Conor Stewart
Research expert covering health & pharmaceuticals in the UK & Europe
Get in touch with us nowCOVID-19 effect
The COVID-19 pandemic resulted in a huge demand for tests which could quickly and reliably detect the virus. Tests for COVID-19 normally use a sample of mucus taken from either the nose or throat. The pandemic affected years of 2020 and 2021 saw the worldwide revenue of the industry increase significantly. In 2019, worldwide revenue, after many years of steady growth, was 59 billion euros. In 2020, revenue jumped to 85 billion euros before increasing again in 2021 to 97 billion euros. The two most common types of COVID-19 tests on the market are PCR tests and antigen tests (also known as rapid tests). PCR tests take longer to provide a result, sometimes 24 hours or longer, while antigen tests can be used and provide a result in as short as 15 minutes. PCR tests are regarded as more accurate, but in part to their convenience the market revenue of rapid test kits has been larger.European market and prospects
Germany had the largest IVD market size in Europe in 2020 at over 2.7 billion euros. France followed with a market size of 2.1 billion euros. While Italy, Spain, and the United Kingdom all had over one billion euros in IVD market size. However, in per capita terms Switzerland had the highest spend with over 61 euros spent per person on IVDs in 2020. As was the case across the world, 2020 saw a huge rise in the European market for IVD, with the market growing by 25 percent compared to 2019. The worldwide IVD market was forecast to grow steadily in the 2020s, as the value and importance of this technology continues to be realized.
