Market Insights Health Medical Technology

In Vitro Diagnostics - Portugal

Portugal

The In Vitro Diagnostics market market in Portugal is anticipated to achieve a revenue of US$0.43bn by the year 2024.
It is projected to exhibit an annual growth rate, known as the Compound Annual Growth Rate (CAGR), of 3.47% from 2024 to 2029.
This growth is expected to contribute to a market volume of US$0.51bn by 2029.
When compared globally, it is noteworthy that the United States is projected to generate the highest revenue in this market.
The revenue of the United States In Vitro Diagnostics market market is estimated to be approximately US$30,100.00m in the year 2024.
Portugal's in vitro diagnostics market is experiencing a surge in demand for infectious disease testing due to the country's high prevalence of certain diseases.

Key regions: China, France, Japan, Netherlands, Italy

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Analyst Opinion

The In Vitro Diagnostics market in Portugal is experiencing steady growth due to increasing customer preferences for personalized healthcare and advancements in medical technology.

Customer preferences: Customers in the In Vitro Diagnostics market in Portugal are increasingly seeking personalized healthcare solutions. They are looking for diagnostic tests that can provide accurate and timely results to aid in the early detection and treatment of diseases. This preference for personalized healthcare is driving the demand for advanced diagnostic tests and technologies in the market.

Trends in the market: One of the key trends in the In Vitro Diagnostics market in Portugal is the adoption of point-of-care testing. Point-of-care testing allows for rapid diagnosis and treatment decisions to be made at the patient's bedside or in the doctor's office, without the need for sending samples to a laboratory. This trend is driven by the need for faster and more convenient diagnostic solutions, especially in remote or underserved areas. Another trend in the market is the increasing use of molecular diagnostics. Molecular diagnostics enable the detection of genetic markers and specific genetic mutations, allowing for more accurate and targeted diagnosis of diseases. This trend is driven by advancements in genetic research and the growing understanding of the genetic basis of diseases.

Local special circumstances: Portugal has a well-developed healthcare system, which provides universal coverage and access to healthcare services for its population. This creates a favorable environment for the growth of the In Vitro Diagnostics market, as there is a high demand for diagnostic tests and technologies to support the delivery of healthcare services. Furthermore, Portugal has a rapidly aging population, with a significant proportion of the population being over the age of 65. This demographic trend is driving the demand for diagnostic tests and technologies that can aid in the early detection and management of age-related diseases, such as cardiovascular diseases and cancer.

Underlying macroeconomic factors: The growth of the In Vitro Diagnostics market in Portugal is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth in recent years, which has led to increased healthcare spending. This increased healthcare spending is driving the demand for diagnostic tests and technologies in the market. Additionally, Portugal is part of the European Union, which provides access to a large market for In Vitro Diagnostics products. This allows companies in the market to benefit from economies of scale and export opportunities, further driving the growth of the market. In conclusion, the In Vitro Diagnostics market in Portugal is experiencing steady growth due to increasing customer preferences for personalized healthcare, the adoption of point-of-care testing, and the use of molecular diagnostics. The local special circumstances of a well-developed healthcare system and a rapidly aging population contribute to the growth of the market. Furthermore, underlying macroeconomic factors, such as economic growth and access to the European Union market, also drive the growth of the market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.