Europe in-vitro diagnostics market size was US$ 24.13 billion in 2022 and is projected to attain a market size of US$ 35.22 billion by 2031, growing at a CAGR of 4.5% during the forecast period from 2023 to 2031.
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Europe in-vitro diagnostics market is witnessing a slight growth during the forecast period. The market expansion is due to the expanding elderly population in nations, the rising prevalence of chronic diseases, and the growing public awareness of the need for early detection of life-threatening disorders.
The elderly have a higher frequency of target diseases than other age groups due to their inherent susceptibility to a variety of degenerative diseases. During the forecast period, this is likely to increase the demand for IVDs in this population subset. By 2080, the proportion of people 65 and older in Europe is likely to increase by 28.7%.
The increased incidence of chronic diseases across Europe is one of the key drivers of market growth. The demand for in-vitro diagnostics tests is also being fueled by the increasing prevalence of various infectious diseases, including influenza, tuberculosis, hepatitis, and others. For instance, the European Centre for Disease Prevention and Control (ECDC) reports that 4,690 cases of influenza were reported in Europe during the 2021–2022 season, a considerable increase over the prior season. The International Diabetes Federation predicts that by 2030, the prevalence of diabetes among people in Europe will rise to 9.8%.
The market players have been driven to invest more in R&D and create innovative products owing to the unexpected increase in demand for in-vitro diagnostic tests and growing competition brought on by the availability of multiple in-vitro diagnostics technologies. Many European in-vitro diagnostics manufacturers raised their R&D spending, which resulted in the development of new products in the region and helped the industry expand. For instance, bioMérieux SA announced the availability of the MONKEYPOX R-GENE PCR kit in February 2023, which enables accurate virus detection. The kit became available on February 6, 2023, in nations that allow products for research use only (RUO).
Reagent Product and Service Segment Capture More Than Half of the Revenue Share
The reagent segment led the Europe in-vitro diagnostics market. Reagents contributed about 80.8% of the market revenue share. Their primary significance stems from their role as important components in diagnostic tests.
With the market for in vitro diagnostics expanding and the prevalence of chronic diseases among the aging population in Europe rising, there is a greater demand than ever for high-quality reagents. For instance, the prevalence of diabetes among people in Europe was 9.2% in 2021, according to data from the International Diabetes Federation.
The trend toward personalized medicine and precision diagnostics, as these tests typically depend on the specificity and sensitivity provided by them, is what further fuels the market for specialized reagents.
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United Kingdom Accounted for the Highest Revenue Share in the Market
The UK is exceptional in that it has significant room for growth. According to forecasts, IVD will have a particularly promising future in the UK, with a CAGR of 6.6%. Europe, a diverse patchwork of nations with distinct healthcare systems and legislation, provides a crucial perspective on the sector. The environment for the UK’s developing potential has been shaped by both earlier investments and more recent legislation.
Due to the rise in point-of-care (POC) diagnostics tests and the rising incidence of various chronic diseases in the nation, the in-vitro diagnostics market in the United Kingdom is likely to expand. For instance, research published by Macmillan Cancer Support in October 2022 predicted that in the United Kingdom, there will be 3.5 million new cases of cancer by 2025.
Additionally, the UK’s expanding healthcare infrastructure is likely to make a substantial contribution to the market expansion of the nation. For instance, the New Hospital Program in the UK would establish 48 new hospitals by 2030, according to a 2022 article by the Department of Health and Social Care. The hospital is also the main consumer of in-vitro equipment, which will have a big impact on the UK market for in-vitro diagnostics products.
Thus, the rising chronic disease prevalence, increasing healthcare infrastructure investment, and growing elderly population in the United Kingdom will boost demand for and use of IVD devices and promote market growth.
Roche, Siemens, and Becton Dickinson Contribute About Half of the Revenue Share
The in-vitro diagnostics market has a dynamic and ever-evolving competitive environment. Market leaders Roche, Siemens, and Becton Dickinson had combined revenues that made up around 50% of the total in 2022.
Recent years have seen more than 25 important mergers and acquisitions in the IVD industry in Europe, indicating a trend toward market consolidation. However, startups shouldn’t be ignored. They have carved out their own niche, with venture capital funding for IVD innovation in Europe reaching a record $800 million in 2022.
List of Prominent Companies
- Agilent Technologies, Inc.
- Becton Dickinson and Company
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- Charles River Laboratories
- Danaher Corporation
- F. Hoffmann-La Roche Ltd.
- Quest Diagnostics
- Quidel Corp.
- Siemens Healthineers
- Sysmex Corp.
- Other Prominent Players
The Europe in-vitro diagnostic market segmentation focuses on Product & Services, Technique, Application, End User, and Country.
By Product & Services
- Molecular Diagnostics
- Tissue Diagnostics
- Clinical Chemistry
- Cancer diagnostics
- Blood glucose monitoring
- Human genetic testing
- Hepatitis tests
- Infectious Diseases diagnostics
- Cardiac Diseases
- Nephrological Diseases
- Gastrointestinal Diseases
By End User
- Standalone Laboratories
- Academic And Medical Schools
- Point Of Care
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
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