In Vitro Diagnostics - Belgium | Statista Market Forecast

The projected revenue for the In Vitro Diagnostics market market in Belgium is set to reach US$640.40m in the year 2024.
This estimate is based on current market trends and analysis.
It is expected that the revenue will continue to grow steadily, with an annual growth rate (CAGR 2024-2029) of 2.08%.
This growth will result in a market volume of US$709.90m by the year 2029.
When comparing the revenue on a global scale, it is worth noting that the United States is expected to generate the highest revenue in the In Vitro Diagnostics market market.
In the year 2024, the United States is projected to generate a revenue of US$30.10bn.
This indicates the significant market presence and potential of the United States in this sector.
Belgium's In Vitro Diagnostics market is witnessing a surge in demand for advanced molecular diagnostic tests.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in Belgium is experiencing steady growth due to customer preferences for advanced diagnostic technologies, increasing healthcare expenditure, and favorable government initiatives. Customer preferences in the In Vitro Diagnostics market in Belgium are shifting towards more advanced diagnostic technologies. Patients and healthcare professionals are increasingly demanding accurate and efficient diagnostic tests that can provide quick results. This has led to a growing demand for molecular diagnostics, point-of-care testing, and personalized medicine. Additionally, there is a rising interest in non-invasive diagnostic tests, such as liquid biopsies, which offer a less invasive alternative to traditional tissue biopsies. Trends in the market include the adoption of digital pathology and telepathology, which allow pathologists to remotely analyze and diagnose tissue samples. This technology enables faster and more accurate diagnoses, especially in areas with a shortage of pathologists. Another trend is the integration of artificial intelligence (AI) and machine learning algorithms in diagnostic tests, which can improve the accuracy and efficiency of test results. Furthermore, there is a growing focus on developing diagnostic tests for rare diseases and genetic disorders, as well as tests for infectious diseases and cancer screening. Local special circumstances in Belgium contribute to the development of the In Vitro Diagnostics market. Belgium has a well-established healthcare system with a high level of healthcare expenditure, which enables the adoption of advanced diagnostic technologies. The country also has a strong research and development infrastructure, with several renowned universities and research institutions. This fosters innovation and the development of new diagnostic tests. Additionally, Belgium has a centralized healthcare system, which facilitates the implementation of national screening programs and the adoption of standardized diagnostic protocols. Underlying macroeconomic factors, such as increasing healthcare expenditure and favorable government initiatives, are driving the growth of the In Vitro Diagnostics market in Belgium. The government has implemented policies to promote the adoption of innovative diagnostic technologies and improve patient access to diagnostic tests. This includes reimbursement schemes for diagnostic tests, funding for research and development, and collaborations between industry and academia. The aging population and the increasing prevalence of chronic diseases also contribute to the demand for diagnostic tests in Belgium. In conclusion, the In Vitro Diagnostics market in Belgium is developing due to customer preferences for advanced diagnostic technologies, increasing healthcare expenditure, and favorable government initiatives. The adoption of digital pathology, AI, and machine learning, as well as the focus on rare diseases and infectious diseases, are some of the key trends in the market. Belgium's strong healthcare system, research infrastructure, and centralized healthcare system provide a conducive environment for the growth of the In Vitro Diagnostics market.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.