Europe In-Vitro Diagnostics (IVD) Market Insights 2024-2029: Increasing Adoption of Automation in Laboratories, Growing Importance for Personalised Medicine - ResearchAndMarkets.com

The "Europe In-Vitro Diagnostics (IVD) Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.

Europe's in-vitro diagnostics (IVDs) market is expected to grow at a CAGR of 2.23% from 2023 to 2029.

The Europe in-vitro diagnostics (IVDs) market report contains exclusive data on 89 vendors. The competition among market players in the IVD market is significantly high for products, solutions, reagents, consumables, and services in terms of pricing, product, and associated brand image, services, and associated quality, a new product launched and developed, customer services, and financing terms. The leading market players in the Europe IVD market are Abbott Laboratories, bioMerieux, Danaher, Hoffmann-La Roche, Bio-Rad Laboratories, Siemens Healthineers, Thermo Fisher Scientific, and Diasorin, which are competing with rapidly emerging market players. Vendors in the market are increasing their market share through inorganic growth.

Spain shows the highest growth rate, with a CAGR of 3% in Europe's in-vitro diagnostics (IVDs) market. The demand for IVD solutions has increased in the country due to the rising prevalence of chronic diseases associated with the aging population. In addition, awareness of early detection and diagnosis of various diseases, point-of-care IVD solutions, and advancing technologies in healthcare settings are significant factors contributing to market growth.

Personalised medicine is becoming increasingly important as scientists learn more about genetic makeup. The undeniable potential of digitization in healthcare is driven by this industry's capacity to recognize the worldwide demand for more advanced and personalized care. The new European Partnership for Personalised Medicine (EP PerMed) was officially launched in 2023. This will promote all areas and disciplines of precision medicine, facilitate innovation and transfer, and encourage its consolidation in health systems, allowing continuous improvement.

Integrating automation into the IVD manufacturing process benefits IVD device designers and manufacturers. Automation allows for the inclusion of software-based calculation, calibration, and documentation, improving test efficiency, calibration schedules, regulatory compliance, and instrument/equipment traceability. These benefits lead to less labor, reduced errors (standardization) risk, and fewer calibration tests. Furthermore, automated volumetric measurements simplify production fabrication processes by giving manufacturers better control over manufacturing equipment and steps on the production line.

EUROPE IN-VITRO DIAGNOSTICS (IVDs) MARKET INSIGHTS

• The reagents and consumables segment occupies a major market share of over 65% in the Europe in-vitro diagnostics (IVDs) market, owing to increasing focus on research in molecular biology and technological advancements in genomic sequencing. With the increasing adoption of in-vitro diagnostics solutions, the demand for reagents and consumables is increasing. Infectious diseases and pandemics such as COVID-19 significantly fuel the demand for reagents in diagnosis.
• The hematology technology segment is growing significantly, with the fastest-growing CAGR during the forecast period. The growth of the hematology market is attributed to the increasing incidences of blood disorders and other diseases, rapid technological advances in hematology, and the emergence of high throughput hematology analyzers. As the demand for testing has surged in recent years, the laboratory's role in diagnosing and managing diseases has grown significantly.
• The diabetic application segment showcases the highest growth rate in the Europe in-vitro diagnostics (IVDs) market. Rising health consciousness among the population and the demand for diabetes monitoring devices, coupled with the easy availability of advanced diabetes devices, are fostering market growth in this segment.
• By end-user, the standard reference labs segment dominated the market share of the Europe in-vitro diagnostics (IVDs) market. In recent years, standard reference laboratories have rapidly expanded to offer numerous tests and deliver high market growth by adopting new technologies and product offerings, thus driving market growth.

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