The Swedish IVD market, which has experienced moderate growth over the past decade, estimated at $804 million in 2022, according to Kalorama Information, a LabPulse sister brand, in a newly released IVD Market Atlas.
A well-developed healthcare system, a high ratio of healthcare spending (11% of GDP), and state-of-the-art technology make Sweden a target market for IVD companies.
The Swedish market has experienced moderate growth over the past decade with annual increases at a slightly higher rate than that of the United States and comparable to that of Germany. The aging population is a major driver in the growth of the market. Health and medical care are delivered through both public, central government schemes and private health plans. The country is divided into municipalities and regions that have the responsibility of providing health services. Sweden’s distribution of health spending is split 85:15, with private spending being the latter.
What does this mean? Watch higher technology IVD markets in Sweden. For instance, critical care point-of-care tests, used for assessment of emergency room (ER) and intensive care unit (ICU) patients in hospitals or ambulatory settings, will grow about three times faster in Sweden than in the U.S. over the next five years. Histology tests used for cancer assessment and detection will grow about 5% faster in Sweden than in the U.S.
Meanwhile, critical care tests, fecal occult blood (FOB) tests, and tissue and tumor marker tests are contributors to growth. COVID-19 testing revenues will decline at 4% per year over the next five years, comparable to other nations.
This article is part of a series based on Kalorama Information's 30-Country IVD Market Atlas, which includes the U.S., China, Germany, U.K., Saudi Arabia, India, United Arab Emirates, France, Vietnam, Turkey, and 20 other countries. For more information on the atlas, please visit Kalorama's page.