Market Insights Health Medical Technology

In Vitro Diagnostics - Nordics

Nordics

The projected revenue for the In Vitro Diagnostics market market in the Nordics is estimated to reach US$1.08bn in 2024.
This market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 2.30%, which would lead to a market volume of US$1.21bn by 2029.
It is worth noting that in global comparison, the United States is anticipated to generate the highest revenue of US$30,100.00m in 2024.
In the Nordic region, there is a growing demand for advanced molecular diagnostics, particularly in Sweden and Denmark, driven by the need for personalized medicine and targeted therapies.

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

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Analyst Opinion

The In Vitro Diagnostics market in Nordics is experiencing steady growth due to several factors. Customer preferences for advanced diagnostic technologies, increasing healthcare expenditure, and a growing aging population are driving the demand for in vitro diagnostics in the region. Additionally, local special circumstances such as a strong focus on healthcare innovation and government support for research and development are contributing to the market's development. Customer preferences in the Nordics are shifting towards advanced diagnostic technologies that provide accurate and timely results. Patients and healthcare professionals are increasingly relying on in vitro diagnostics to aid in disease diagnosis, treatment selection, and monitoring of patient response to therapy. This preference for advanced diagnostics is driving the demand for innovative and technologically advanced products in the market. Trends in the market indicate a growing demand for point-of-care testing (POCT) devices in the Nordics. POCT devices enable rapid testing and provide immediate results, which is particularly beneficial in emergency situations or in remote areas where access to laboratory facilities may be limited. The convenience and efficiency of POCT devices are driving their adoption in hospitals, clinics, and home healthcare settings. Another trend in the market is the increasing adoption of molecular diagnostics. Molecular diagnostics enable the detection and analysis of genetic and molecular changes associated with diseases, allowing for personalized medicine and targeted therapies. The Nordics have a strong focus on healthcare innovation and research, which has led to the development and adoption of advanced molecular diagnostic technologies in the region. Local special circumstances in the Nordics are contributing to the development of the In Vitro Diagnostics market. The region has a well-established healthcare system with a strong emphasis on quality and patient care. The governments in the Nordics invest heavily in healthcare infrastructure and research and development, providing a supportive environment for the growth of the in vitro diagnostics market. Furthermore, the Nordics have a growing aging population, which is driving the demand for in vitro diagnostics. As the population ages, there is an increased prevalence of chronic diseases and a higher need for diagnostic tests to monitor and manage these conditions. The demand for in vitro diagnostics is expected to continue to grow as the aging population in the Nordics increases. Underlying macroeconomic factors, such as increasing healthcare expenditure and favorable reimbursement policies, are also contributing to the development of the in vitro diagnostics market in the Nordics. Governments in the region are investing in healthcare infrastructure and technology, which is driving the adoption of advanced diagnostic technologies. Additionally, favorable reimbursement policies ensure that patients have access to affordable diagnostic tests, further driving the demand for in vitro diagnostics. In conclusion, the In Vitro Diagnostics market in the Nordics is developing due to customer preferences for advanced diagnostic technologies, local special circumstances such as a focus on healthcare innovation, and underlying macroeconomic factors such as increasing healthcare expenditure. The market is expected to continue to grow as the demand for accurate and timely diagnostic tests increases in the region.

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.