Europe IVD Market Projected To Reach $15.5 Billion By 2024

The Europe IVD market is expected to reach over USD 15.5 billion by 2024 according to a new report by Grand View Research, Inc. This expected increase in the demand is ascribed to the presence of novel and promising technologies in clinical laboratories, such as the introduction of Troponin T test by Roche Diagnostics in May, 2011.

Persistent research and development efforts made to introduce automation in laboratories that perform analytical tests are projected to propel the market growth over the forecast period. Clinical laboratory operations require automated analyzers to cope with the large test volumes, which enhance the overall operational workflow. It minimizes the need for dedicated operator training and negates the risk of human errors. In addition, the rising demand for portable and handheld IVD devices is one of the major factors pushing forward the growth of the market.

The increasing prevalence of chronic diseases, such as diabetes, cancers, and cardiac dysfunctions and the rising geriatric population coupled with the rising awareness towards early diagnosis in low-income countries, such as Bulgaria, Finland, Malta, and Estonia are the potential drivers of the Europe IVD market.

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Further key findings from the study suggest:

  • In 2015, the reagents segment dominated the Europe IVD market due to its increasing number of applications in the companion diagnostics area and the introduction of disease specific kits, such as the XpertTB kit
  • The IVD instruments market is anticipated to show lucrative growth due to the introduction of portable instruments, such as MinION Analyzer by Oxford Nanopore, and the availability of various platforms to performtarget sequence analysis, thereby driving the overall demand
  • Germany is one of the largest segments in 2015 with a share of over 19% owing to the presence of a larger geriatric population base in this region and the amendment ofthe German lawfor the prevention of hospital-acquired infections
  • UK is expected to be the fastest growing regionduring the forecast period.The rising demand for the point-of-care devices coupled with the government interventions to incorporate innovative, cost-effective solutions in the healthcare services are expected to drive the market growth during the forecast period.
  • The hospital-based IVD testing segment held the largest share of over 45% in 2015. The highprocedure volumes in this segment, is one of the major reasons resulting inthehigh share and;hence, is anticipated to maintain its market position over the forecast period.
  • The market players of the Europe IVD market include Alere, Inc., bioMerieux, Inc., Hologic, Inc. (Gen-Probe), Roche Diagnostics, Qiagen N.V., Bio-Rad Laboratories, Inc., Quidel Corporation, Abbott Laboratories, Inc., Becton, Dickinson (BD) and Company, Inc., and Siemens Healthcare GmbH
  • The presence of major IVD market players in Europe accelerates the penetration of the IVD products throughout the European Union. For instance, in September 2014, Roche Diagnostics launched the CE approved Cobas 6800/8800 systems, which offers IVD-based viral load monitoring withenhanced flexibility and automation.

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