Europe Molecular Diagnostics Market size surpassed USD 18.04 billion in 2021 and is slated to witness -6% CAGR between 2022 and 2028. The market demand is driven by the growing burden of chronic disorders and the availability of favorable reimbursement scenarios.
Impact of COVID-19 on the European Market
As the coronavirus rapidly spreads worldwide, precise molecular diagnostic tools are becoming increasingly crucial in managing the life-threatening disease. In keeping with this, in September 2021, the EU and WHO established a molecular diagnostic laboratory in Wau, South Sudan to increase the testing capacity for COVID-19 and other infectious diseases.
Europe Market, By Technology
To enable the accurate diagnosis of diseases, several technologically advanced PCR devices are being developed. As a result, the PCR technology segment will observe decent growth till 2028, driven by the innovation of research and medical diagnostic technologies, along with the rapid deployment of automatic solutions such as robotics.
Europe Market, By Application
The oncology testing segment will cross USD 980 million revenue by 2028, due to the introduction of advanced cancer diagnostic tests by prominent companies. For example, in March 2022, Illumina launched an in-vitro diagnostic test designed to profile cancer mutations and direct patients to targeted therapies in Europe.
Europe Market, By End-use
The diagnostic laboratories segment will observe significant gains during the forecast period, driven by the growing reliance on lab test results for making medical decisions. In addition, the potential rise in investments to digitize diagnostic care will transform the way of sharing test results and images across labs.
Europe Market, By Country
Germany molecular diagnostics market size will dominate the revenue share through 2028, given the rising prevalence of major lifestyle diseases such as heart disease. There have been rapid discoveries in the field of human genetics and molecular biology. These rapidly evolving techniques are further supported by innovative approaches in technology, further enabling the country to serve as a prominent market for molecular diagnostic test developers.
Competitive Industry Landscape
Prominent participants operating across the market include Roche Diagnostics, GenMark, Johnson & Johnson, Danaher, Cephied, BioRad Laboratories, Biomerieux, Becton Dickinson, Analytik Jena, Alere, Agilent (Dako), Abbott Molecular. These companies are targeting to gain a competitive advantage and expand their regional footprint through innovative product launches and other strategies.