The Europe IVD market was valued at USD 12.51 billion in 2015. The growing base of the geriatric population in the European countries, the increasing prevalence of chronic diseases, and the rising awareness among the population for early diagnosis of life-threatening diseases are the high impact rendering drivers for the growth of the Europe IVD market.
The elderly population is inevitably susceptible to a range of degenerative diseases, which results in the high prevalence of target diseases in this demographic. This is expected to increase the demand for IVDs in this population subset during the forecast period. In Europe, individuals aged 65 and above are expected to rise in number from 18.5% in 2014 to 28.7% of the total population, by the year 2080.
Germany Europe IVD Market, By End-use, 2013 - 2024 (USD Million)
IVDs are an essential part of the healthcare industry, especially in the diagnostics sector owing to the need for diagnostic interpretation, which in turn enables efficacious disease treatment. Over-the-counter medications and self-care products are gaining wide acceptance due to the convenience of use and increased accessibility to treatments for common health conditions thus avoiding unnecessary physician visits.
On the basis of product, the Europe IVD market is segmented into instruments, reagents, and services. The reagents segment held the largest share in 2015 and is expected to grow at a CAGR of over 2.5% during the forecast period. The increasing applications of IVD devices in various areas, such as clinical laboratories, academic medical institutions, research centers, and therapeutic areas contributed to its large market share.
The IVD techniques include immunology, hematology, clinical chemistry, coagulation, microbiology, and molecular diagnostics. Major techniques used in the molecular diagnostics area include gene expression analysis using techniques, such as the real-time PCR and DNA microarray.
The molecular diagnostics sector is expected to witness the fastest growth over the forecast period majorly due to its ability to detect various infectious and chronic diseases, early and the growing market penetration of instrument manufacturers in the Asia Pacific and Latin American regions.
The IVD-based infectious diseases diagnostics market accounted for the largest share in the 2015 market share owing to the rising prevalence of hospital-acquired infections and the presence of high-unmet medical needs pertaining to effective diagnosis of infectious diseases. The oncology segment is one of the fastest growing segments due to the introduction of technologically advanced devices and the rising demand for companion diagnostics.
The end-use segment includes hospitals, laboratories, and home care. The hospitals category dominated the overall segment in 2015 with a share of over 46% owing to the high IVD-based test volumes. Whereas, the home care category is expected to grow at the fastest CAGR at over 3.5% during the forecast period on account of the rising demand for rapid diagnostic services to patients at the time of care and the rising government initiatives aimed at lowering hospital stays in order to curb the healthcare expenditure.
Countries, such as Germany, France, Italy, Spain, UK, Belgium, Switzerland, Austria, Netherlands, and Sweden accounted for over 80% of the market share in 2015. Germany held the largest market share at over 19% in 2015 owing to the presence of a number of key manufacturing companies, such as Siemens healthcare GmbH and the high acceptance level of these IVD technologies.
UK is expected to be the fastest growing region of the Europe IVD market over the forecast period. The rising demand for point-of-care and rapid-testing, predominantly blood glucose testing, and the strong government support to promote early disease detection to prevent ill-health are some of the major factors driving the IVD market in UK.
Some key players operating in the Europe IVD market include Roche Diagnostics, Alere, Inc., Abbott Laboratories, Inc., Hologic, Inc. (Gen-Probe), Qiagen N.V., Bio-Rad Laboratories, Inc., Quidel Corporation, Becton, Dickinson (BD) Company, Inc., bioMerieux, Inc., and Siemens Healthcare GmbH.
The market players are ramping up research and development efforts to introduce technology refinements with an aim to upgrade the existing diagnostic devices and kits specific to target diseases. These novel technologies optimally enhance the real-time analytical capabilities of the devices by incorporating Information and Communication Technology (ICT) aspects, such as the use of mobile phones, which make these real-time diagnostic devices effective decision support tools for the end-users.
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