Market Insights Health Medical Technology

In Vitro Diagnostics - EMEA

EMEA

The In Vitro Diagnostics market market in the Europe, Middle East, and Africa (in Europe, the Middle East, and Africa) region is anticipated to achieve a revenue of US$27.42bn by the year 2024.
It is projected that the market will experience a steady annual growth rate (CAGR 2024-2029) of 2.75%, leading to a market volume of US$31.41bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, reaching US$30,100.00m in 2024.
In EMEA, Germany is leading the way in the In Vitro Diagnostics market with its advanced healthcare infrastructure and high demand for precision diagnostics.

Key regions: China, France, Japan, Netherlands, Italy

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Analyst Opinion

The In Vitro Diagnostics market in EMEA continues to experience steady growth, driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the In Vitro Diagnostics market in EMEA are shifting towards more personalized and targeted diagnostic solutions. Customers are increasingly demanding tests that provide accurate and reliable results in a shorter turnaround time. They are also seeking tests that are less invasive and more convenient, such as home-based testing kits. Additionally, there is a growing demand for point-of-care testing, which allows for immediate diagnosis and treatment decisions. Trends in the market include the adoption of advanced technologies, such as molecular diagnostics and next-generation sequencing. These technologies offer higher sensitivity and specificity, allowing for more accurate and precise diagnosis. There is also a growing focus on companion diagnostics, which help in determining the most effective treatment for individual patients. Furthermore, automation and digitalization are becoming increasingly prevalent in the In Vitro Diagnostics market, streamlining workflows and improving efficiency. Local special circumstances in different countries within EMEA can also influence the development of the In Vitro Diagnostics market. For example, countries with aging populations may have a higher demand for diagnostic tests related to chronic diseases and age-related conditions. Additionally, countries with a high burden of infectious diseases may prioritize the development and adoption of diagnostic tests for early detection and monitoring. Furthermore, regulatory frameworks and reimbursement policies can vary across countries, impacting the availability and accessibility of In Vitro Diagnostics. Underlying macroeconomic factors play a significant role in the development of the In Vitro Diagnostics market in EMEA. Economic growth, healthcare expenditure, and government investments in healthcare infrastructure and innovation can drive market expansion. Moreover, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, creates a growing need for diagnostic tests. Additionally, the COVID-19 pandemic has highlighted the importance of diagnostic testing, leading to increased investments in testing capabilities and infrastructure. In conclusion, the In Vitro Diagnostics market in EMEA is developing in response to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards personalized and targeted diagnostic solutions, the adoption of advanced technologies, and the focus on automation and digitalization are driving market growth. Local factors, such as aging populations and the burden of infectious diseases, also influence market development. Furthermore, economic growth, healthcare expenditure, and the impact of the COVID-19 pandemic play a significant role in shaping the In Vitro Diagnostics market in EMEA.

Methodology

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.