Meticulous Research®, a renowned market research firm, recently released an in-depth report titled, “Europe Molecular Diagnostics Market by Product (Reagents & Kits, Systems, Software), Test Type (Lab, PoC), Technology (PCR, INAAT, Sequencing, Microarray), Application (Infectious Diseases, Oncology), End User (Hospital, Diagnostic Lab) - Forecast to 2030.” According to this report, the Europe molecular diagnostics market is expected to grow significantly, reaching $13.25 billion by 2030, with a compound annual growth rate (CAGR) of 4% between 2024 and 2030.
Download Sample Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5710
The molecular diagnostics market is witnessing considerable growth, primarily driven by technological advancements, an increasing demand for point-of-care (PoC) diagnostic tests, rising research and development (R&D) funding for diagnostic products, a growing geriatric population, and the rising prevalence of target diseases. However, the market faces challenges such as an unfavorable regulatory framework and the high cost of molecular diagnostic tests, which are expected to hinder its growth to some extent. On the other hand, the growing developments in companion diagnostics present significant opportunities for market players. Despite these opportunities, the lack of skilled professionals continues to be a major challenge in the molecular diagnostics sector.
Key Market Players
Several key players are actively shaping the Europe molecular diagnostics market, including:
- F. Hoffmann-La Roche Ltd (Switzerland)
- Hologic, Inc. (U.S.)
- QIAGEN N.V. (Netherlands)
- Danaher Corporation (U.S.)
- bioMérieux S.A. (France)
- Becton, Dickinson and Company (BD) (U.S.)
- Siemens Healthineers AG (Germany)
- DiaSorin S.p.A. (Italy)
- Abbott Laboratories (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Agilent Technologies, Inc. (U.S.)
- Illumina, Inc. (U.S.)
These companies play a critical role in the market by focusing on product innovation, strategic partnerships, mergers, and acquisitions to maintain their competitive edge.
Market Segmentation
The Europe molecular diagnostics market is segmented based on products and services, test types, technology, application, end users, and geography. Below is a detailed look at each segment:
1. Products and Services
The products and services segment is further categorized into kits & reagents, instruments, and software & services. Among these, the kits & reagents segment is expected to dominate the market in 2024. This can be attributed to the widespread use of assays and kits in diagnosing various diseases through molecular diagnostics, technological advancements, and an increasing number of product approvals.
2. Test Type
The molecular diagnostics market is segmented into laboratory tests and point-of-care (PoC) tests. Laboratory tests are projected to hold the largest market share in 2024. Laboratory-based molecular diagnostics are widely accepted, particularly in hospitals and diagnostic centers. Laboratory testing offers several advantages, such as higher accuracy, reliability, sensitivity, and specificity compared to point-of-care tests. Moreover, lab tests tend to be more cost-effective than PoC tests. These factors contribute to the dominance of laboratory tests in the Europe molecular diagnostics market.
3. Technology
In terms of technology, the market is segmented into:
- Polymerase Chain Reaction (PCR)
- In Situ Hybridization (ISH)
- Isothermal Nucleic Acid Amplification Technology (INAAT)
- Microarrays
- Mass Spectrometry
- Sequencing
- Other Technologies
Among these, PCR technology is expected to account for the largest market share in 2024. PCR is widely recognized for its specificity and sensitivity, which are essential in various diagnostic applications. The surge in demand for PCR kits during the COVID-19 pandemic further boosted this technology’s growth. For example, in August 2022, F. Hoffmann-La Roche Ltd launched the Digital LightCycler System, a digital PCR system that can precisely quantify small amounts of DNA and RNA, which would otherwise be undetectable by conventional PCR.
4. Application
Molecular diagnostics is used in a variety of applications, including:
- Infectious Diseases
- COVID-19
- Hepatitis
- HIV
- Healthcare-associated infections (HAIs)
- Chlamydia trachomatis/Neisseria gonorrhoeae (CT/NG)
- Human papillomavirus (HPV)
- Tuberculosis
- Influenza
- Other Infectious Diseases
- Oncology
- Breast Cancer
- Colorectal Cancer
- Lung Cancer
- Prostate Cancer
- Lymphoma
- Leukemia
- Cervical Cancer
- Other Cancer Types
- Genetic Testing
- Neurological Diseases
- Cardiovascular Diseases
- Other Applications
Among these, infectious diseases are expected to hold the largest share of the market in 2024. Infectious diseases, which are highly transmissible and can result in epidemics, require early diagnosis and containment. The growing incidence of infectious diseases, increased investments in infectious disease diagnostics, and the sudden onset of pandemics like COVID-19 are some factors driving the demand for molecular diagnostics in this area.
5. End Users
The end-user segment includes hospitals & clinics, diagnostic laboratories, academic & research institutes, and other end users. Hospitals & clinics are expected to dominate the market in 2024, driven by an increase in hospitalizations, the high prevalence of healthcare-associated infections (HAIs), and the growth in the number of hospitals and clinics across Europe. The COVID-19 pandemic also played a significant role in increasing the demand for molecular diagnostic kits in hospitals and clinics to manage and treat COVID-19 cases.
Geographical Review
The Europe molecular diagnostics market is further analyzed based on key regions, including:
- Germany
- France
- The U.K.
- Switzerland
- Ireland
- Belgium
- Italy
- Spain
- Rest of Europe
In 2024, Germany is expected to account for the largest share of the Europe molecular diagnostics market. This growth can be attributed to factors such as the rising incidence of chronic diseases, an aging population, the German government's focus on improving healthcare quality, extensive research and development initiatives, and a large number of hospital-acquired infections. Germany’s strong healthcare infrastructure and government initiatives to improve diagnostic technologies contribute to its dominance in the market.
Market Opportunities and Challenges
While the Europe molecular diagnostics market offers several growth opportunities, there are also challenges that need to be addressed.
Opportunities
One of the key opportunities lies in the development of companion diagnostics. Companion diagnostics allow healthcare professionals to select the most effective treatments for patients based on their genetic makeup. This growing field offers significant potential for market players to develop innovative products that can improve patient outcomes.
Another opportunity stems from the increasing use of molecular diagnostics in point-of-care testing. PoC tests provide immediate results and can be conducted outside traditional laboratory settings, such as in clinics or homes. The rising demand for these convenient and rapid diagnostic tests presents a substantial growth opportunity for companies in this market.
Challenges
Despite the numerous opportunities, the market also faces several challenges. One of the most significant obstacles is the lack of skilled professionals in the molecular diagnostics field. Molecular diagnostics require highly trained personnel to conduct tests and interpret results accurately. The shortage of skilled workers could hinder the growth of the market, especially as the demand for molecular diagnostics increases.
Another challenge is the high cost of molecular diagnostic tests. Although these tests offer high accuracy and reliability, their high cost can be a barrier for widespread adoption, particularly in low- and middle-income countries.
Quick Buy – Europe Molecular Diagnostics Market –Opportunity Analysis and Industry Forecast (2024-2030), Research Report: https://www.meticulousresearch.com/Checkout/86927555
Conclusion
In conclusion, the Europe molecular diagnostics market is poised for steady growth in the coming years, driven by technological advancements, increasing R&D investments, the rising prevalence of infectious diseases, and a growing geriatric population. While challenges such as high costs and a shortage of skilled professionals may impede growth, the market offers significant opportunities in areas like companion diagnostics and point-of-care testing. With the continued focus on innovation and healthcare improvements, the molecular diagnostics market in Europe is expected to expand considerably by 2030.
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
