March 02, 2020
According to the research report titled ‘Europe Molecular Diagnostics Market Growth By Technology, Application, Regional Outlook, Industry Forecast, 2018 – 2024’, available with Market Study Report LLC, the Europe molecular diagnostics market is expected to cross USD 3.3 billion by the year 2024.
According to the report, increasing R&D activities and growing demand for point of care diagnostics are major factors driving the molecular diagnostics market growth across Europe. There has also been an upsurge in the demand for personalized medicines across the region. This factor along with advancements in DNA and PCR sequencing technology are further aiding the expansion of the market. Favorable government initiatives which promote development molecular diagnostics are also stimulating the Europe molecular diagnostics industry outlook.
In terms of technology, the report states that isothermal amplification technology segment held 16.9% share in the year 2017 and is projected to witness consistent growth in Europe during the estimated timeframe. This technology is extensively used for identifying and analyzing small amounts of nucleic acids, which in turn is contributing towards popularity isothermal amplification technology.
Based on the application spectrum, blood screening applications of molecular diagnostics are expected to grow with a CAGR of 8.1% in Europe during the period of 2018-2024. The growth is attributed to increased pervasiveness of blood cancers in the region.
As per the regional analysis, the report cites that UK molecular diagnostics industry was worth USD 156.7 million in the year 2017 and is expected to register continuous growth in the forthcoming years. Rising R&D activities, availability of advanced healthcare infrastructure, and rising capita per income are augmenting the demand for the product across UK. Proliferation of personalized therapy and diagnostic centers are also facilitating the business scenario in UK.
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Sysmex, Siemens Healthcare, SCILOGEX LLC, Rosetta Genomics, Roche Diagnostics, Qiagen, Novartis, Myriad Genetics, MDx Health, HTG Molecular Diagnostics, Hologic (Gen Probe), Genomic Health Inc., GenMark Diagnostics, Danaher Corp., CombiMatrix, Cleaver Scientific, Cephied, Bio-Techne, Bio-Rad Laboratories, Biomerieux, BioFire Diagnostics, Biocartis Group, Becton Dickinson, Analytik Jena AG, Alere Inc., Agilent (Dako), and Abbott Molecular are the prominent companies operating in the Europe molecular diagnostics industry.
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