A research report for Europe molecular diagnostics market by Transparency Market Research (TMR), projects this market to report a healthy CAGR of 11.40% during the period from 2015 and 2023. The market stood at US$1.6 bn in 2014. Analysts expect it to reach US$4.2 bn by the end of the forecast period.The research report is titled “Molecular Diagnostics Market – Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
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Molecular diagnostics refers to the tests conducted to detect proteins or nucleic acids at the molecular level. In the in-vitro diagnostics industry, molecular diagnostics has emerges as one of the biggest segments. It has been witnessing tremendous growth over the last two decade since the introduction of PCR tests for Chlamydia trachomatis (CT), Neisseria gonorrhea (NG) and HIV.
In Europe, the market for molecular diagnostics is experiencing significant growth on account of the increasing incidence of infectious diseases. The growing adoption of customized medicines and companion diagnostics is also boosting this market substantially in this region, notes the study.
The report studies the Europe molecular diagnostics market on the basis of the technology utilized, application, and the region. Polymerase chain reaction (PCR), mass spectrometry, hybridization (ISH and FISH), transcription Mediated Amplification (TMA), biochips and microfluidics, next-generation sequencing, and nanotechnology and proteomic have been identified as the main molecular diagnostic technologies in this study.
Geographically, the Europe market for molecular diagnostics has been segmented into Northern Europe, Southern Europe, Eastern Europe, Western Europe, and the Rest of Europe. In 2014, Western Europe emerged as the dominant market for molecular diagnostic across Europe with 47.1% share. The increasing prevalence of infectious diseases has propelled the demand for molecular diagnostic tests in this region. In addition to this, the cost efficiency of molecular diagnostic tests is likely to drive the growth of this regional market over the forecast period.
The research report further states that analysts project Eastern Europe to exhibit attractive opportunities for molecular diagnostic in Europe. It is expected to rise at the highest growth rate during the forecast period. The increasing disposable income of people and the growing awareness among them regarding healthcare is anticipated to boost the demand for molecular diagnostic tests in Eastern Europe in the coming years.
Molecular diagnostics finds widespread application in blood screening, microbiology, infectious disease testing, oncology, genomics, prenatal and newborn screening, and women's health monitoring, states the report.
The report also presents a competitive analysis of the molecular diagnostics market in Europe. According to it, Roche Holding AG led this market in 2014 and was closely followed by Abbott Laboratories. The wide range of products offered by Roche has been significantly aiding its exponential growth.
Other prominent market players mentioned in this research study are Bio-Rad Laboratories Inc., QIAGEN N.V., Siemens AG, Thermo Fisher Scientific Inc., Meridian Bioscience Inc., bioMérieux SA, Alere Inc., Affymetrix Inc., Cepheid Inc., Agilent Technologies Inc., Danaher Corp., Hologic Inc., PerkinElmer Inc., and Randox Laboratories Ltd.
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