European In Vitro Diagnostics Market: Emerging Economies Expected to Influence Growth until 2028

The market report on the European In Vitro Diagnostics Market published by Stratview Research indicates lucrative growth opportunities in the European In Vitro Diagnostics industry during the next five-year period and ensures more information regarding the market trends. The following summary will give an overview of the challenges, trends, market dynamics, and key players.
European In Vitro Diagnostics Market Forecast:
European in vitro diagnostics market was estimated at USD 15.29 billion in 2022 and is likely to grow at a CAGR of 5.08% during 2023-2028 to reach USD 20.66 billion in 2028.
Here are the key players in the market –
• Abbott Laboratories, Inc.,
• Alere, Inc.,
• Bio-Rad Laboratories, Inc.,
• Cepheid, Inc.,
• Hologic, Inc.,
• OraSure Technologies,
• Qiagen N.V.,
• Quidel Corporation,
• Roche Diagnostics,
• Siemens Healthcare GmbH.
European In Vitro Diagnostics Market Segmentation:
Based on the product type, the market is segmented as instruments, reagents, software, and services. The reagents segment is expected to hold the major share of the market during the forecast period owing to its high precision and accuracy in diagnosis. Furthermore, the Covid-19 pandemic has increased the demand for reagents. Also, an increase in the use of self-diagnosis tests and the number of R&D activities is expected to drive market growth during the forecast period.
Based on the technique type, the market is segmented as immunology, hematology, clinical chemistry, molecular diagnostics, coagulation, microbiology, and others. The molecular diagnostics segment is anticipated to register high growth in the market owing to the increasing demand for molecular diagnosis in infectious diseases. Furthermore, the rapid rise in chronic diseases, as well as the increase in the number of genetic disorders, is expected to drive market growth during the forecast period.
Based on the application type, the market is segmented as infectious diseases, diabetes, oncology/cancer, cardiology, nephrology, autoimmune diseases, drug testing, and others. The infectious diseases application type segment is estimated to account for the major share of the market during the forecast period on account of the increasing number of infectious diseases such as HIV-AIDS, hepatitis, and Respiratory Syncytial Virus.
In terms of country, Germany is estimated to be the leading country in the market over the forecast period. The growth of the market is owing to the increasing prevalence of infectious diseases and the growing demand for rapid tests. Furthermore, the presence of various manufacturing companies is expected to fuel market growth over the forecast period. The UK is also expected to offer substantial growth opportunities during the forecast period.
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