According to a report released by Allied Market Research, the European IVD market is estimated to be $ 20.1 billion in 2017 and is expected to reach $ 26.6 billion by 2023. An analysis of evolving market trends, key investment pockets, key segments, drivers and opportunities, and the competitive environment.
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Rising incidence of chronic & infectious diseases, technological advancements in IVD, emergence of minimal invasive technologies, increasing government expenditures on healthcare, and surge in popularity of personalized medicine approach have fueled the growth of the Europe IVD market. On the other hand, vague reimbursement policies and stringent regulatory schemes have happened to curb the growth to some extent. However, potential opportunities for outsourcing and convergence of new technologies have paved the way for multiple opportunities in the segment.
Based on product type, the reagents segment accounted for nearly three-fifth of the total market in 2017 and is expected to dominate till 2023. On the other hand, the instruments segment is anticipated to grow at the fastest CAGR of 6.1% during the forecast period.
Based on technology, the immunodiagnostics segment held the largest share, contributing to nearly one-third of the total market in 2017 and is anticipated to retain its top status throughout the study period. Simultaneously, the hematology segment is showcased as the fastest growing sector with a CAGR of 5.7% throughout 2017-2023.
Based on application, the infectious diseases segment accounted for more than one-fourth of the total market and is assumed to be dominant till 2023. The cancer segment, on the other hand, is estimated to grow at the fastest CAGR of 6.6% during the period.
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Key market players studied in the research include Alere Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Sysmex Corporation, Becton Dickinson and Company, Johnson & Johnson, Bio-Rad Laboratories, Biomerieux, and Bayer AG. They have adopted a number of high-end stratagems to maintain their status in the market.
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