European In Vitro Diagnostics Market: Key Success Factors, Growth Trends & Forecast 2022-2027
The European In Vitro Diagnostics Market study by Company, Region, Type, Material, and Application; offered by Stratview Research discusses the most up-to-date market trends as well as an industry growth estimate for the next 5 years. The report covers industry profiles of key players, including market share, regional analysis, and market division, business & development strategies, mergers & acquisitions, alliances, and key financial data, etc.
Market Insights
According to the report, the European In Vitro Diagnostics Market is likely to witness an impressive CAGR of 5.5% during the forecast period.
Market Drivers
Major factors driving the market growth are-
- An increase in the number of genetic disorders,
- An increase in the number of incidences of chronic and infectious diseases,
- Growing awareness for the early diagnosis of life-threatening diseases,
- Increasing demand for point-of-care testing
Furthermore, technological advancements in the field of in vitro diagnostic technologies are expected to drive the growth of the market during the forecast period.
Market Segments' Analysis
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.
Research Methodology
This market report from Stratview Research provides a thorough analysis that reflects present and future market possibilities for the forecast period of 2021 to 2026. This market report is compiled through several authenticated secondary sources, such as company’s annual reports, press releases, white papers, articles, etc. Also, the market experts have performed several interviews with the industry stakeholders in order to collect reliable and insightful information.
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