Europe Molecular Diagnostics Market Is Expected To Reach USD 4.0 Billion By 2024: By Grand View Research, Inc.
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.
Europe Molecular Diagnostics
Market, by application, 2013 - 2024 (USD Million)
Browse full research report on Europe Molecular Diagnostics Market: http://www.grandviewresearch.com/industry-analysis/europe-molecular-diagnostics-market
Further key findings from
the report 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
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/europe-molecular-diagnostics-market-analysis
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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