PUBLISHER: Grand View Research | PRODUCT CODE: 1446531
PUBLISHER: Grand View Research | PRODUCT CODE: 1446531
The Europe laboratory developed tests market size is anticipated to reach USD 6.4 billion by 2030 and is projected to grow at a CAGR of 7.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for personalized medication, rising prevalence of cancer, and the growing demand for IVD tests currently unavailable in the market are the major factors contributing to the market growth. The 2.3% rise in a number of cancer cases in Europe in 2022, as compared to 2020, to reach a number of around 2.74 million is a major healthcare concern.
The increasing number of deaths caused by non-communicable diseases such as ischemic heart disease, stroke, Alzheimer's disease and other dementia highlights the need for early disease detection. Moreover, diabetes, one more type of non-communicable disease, is a global threat and has also affected Europe, with around 60 million cases across the region. Furthermore, the rising healthcare costs and common medicines not being effective in treating large numbers of patients have led to opting for the option of personalized medication.
Government-sponsored initiatives, such as the European PANCAID and PANCAIM projects, are aiding in the diagnosis and treatment of cancer. The amendments in European in-vitro medical devices regulations in 2022 have relaxed the conditions to be met by health institutions making laboratory developed tests, also known as in-house devices placing on the market and put into service. The launch of the European Partnership for Personalised Medicine (EP PerMed) in 2023 is anticipated to boost research in European precision medicine, increasing the demand for R&D and adoption of laboratory developed tests, driving the market growth in Europe.