The European point-of-care (POC) diagnostics market is experiencing significant growth, projected to expand from US$ 8,948.81 million in 2021 to US$ 20,207.60 million by 2028, demonstrating a CAGR of 12.3% during this period.
Driving Forces Behind Market Growth
Several factors are fueling this expansion:
- Rise of Home-Based POC Devices: There’s a burgeoning trend of using POC devices at home, driven by increasing awareness and the convenience of quick, accessible testing. This allows patients to receive real-time results, which is crucial for early detection of serious conditions.
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https://www.businessmarketinsights.com/sample/TIPRE00023727 - Widespread Adoption in Various Settings: POC diagnostic and monitoring devices are expected to become commonplace in home settings, doctors’ offices, and hospitals, especially in low- and middle-income countries.
- Smartphone Integration: Smartphones are increasingly being used as platforms for health and monitoring applications, including imaging, sensing, and diagnostics.
- Versatile Glucose Meters: While primarily used by diabetic patients, glucose meters can be repurposed for other clinical assays like immunoassays, molecular diagnostics, and enzymatic assays.
- Aging Population and Healthcare Needs: The growing geriatric population in Europe contributes significantly to increased healthcare expenditure. This demographic frequently requires diagnostic testing due to prevalent health issues such as digestive disorders, cardiovascular diseases, bone and joint diseases, diabetes, and various cancers, as well as lower immunity and metabolism.
Key Market Segments
In 2020, certain segments dominated the European POC diagnostics market:
- Product: Glucose monitoring products held the largest market share.
- Prescription Mode: Prescription-based testing accounted for a larger share.
- End User: Professional diagnostic centers held the largest share.
Key Players in the Market
Leading companies in the Europe point-of-care diagnostics market 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)
- Siemens AG
Europe’s Point-of-Care Diagnostics Market: Growth Drivers and COVID-19 Impact
Europe stands as the second-largest market for point-of-care (POC) diagnostics, with significant contributions from the UK, Germany, France, Italy, and Spain. The market’s expansion is fueled by several key factors: a growing demand for advanced diagnostic solutions, the increasing prevalence of infectious and chronic diseases, and a rise in research and development investments. Furthermore, a well-established manufacturing infrastructure for advanced diagnostic products in the region is expected to propel market growth throughout the forecast period.
Germany has emerged as a leader in this market, driven by governmental initiatives aimed at improving healthcare outcomes. For instance, in November 2017, Lilly Germany launched the “Diabetes Work” initiative to raise awareness about diabetes, thereby creating opportunities for the adoption of diagnostic kits. Additionally, in September 2018, the German government approved the sale of over-the-counter (OTC) HIV home testing kits, further contributing to market expansion.
Impact of COVID-19
The COVID-19 pandemic profoundly affected Europe, particularly France, Spain, Italy, Germany, and the UK, leading to a severe economic downturn and a high number of fatalities. The World Health Organization (WHO) declared the outbreak a Public Health Emergency of International Concern. However, the surge in coronavirus infections and the urgent need for advanced diagnostic solutions created a significant opportunity for the adoption of POC diagnostic kits across the region.
Even amidst the pandemic, the market experienced a boost due to increased investments and business activities by industry players. In 2020, the European Medicines Agency (EMA) approved 97 medicines for marketing authorization, 39 of which were novel drugs. Demonstrating further industry activity, Eurofins introduced COVID-19 PCR tests with at-home self-sampling options in Europe in October 2020. Similarly, Siemens Healthineers launched the CLINITEST rapid COVID-19 test, a POC cassette test providing results in 15 minutes, in European countries in October 2020. More recently, in April 2021, QIAGEN launched its Prep&Amp technology in Europe, which received CE approval for marketing and distribution to accelerate COVID-19 diagnosis. These developments are expected to have a constructive impact on the market’s continued growth.
Europe Point of Care Diagnostics Strategic Insights
Strategic insights for the Europe Point of Care Diagnostics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Europe Point of Care Diagnostics Regional Insights
The geographic scope of the Europe Point of Care Diagnostics refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights