The multiplex biomarker imaging market size in Europe is predicted to be worth USD 347.9 million by 2028 from USD 206.3 million in 2023, growing at a CAGR of 11.02% from 2023 to 2028.
The rising prevalence of cancer and tumors among the European population primarily drives the growth of the multiplex biomarker imaging market in this region. As per the estimations published by the European Commission, an estimated 4 million new cancer cases were recorded in Europe in 2020. The older population is particularly susceptible, as the risk of cancer increases with age. As a result, there is a growing demand for pre-tests that can aid in the early detection of cancer, enabling appropriate treatment and potentially avoiding critical situations.
The rising adoption of personalized treatment by the European population further contributes to the growth of the European multiplex biomarker imaging market. Multiplexed imaging technologies allow for the identification of personalized treatment options and medication for cancer by analyzing the profile of human cancer at a cellular level. Multiplex biomarker imaging also helps to reduce the effects and costs associated with researching single tissue or samples in numerous ways. The benefits of personalized medicine are particularly significant for individuals suffering from solid and liquid tumors. By taking a tumor sample from the affected area and subjecting it to various detection methods, accurate drugs or treatments can be identified to eliminate the primary source of bacteria in the tumor region. The use of multiplex biomarker imaging plays a vital role in detecting the complete mutation profile and is therefore in high demand in the market during the forecast period.
The rising awareness and advancements in the research process further boost the growth of the European multiplex biomarker imaging market. The growing investments by the European government in research are contributing to the increasing demand for multiplex biomarker imaging and driving the regional market growth. Researchers in Europe are actively pursuing the development of treatments and drugs to mitigate chronic diseases such as cardiovascular ailments, which contribute to high mortality rates. Additionally, manufacturers focus on creating innovative devices that enable effective research and analysis.
The advancements in imaging technologies, including multiplex biomarker imaging techniques, such as immunohistochemistry (IHC), fluorescence in situ hybridization (FISH), and quantitative polymerase chain reaction (qPCR) contribute to the European market growth. The rising awareness about the benefits of biomarker-based diagnostics and the growing trend of collaborations and partnerships between academic institutions, research organizations, and industry players in Europe to advance biomarker research and develop innovative diagnostic and therapeutic solutions further propel the growth rate of the European market.
The complexity involved in the imaging process, the shortage of skilled professionals and the lack of awareness among healthcare professionals regarding advanced technologies used in biomarker imaging majorly hamper the regional market growth. Furthermore, strict government policies, ethical concerns, and inadequate infrastructure in research centers also impede market growth in Europe.
This research report on the Europe multiplex biomarker imaging market has been segmented and sub-segmented into the following categories.
By Product Type:
By Imaging Technique:
By Application:
By End-User:
By Country:
Europe accounted for a substantial share of the global market in 2022 and is expected to grow at a prominent CAGR during the forecast period. Germany had the leading share of the European market in 2022 and the domination of Germany in Europe is anticipated t continue during the forecast period. The growing investments by the market participants and increasing healthcare expenditure by the German population contribute to the German market growth majorly. Companies based in Germany are renowned for producing high-quality data analysis tools that can analyze multiple proteins and nucleic acid-based biomarkers. Multiplexing imaging is also being extensively utilized for detecting infectious diseases such as urinary tract and respiratory infections. Furthermore, the growing number of product launches and increasing measures by the German government in favor of multiplex biomarker imaging propel the German market growth.
The UK market captured a notable share of the European market in 2022 and is expected to witness a healthy CAGR during the forecast period. The growing number of clinical trial centers is one of the key factors driving the UK market growth. For the development of advanced drugs, researchers in the UK focus on conducting a trial that helps to provide accurate drugs for diseases. The growing agreements and collaborations between the market participants and research institutions favor the UK market growth.
KEY MARKET PLAYERS:
PerkinElmer Inc., Agilent Technologies, Inc., Danaher Corporation, Merck KGaA and Bio-Rad Laboratories, Inc. are some of the promising companies in the European multiplex biomarker imaging market.
Frequently Asked Questions
The Europe multiplex biomarker imaging market is expected to grow at a CAGR of 11.2% from 2023 to 2028.
The growing demand for personalized medicine, increasing prevalence of cancer and other chronic diseases, and the need for better diagnostic and treatment options are the primary drivers of the Europe multiplex biomarker imaging market.
Germany, France, and the United Kingdom are the major contributors to the growth of the Europe multiplex biomarker imaging market.
Some of the major players in the Europe multiplex biomarker imaging market include PerkinElmer, Merck KGaA, Thermo Fisher Scientific, Bio-Techne, and Roche Diagnostics.
Some of the challenges faced by the Europe multiplex biomarker imaging market include the high cost of imaging equipment, lack of standardization in biomarker detection and analysis, and limited reimbursement policies.
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