Europe Molecular Diagnostics Market is expected to boost market growth rate throughout the forecast period

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.

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Further key findings from the study 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

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