Europe In-Vitro Diagnostics Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product and Services; Technology; Application; End User

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.

The overall Europe in-vitro diagnostics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the Europe in-vitro diagnostics market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe in-vitro diagnostics market. 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 players operating in the market.

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