The European molecular diagnostics market size is forecasted to be growing at a CAGR of 8.45% between 2022 to 2027.
The rise in a large number of the senior population is driving the Europe Molecular Diagnostics Market. As aged people are apt for getting a chronic illness, Europe witnessed a gradual increase in the prevalence of chronic diseases like diabetics, cancer, cardiovascular diseases, etc. The growing awareness and acceptance of personalized medicines among the people and the increasing prevalence of infectious diseases and various types of cancer increase awareness and acceptance of personalized medicines are boosting the Europe Molecular Diagnostics Market. Moreover, the advancements in molecular techniques have made the diagnosis much cheaper and more accurate, propelling the Europe Molecular Diagnostics Market. Further, the rise in genetic diseases is pushing the market growth. For instance, according to global genes in 2015, more than 30 million people in Europe was suffered from various rare genetic disorders. Further, the increase in demand for portable devices is fueling the market.
Due to poor reimbursement policies, the Europe molecular diagnostic market for group A streptococcus (GAS) nucleic acid (NA) tests is being obstructed. The differing criteria for the nucleic acid tests in different European countries hinder the Europe Molecular Diagnostics Market during the forecast period. Moreover, the delays in the molecular diagnostic tests’ approvals had paused the growth of the Europe Molecular Diagnostics Market. Due to low expenditures on the healthcare sector, there is a lack of proper facilities in some countries in Europe is further hindering the growth of the Europe Molecular Diagnostics Market. Additionally, the lack of well-skilled front-line workers and the lack of awareness among the people on early diagnosis in some parts of Europe limit market growth.
COVID-19 Impact on Europe Molecular Diagnostics Market:
The European healthcare system was adversely impacted due to the Covid pandemic. In the meanwhile, European Molecular Diagnostics Market was positively impacted during the pandemic. The increase in respiratory diagnostic tests and the rise in demand for infectious disease tests, especially respiratory tests, are gradually increased during the pandemic. Moreover, due to the high COVID 19 impact in Italy and Spain, they have increased the clinical laboratories, which boosts the Europe Molecular Diagnostics Market.
This research report on the European molecular diagnostics market has been segmented & sub-segmented into the following categories.
By Products and Service:
Geographically, Europe is expected to grow at the third-highest rate during the forecast period. The Europe Molecular Diagnostics Market size was valued at USD 1,750.0 million in 2015 and is expected to have attractive growth over the forecast period. The increase in the geriatric population and improving healthcare services quality are driving the Europe Molecular Diagnostics Market. Technological advancements like polymerase chain reaction (PCR) recognize the antimicrobial resistance genes and give public health information like strain characterization by genotyping that boosts the market. The rise in advancements in pharmacogenomics, rise in the aging population associated with chronic diseases are promoting market growth. For instance, in 2017, World Health Organisation (WHO) has stated that the European population will increase to 910 million, and the majority of the elderly population will suffer from chronic diseases. Germany is the major contributor to the Europe Molecular Diagnostics Market during the forecast period. The technological advances in molecular diagnosis are driving the German market. Technological advancements like polymerase chain reaction (PCR) recognize the antimicrobial resistance genes and give public health information like strain characterization by genotyping.
KEY MARKET PLAYERS:
Companies such as Abbott Laboratories, Agilent Technologies, Becton, Dickinson And Company, Biomérieux SA, Danaher Corporation, Diasorin, Grifols, Hologic, Illumina, Qiagen, Roche Diagnostics, Siemens Healthineers, and Thermo Fisher Scientific are currently playing a leading role in the European molecular diagnostics market.
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