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 testsare 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 andnegates 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 Estoniaare 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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