Europe Molecular Diagnostics Market size was valued at USD 2.0 billion in 2017 and is expected to witness 7.5% growth from 2018 to 2024.
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Growing geriatric population that prefers personalized medicines will drive Europe molecular diagnostics market growth during the upcoming years. According to WHO by 2020, the European population should increase to 910 million and majority of the elderly population base suffers from chronic disorders that should increase the demand for molecular diagnostics service. Additionally, favorable reimbursement scenario available for molecular diagnostics procedures will resolve affordability issues of elderly population escalating the demand for molecular diagnostics service. However, high costs associated with the molecular diagnostics devices may restrain the business growth.
Genetic testing segment will have at 9.0% CAGR over the forecast timeframe. Growing incidences of genetic diseases should positively impact the segmental growth. According to global genes in 2015, around 30 million Europeans suffered from rare genetic diseases that will upsurge the business growth over the forecast timeframe.
PCR segment was valued at USD 863.3 million in 2017 and is expected to witness high growth trends over the estimated forecast. Technological advancements in the PCR devices will enable accurate diagnosis of diseases. RT-PCR technology will have considerable demand due to numerous factors including increasing use in research and medical diagnostics, expansion of installation base and growing use of robotics for lab automation that should escalate segmental growth.
Germany molecular diagnostics market accounted for 21.0% of regional revenue share in 2017. Increasing number of diseases due life style factors such as heart disease coupled with rising discoveries in molecular biology and human genetics will drive the molecular diagnostics market in the country. Rapidly evolving techniques in molecular biology, high stage of sophistication in healthcare and scientific biomedical applications and innovative approaches in technology will propel the industry growth over the forecast period.
Some of the eminent industry players operating in the Europe molecular diagnostics market includes Abbott Molecular, Agilent (Dako), Alere, Analytik Jena, Becton Dickinson, Biomerieux, BioRad Laboratories, Cephied, Danaher, Johnson & Johnson, GenMark, Roche Diagnostics and others. Key companies gain competitive advantage by innovating new diagnostic devices and instruments. For instance, in June 2017, GenMark’s ePlex announced achievement of CE mark in European in-vitro directive for diagnostic devices (98/79/EC) for BCID-GP that is blood culture identification gram positive panel as well as gram negative panel. This CE mark approval will broaden company’s molecular diagnostics product portfolio.
European molecular diagnostics industry is expected to show high growth trends in the upcoming years due to growing demand for diagnostic procedures. Moreover, development of molecular diagnostics industry in Europe is notable and attributed to the growing technological advancements enabling improvisations in the molecular diagnostics device. Eminent industry players always focus on manufacturing and supplying efficient diagnostic devices that will boost the demand for molecular diagnostics device thereby, augmenting the molecular diagnostics industry growth in near future.