Increasing incidence of chronic and infectious diseases, technological advances in IVD, the emergence of minimally invasive technologies, and the surge in popularity of personalized medicine approaches will drive growth in the European IVD market
In-depth analysis of the top leading players in Europe IVD market such as Alere Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Danaher Corporation, Bio-Rad Laboratories, Becton Dickinson and Company, Sysmex Corporation, Bayer AG, and Johnson & Johnson.
According to the report, the Europe IVD market accounted for $19.12 billion in 2016 and is projected to garner $26.62 billion by 2023, registering a CAGR of 4.7% during the analysis period of 2017–2022.
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Rise in incidences of chronic and infectious diseases, technological advancements in IVD, the advent of minimal invasive technologies, and surge in popularities of personalized medicine approach are the major drivers of the Europe IVD market. However, unclear reimbursement policies and stringent regulatory policies hamper the market. On the contrary, potential opportunities for outsourcing and convergence of new technologies are expected to create lucrative opportunities in the near future.
The Europe IVD market is segmented on the basis of product type, techniques, application, end-user, and country. Based on product type, the market is bifurcated into reagents, instruments, and software & services. The reagent segment dominated the market in 2016, accounting for three-fifths of the market, owing to the advent of efficacious reagents to use in IVD technology to detect chronic disease.
On the basis of technologies, the market is categorized into immunodiagnostics, blood testing, molecular diagnostics, tissue diagnostics, clinical chemistry, and other IVD techniques. The immunodiagnostics segment held the largest share in 2016, contributing around one-third of the market, due to the rise in the prevalence of chronic disease such as cancer.
Based on application, the market splits into infectious diseases, cancer, cardiac diseases, immune system disorders, nephrological diseases, gastrointestinal diseases, and other indications. The infectious diseases segment held the lion’s share in 2016, contributing more than one-fourth of the market.
On the basis of end-user, the market is divided into the standalone laboratory, hospitals, academic and medical schools, point of care testing, and others. Moreover, the market is divided based on the country into the UK, Germany, France, Spain, Italy, and the rest of Europe. The market across Germany held the highest share in 2016, due to the rise in the incidence of chronic diseases and increased demand for non-invasive technology and well-established healthcare systems. However, the market across France is projected to register the manifest the fastest CAGR during the forecast period.
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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