The Europe molecular diagnostics market size is expected to reach USD 7.4 billion by 2030 registering a CAGR of 2.7%, 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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The reagents segment dominated the market in 2022 with a revenue share of more than 60% and is expected to grow at a significant CAGR over the forecast period.
The PCR segment accounted for the largest revenue share of over 75% in 2022, attributable largely to the increasing application of molecular diagnostics in the field of pharmacogenomics and the growing usage of multiplex PCR technologies.
The in situ hybridization (ISH) and sequencing segments are expected to grow at the fastest CAGR of 11.3% over the forecast period. ISH is a highly sensitive and specific technique that can be used to detect cancer at an early stage when it is most treatable.
The UK held a significant market revenue share in 2022 due to well-developed healthcare infrastructure, surging disposable income, and rising awareness levels among individuals for the early diagnosis of life-threatening diseases, including cancer and HIV.
Grand View Research has segmented the Europe molecular diagnostics market on the basis of product, technology, and country:
Europe Molecular Diagnostics Product Outlook (Revenue, USD Million, 2018 - 2030)
Europe Molecular Diagnostics Technology Outlook (Revenue, USD Million, 2018 - 2030)
Polymerase Chain Reaction (PCR)
In Situ Hybridization
Isothermal Nucleic Acid Amplification Technology (INAAT)
Chips & Microarrays
Transcription-mediated Amplification (TMA)
Europe Molecular Diagnostics Country Outlook (Revenue, USD Million, 2018 - 2030)
List Of Key Players in the Europe Molecular Diagnostics Market
Bio-Rad Laboratories, Inc.
Siemens Healthcare GmbH
Hologic, Inc. (Gen probe)
Johnson and Johnson
Becton, Dickinson and Company
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