Report Overview

The EU In Vitro Diagnostics (IVD) market was valued at USD 14.45 billion in 2019 and is expected to reach USD XX billion in 2028 showcasing a CAGR of XX% during the forecast period of 2019-2028

In vitro diagnostics (IVD) include medical devices, assays and reagents, which are employed in diagnosis of a medical condition. Furthermore, these instruments are employed in analysis of tissue samples and body fluids collected from a patient. Moreover, there are various types of in vitro diagnostic instruments that work on different techniques such as immunodiagnostics, tissue diagnostics, hematology, and molecular diagnostics. Use and handling of in vitro diagnostics require technical expertise and thus, instruments are used in specialized medical facilities to carry out diagnosis. Increasing the scale of diagnostic centers with the latest devices promotes the growth rate. However, high cost of installing and maintaining the equipment, shortage of skilled labour force are some of the challenging factors of the IVD market



Market Growth Drivers

The major factor that contributes to the growth of the EU IVD market is surge in number of in vitro diagnostic tests, which is attributable to rise in incidences of chronic and infectious diseases. Furthermore, growth in geriatric population, which is prone to immunological disorders is another major factor that boosts the growth of the market. Moreover, rise in use of personalized medicines in treatment of various chronic diseases such as cancer also fuels growth of the EU in vitro diagnostics market. In addition, increase in technological advancements associated with in vitro diagnostic products boosts the market growth. However, stringent government regulations and unfavorable reimbursement policies are anticipated to restrict growth of the EU in vitro diagnostics market