The Europe Molecular Diagnostics Market is expected to
reach USD4.0 billion by 2024, according to a new report by Grand View Research,
Inc. Growing geriatric population and the increasing prevalence of neurological
and cardiovascular disorders is expected to drive the growth of molecular
diagnostics.
Moreover, increasing demand for more efficient healthcare delivery
to facilitate early diagnostics is further expected to boost market
growth.
Rising awareness levels among
individuals pertaining to the availability of effective molecular diagnostic
tests to determine the presence of genetic disorders is expected to increase
the client base for this industry, consequently leading to early diagnosis of
disorders in the population.
In addition, with the demand
for high levels of accuracy and cost effectiveness of diagnostic procedures,
the existent technologies are continually undergoing progressive changes to
develop improved and efficient testing tools. Presence of a number of
established healthcare facilities coupled with the technological advancements
facilitating and expediting accurate disease diagnosis are expected to serve
this market as significant drivers fueling growth.
Further key findings from the study suggest:
- The overall vertical was dominated by the
reagents with their revenue generation estimated at over USD 930.0 million
in 2015 owing to their higher usage including formamide, salts, and
dextran sulphate or heparin employed in the drug development process to
detect disease-related novel biomarkers
- Introduction of reagents for technologically
advanced instruments are anticipated to attribute towards an attractive
growth of reagents segment over the forecast period
- Central laboratories held the largest market
share of around 60% in 2015 owing to the highly developed healthcare
infrastructure and skilled healthcare professionals & staff associated
with them.
- Point of care is the fastest growing test
location segment with an estimated CAGR of over 12.0% over the forecast
period. Increasing demand for expedited diagnosis and rapid analysis has
led to the growth of this section.
- Infectious diseases dominated the market on the
basis of application with the largest revenue contribution in 2015 owing
to the large test volumes and extensive portfolio of commercialized
products in this area.
- HIV held the largest market share of around
14.0% in 2015 in the infectious disease segment. Government initiatives
being undertaken in Italy and France to create higher awareness about
infectious diseases, such as HIV/AIDS and Hepatitis B, are factors
responsible for its high market share.
- Polymerase chain reaction (PCR) technology
dominated the vertical with overall market revenue of over USD 725.0
million, attributable to the increasing application of molecular
diagnostics in the field of drug discovery & development and
pharmacogenomics
- DNA sequencing is estimated to emerge as a
profitable market over the forecast period with a CAGR of around 15.0%.
With the sweeping technological advancements in the field, DNA sequencing
is presently one of the most cost-effective technologies used to decode
the genetic cause underlying a range of diseases.
- The next generation sequencing technology
segment will witness the highest growth rate throughout the forecast
period majorly owing to the increasing R&D initiatives for development
of novel drugs.
- Germany held the largest market share with
maximum revenue generation in 2015, which is attributed primarily to its
huge elderly population base. Growing geriatric population coupled with
decreased immune levels would engender the widespread prevalence of
chronic diseases conditions comprising cardiovascular, neurological, and
diabetes
- The molecular diagnostics sector in the UK is
estimated to grow at a faster rate with a CAGR of over 11.0% throughout
the forecast period. The presence of sophisticated healthcare
infrastructure, higher disposable income, and the increasing R&D
intensity are the key factors contributing towards the growth of this
sector in the UK.
- Some leading companies in the molecular
diagnostics sector include Roche Diagnostics, Alere Inc., Cepheid,
Hologic, Inc. (Gen Probe), Sysmex Corporation, Abbott Laboratories, Bayer
AG, Siemens Healthcare GmbH, Becton, Dickinson and Company, Johnson &
Johnson, bioMérieux SA, Dako, Novartis AG (Grifols), Danaher Corporation,
Bio-Rad Laboratories, Inc., and Qiagen N.V.
- The established players in this vertical are
adopting strategies, such as mergers and acquisitions, new product
development, expansion activities pertaining to R&D of novel diagnostic
products, and strategic collaborations to widen their existent product
portfolios
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