Europe Point of Care Diagnostics Market Trends, Size, Segment and Growth by Forecast to 2030

Europe Point of Care Diagnostics Market: Overview and Dynamics

The European point of care (POC) diagnostics market is poised for substantial expansion, projected to increase from US$ 8,948.81 million in 2021 to US$ 20,207.60 million by 2028. This represents a robust compound annual growth rate (CAGR) of 12.3% during the forecast period (2021-2028).

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A key driver fueling this growth is the burgeoning adoption of home-based POC devices. Increasing awareness regarding the benefits of POC testing is making diagnostic tests more accessible and faster for patients in their own homes. Clinicians increasingly recognize the crucial role of POC testing in the early detection of life-threatening conditions due to the availability of real-time results, eliminating delays associated with traditional laboratory testing.

POC diagnostic and monitoring devices are anticipated to become commonplace in various settings across Europe, including homes, doctor’s offices, and hospitals, extending their reach even to low- and middle-income countries. The widespread use of smartphones as platform devices is further facilitating this trend. Smartphone-based health and monitoring applications are increasingly incorporating imaging, sensing, and diagnostic capabilities. While glucose meters are already prevalent in home settings for diabetic patients, their potential is expanding to perform common clinical assays such as immunoassays, molecular diagnostics, and enzymatic assays.

The growing geriatric population is another significant factor driving the demand for POC diagnostics. This demographic group experiences a higher incidence of health issues, including digestive disorders, cardiovascular diseases, bone and joint diseases, diabetes, and various cancers, leading to increased healthcare expenditure on regular health checkups, disease diagnoses, and treatments. Due to their lower immunity and metabolism, the elderly require frequent diagnostic testing, further bolstering the demand for convenient and rapid POC solutions across the European region.

In summary, the Europe POC diagnostics market is experiencing strong growth driven by the increasing use of home-based devices, the recognized importance of rapid testing for early detection, the integration of smartphone technology, and the healthcare needs of the expanding geriatric population. These factors are collectively contributing to the rising demand for POC diagnostics across the European landscape.

Europe Point of Care Diagnostics Market: An Introduction

Europe stands as the second-largest market for point of care (POC) diagnostics globally, with significant contributions from the UK, Germany, France, Italy, Spain, and the remaining European countries. The market’s expansion in this region is fueled by a growing demand for sophisticated diagnostic solutions, an increasing prevalence of both infectious and chronic diseases, and escalating investments in research and development activities. Furthermore, the established manufacturing base for advanced diagnostic products within Europe is anticipated to further drive the growth of the POC diagnostics market throughout the forecast period.

Germany currently holds a leading position in the European POC diagnostics market. The German government is actively focused on enhancing healthcare for individuals affected by various health conditions. For example, Lilly Germany launched the “Diabetes Work” initiative in November 2017 to raise awareness about diabetes, which is expected to create favorable opportunities for the adoption of diagnostic kits. Additionally, in September 2018, the German government authorized the marketing and sale of over-the-counter (OTC) HIV home testing kits. Such positive developments are projected to be key drivers for the growth of the Europe point of care diagnostics market in the coming years.

Europe Point of Care Diagnostics: Strategic Insights for Market Leadership

Data-driven analysis reveals the intricate landscape of the European Point of Care Diagnostics (POC) market, encompassing current trends, prominent players, and distinct regional characteristics. These strategic insights deliver actionable recommendations, empowering stakeholders to achieve competitive differentiation by pinpointing underserved market segments and crafting unique value propositions.

By leveraging robust data analytics, this intelligence enables industry participants – including investors and manufacturers – to proactively anticipate market shifts. A forward-looking perspective is crucial, allowing stakeholders to strategically position themselves for sustained success within this dynamic European region. Ultimately, these effective strategic insights equip readers with the knowledge necessary to make informed decisions that foster profitability and realize their overarching business objectives within the POC diagnostics market.

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Regional Insights: Europe Point of Care Diagnostics

Understanding the nuances of the European market is crucial for success in the point-of-care diagnostics sector. The geographic scope of operations within Europe necessitates a keen awareness of local distinctions. These include varied consumer preferences, such as specific requirements for device power (plug types) or operational resilience (battery backup), diverse economic landscapes impacting purchasing power, and differing regulatory frameworks governing medical devices and diagnostics.

Tailoring strategies to these specific market conditions is essential. Identifying underserved regions or adapting product offerings to meet localized demands can unlock significant growth opportunities. A focused market approach enables businesses to optimize resource allocation, implement targeted marketing initiatives, and achieve stronger competitive positioning within specific European countries or regions, ultimately driving overall growth in these targeted areas.

Key Market Insights for the Europe Point of Care Diagnostics Market (2020):

  • Product: Glucose monitoring products held the largest market share.
  • Prescription Mode: Prescription-based testing accounted for the majority of the market.
  • End User: Professional diagnostic centers represented the largest segment.

Data Sources and Key Players:

This report on the Europe point of care diagnostics market utilizes information from various primary and secondary sources, including company websites, annual and financial reports, national government documents, and statistical databases. Key companies mentioned in the report include: Abbott, BD, bioMerieux SA, BIO-RAD LABORATORIES INC., Danaher, F. HOFFMANN-LA ROCHE LTD., Johnson and Johnson Services, Inc., Nova Biomedical, Polymer Technology Systems, Inc. (PTS), and Siemens AG.

Reasons to Purchase this Report:

This report offers valuable insights for understanding the European point of care diagnostics market landscape and identifying high-potential market segments. It enables you to:

  • Gain a competitive advantage by understanding the evolving competitive environment.
  • Strategically plan mergers, acquisitions, and partnerships by identifying promising market segments.
  • Make informed business decisions through comprehensive market performance analysis across various segments.
  • Access market revenue forecasts for different segments in the Europe region from 2021 to 2028.

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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights

Akshay patil
Author: Akshay patil