DUBLIN--(BUSINESS WIRE)--The "Europe In-Vitro Diagnostics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product and Services; Technology; Application; End User" report has been added to ResearchAndMarkets.com's offering.
The in-vitro diagnostics market in Europe is expected to grow from US$ 15,973.0 million in 2019 to US$ 22,221.8 million by 2027; it is estimated to grow at a CAGR of 4.2% from 2020 to 2027.
The in-vitro diagnostics market has accounted for a significant market share in the healthcare industry during the COVID-19 pandemic. The market growth is attributed to increase in point-of-care (POC) diagnostics and laboratory testing, as in-vitro diagnostic is the essential part of infectious disease detection.
Therefore, there was a massive rise in IVDs, such as digital solutions, immunoassays, and molecular assays. A few of the rapid innovations to handle the pandemic worldwide have also contributed to the market's exponential growth during the COVID-19 pandemic.
On the other hand, various companies have received Emergency Use Authorization (EUA) authority from the Food and Drug Administration (FDA), European Medicines Agency, and other such regulatory bodies in the developing countries. For instance, in March 2020, FDA granted Roche Diagnostics with the EUA for its innovative coronavirus diagnostic test, cobas SARS-CoV-2 Test. Thus, such instances are significantly driving the Europe in-vitro diagnostics market and it is expected to continue in the following years.
The Europe in-vitro diagnostics market is segmented on the basis of 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.
The market for the instruments and kits segment is expected to grow during the forecast period owing to the increasing adoption of in-vitro diagnostics across the region. Moreover, factors such as the increasing prevalence of chronic diseases coupled with growing awareness and availability of the product in considerable margins are projected to drive the market growth for the instruments and kits segment during the forecast period.
The COVID-19 pandemic has offered unprecedented growth opportunities and challenges for the Europe in-vitro diagnostic market. The market has experienced profitable growth due to the raised awareness and increased demand for in-vitro diagnostics tests. In addition, the IVD product manufacturers primarily supported the growth of the market. The manufacturers were at the frontline and have invested in the expertise, production, and 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 reported the highest number of patients. Therefore, these countries have significantly contributed to the growth of the Europe in-vitro diagnostics market.
Key Topics Covered:
2. Europe In-Vitro Diagnostics Market - Key Takeaways
3. Research Methodology
4. Europe In-Vitro Diagnostics Market - Market Landscape
4.2 PEST Analysis
4.3 Expert Opinion
5. Europe In-Vitro Diagnostics Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Prevalence of Chronic and Infectious Diseases
5.1.2 Growing Geriatric Population
5.1.3 Rising Demand for In-Vitro Diagnostics During COVID-19 Pandemic
5.2 Market Restraints
5.2.1 Lack of Healthcare Infrastructure and Reimbursement Policies
5.3 Future Trends
5.3.1 Increasing Adoption and Popularity of Automation in Clinical Laboratories
5.4 Impact Analysis
6. In-Vitro Diagnostics Market - Europe Analysis
6.1 Europe In-Vitro Diagnostics Market Revenue Forecasts and Analysis
7. Europe In-Vitro Diagnostics Market Analysis and Forecasts To 2027 - By Product and Services
7.2 In-Vitro Diagnostics, by Product and Services, 2019 & 2027 (% Share)
7.3 Reagents & Kits
7.5 Software & Services
8. Europe In-Vitro Diagnostics Market Analysis and Forecasts To 2027 - By Technology
8.2 In-Vitro Diagnostics Market, by Technology, 2019 & 2027 (% Share)
8.4 Clinical Chemistry
8.5 Molecular Diagnostics
8.7 Blood Glucose Self-Monitoring
8.8 Coagulation and Hemostasis
9. Europe In-Vitro Diagnostics Market Analysis and Forecasts To 2027 - By Application
9.2 In-Vitro Diagnostics Market, by Application, 2019 & 2027 (% Share)
9.3 Infectious Diseases
9.7 Autoimmune Disease
10. Europe In-Vitro Diagnostics Market Analysis and Forecasts to 2027- By End user
10.2 In-Vitro Diagnostics Market Share by End User 2019 & 2027 (%)
11. In-Vitro Diagnostics Market Revenue and Forecasts to 2027 - Geographical Analysis
11.1 Europe In-Vitro Diagnostics Market Revenue and Forecast to 2027
11.1.1 Europe In-Vitro Diagnostics Market Revenue and Forecast to 2027, By Country (%)
12. Impact Of COVID-19 Pandemic on Europe In-Vitro Diagnostics Market
12.1 Europe: Impact Assessment of COVID-19 Pandemic
13. Industry Landscape
13.2 Organic Developments Done by The Companies in The Market
13.3 Inorganic Developments Done by The Companies in The Market
14. COMPANY PROFILES
- F. Hoffmann-La Roche Ltd.
- Siemens Ag
- Sysmex Corporation
- Thermo Fisher Scientific, Inc.
- Biomerieux Sa
- Bio-Rad Laboratories, Inc.
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