17,873.02 million. It is projected to garner US$ 27,341.94 million by 2030 to expand at 5.5% CAGR during 2022–2030.

Based on technology, the Europe in-vitro diagnostics market is segmented into immunoassay/ immunochemistry, clinical chemistry, molecular diagnostics, microbiology, blood glucose self-monitoring, coagulation & hemostasis, hematology, urinalysis, and others. The immunoassay/ immunochemistry segment held 28.2% share of Europe in-vitro diagnostics market in 2022, amassing US$ 6,371.97 million. It is projected to garner US$ 10,052.27 million by 2030 to expand at 5.9% CAGR during 2022–2030.

Based on application, the Europe in-vitro diagnostics market is segmented into infectious diseases, diabetes, oncology, cardiology, autoimmune diseases, nephrology, and others. The infectious diseases segment held 40.0% share of Europe in-vitro diagnostics market in 2022, amassing US$ 9,046.53 million. It is projected to garner US$ 13,955.82 million by 2030 to expand at 5.6% CAGR during 2022–2030.

Based on end user, the Europe in-vitro diagnostics market is segmented into hospitals, laboratories, homecare, and others. The hospitals segment held 49.0% share of Europe in-vitro diagnostics market in 2022, amassing US$ 11,070.88 million. It is projected to garner US$ 16,329.62 million by 2030 to expand at 5.0% CAGR during 2022–2030.

Based on country, the Europe in-vitro diagnostics market has been categorized into Germany, France, UK, Italy, Spain, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 23.7% share of Europe in-vitro diagnostics market in 2022. It was assessed at US$ 5,354.12 million in 2022 and is likely to hit US$ 7,705.41 million by 2030, exhibiting a CAGR of 4.7% during 2022–2030.      

Key players operating in the Europe in-vitro diagnostics market are Abbott Laboratories, Becton Dickinson and Co, bioMerieux SA, Bio-Rad Laboratories Inc, Danaher Corp, F. Hoffmann-La Roche Ltd, Qiagen NV, Siemens AG, Sysmex Corp, and Thermo Fisher Scientific Inc, among others.   

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