IVD Market in Europe 2016-2020
Market outlook of the IVD market in Europe
Technavio’s market research analyst predicts the IVD market in Europe to grow at a CAGR of around 5% during the forecast period. The market is growing due to patient-driven demands such as managing obesity-related illnesses such as cardiovascular diseases, diabetes, and fertility issues. It is estimated that in the UK around 27% of the adults are obese. This has increased the demand of blood-glucose monitors, digital ovulation tests for fertility, and biomarkers test to diagnose cardiovascular diseases.
Increased healthcare spending in European countries will boost the growth of this market until 2020. The healthcare expenditure in the European Union (EU15) has been rising steadily in countries such as Norway, where healthcare expenditure, per capita, has been increasing by 1.4% per year. Also, increased medical knowledge has provided access to new technologies, which, in turn, has increased life expectancy.
Geographical segmentation and analysis of the IVD market in Europe
The IVD sales in Germany accounted for approximately 26% of the IVD market in Europe, and it is also the biggest contributor to this market. The market grew after the amendment in German reimbursement legislation for the prevention of healthcare-associated diseases and increased with better reimbursement conditions for outpatient clinic physicians.
Competitive landscape and key vendors
The IVD market in Europe is highly fragmented with intense competition among large and small vendors. These vendors form partnerships and develop products to maintain their market share. Market players are focusing on product development and marketing strategies to improve their position in the market. Advances in technology in IVD devices is expected to increase competition among the vendors during the forecast period.
The leading vendors in the market are -
- Abbott Diagnostics
- Beckton Dickinson
- Beckman Coulter
- Roche Diagnostics
- Siemens Healthcare
- Thermo Fisher Scientific
Other prominent vendors in the market include Abaxis, A. Menarini Diagnostics, Acon Laboratories, BD, Bio-Rad Laboratories, Cepheid, Chembio Diagnostic Systems, Clarity Diagnostics, DiagCor, Helena Laboratories, Hologic, Life Technologies, Landwind Medical, Mindray, i-Sens, Nipro Diagnostics, Randox Laboratories, Span Diagnostics, Snibe Diagnostics, Sysmex, Trivitron Healthcare, and URIT.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the IVD market in Europe?
- What are the key market trends impacting the growth of the IVD market in Europe?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the IVD market in Europe?
- What are the key outcomes of the five forces analysis of the IVD market in Europe?
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