Europe Immunoassay Analyzers Market Size, Share & Trends Analysis Report By Analyzers (Enzyme Immunoassay (EIA) Analyzers, Radioimmunoassay (RIA) Analyzers), By End Use, And Segment Forecasts, 2021 - 2028

Europe Immunoassay Analyzers Market Growth Growth & Trends Trends

The Europe immunoassay analyzers market size is expected to reach USD 2.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2021 to 2028. The rising prevalence of chronic and infectious diseases and the approval and launch of innovative analyzers are major factors driving the market.

The market is anticipated to exhibit significant growth due to the unprecedented COVID-19 pandemic leading to a shortage of diagnostics and infrastructure. This has created vast opportunities for companies operating in the marketplace to bridge the gap between supply and demand. Amid extensive funding in the healthcare sector, equally from public and private sectors, has led to several research projects pertaining to diagnostics, such as central laboratory tests and point of care tests. These initiatives are aiding in the development of tools, such as immunoassay analyzers. The consumption of immunoassays has increased tremendously during this period of a pandemic propelling the further market growth. The uncertainty over the longevity of the pandemic and the need for analyzers is expected to remain strong in the near future, thereby aiding regional growth.

In addition, increasing approval and launch of innovative and advanced analyzers in the key European countries has significantly boosted the market growth. For instance, in April 2021, Germany-based Siemens Healthineers received the CE Mark for its AtellicaVTLi Patient-Side Immunoassay Analyzer. This analyzer is capable of providing test results in 8 minutes to clinicians by utilizing a patient's blood sample. Furthermore, the entrance of leading players in the European region is further expected to create increased access to advanced products. For instance, in February 2021, SysmexCorporation, a Japan-based immunoassay manufacturer, established its new subsidiary, Sysmex Portugal, S.A., in Portugal. With this initiative, the company expanded its presence in Portugal by intensifying its sales and after-sales support networks.

Europe Immunoassay Analyzers Market Report Highlights

• The EIA analyzers segment held the largest revenue share in the market as this technique is used for detecting specific antigens or antibodies in samples
• By end use, the hospitals segment held the largest revenue share in 2020, as hospitals are the primary centers for the diagnosis and treatment of chronic diseases
• The clinical laboratories segment is anticipated to grow at a rapid pace over the forecast period owing to the increasing establishment of diagnostic labs in key countries
• Germany was the largest market in 2020 due to well-established healthcare infrastructure and high adoption of technologically advanced products
• In the U.K., the market is anticipated to exhibit the fastest growth over the forecast period due to the growing prevalence of chronic diseases and the geriatric population