Projected Surge: Europe's Molecular Diagnostics Market Set to Reach $13.25 Billion by 2030

[Redding, California , 19-02-2024] - Meticulous Research®, a premier market research company, has unveiled its latest research 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'.

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According to the findings of this comprehensive report, the Europe molecular diagnostics market is poised to soar to a valuation of $13.25 billion by 2030, registering a robust CAGR of 4.0% from 2023 to 2030. This growth trajectory is attributed to a myriad of factors including technological innovations in molecular diagnostics, the burgeoning utilization of PoC diagnostic tests, escalated R&D investments in diagnostic product development, the aging demographic, and the escalating incidence of target diseases. Nonetheless, challenges such as an unfavorable regulatory landscape and the cost associated with molecular diagnostic tests pose notable hurdles to market expansion. On the flip side, advancements in companion diagnostics present promising opportunities for industry stakeholders, although the dearth of skilled professionals remains a persistent challenge.

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Leading players in the Europe molecular diagnostics market landscape include 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.), and Illumina, Inc. (U.S.).

The Europe molecular diagnostics market is meticulously segmented based on Product & Service (Kits & Reagents, Instruments, Software & Services), Test Type (Laboratory Tests, Point-of-Care Tests), Technology (Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Isothermal Nucleic Acid Amplification Technology (INAAT), Microarrays, Mass Spectrometry, Sequencing, Other Technologies), Application (Infectious Diseases, Oncology, Genetic Testing, Neurological Diseases, Cardiovascular Diseases, Other Applications), End User (Hospitals & Clinics, Diagnostic Laboratories, Academic & Research Institutes, Other End Users), and Geography. Furthermore, the report evaluates industry competitors and delves into country-level market dynamics.

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Key highlights from the report indicate that the kits & reagents segment is expected to dominate the market in 2023, fueled by recurrent usage in disease detection, product approvals, and technological advancements. Similarly, laboratory tests are anticipated to hold the largest market share owing to their widespread acceptance, superior accuracy, and lower costs compared to PoC tests. In terms of technology, PCR is poised to maintain its dominance due to its specificity, sensitivity, and technological advancements. Infectious diseases are anticipated to command the largest market share among applications, primarily driven by the imperative need for early diagnosis and containment of infectious outbreaks.

The research report provides in-depth analyses of major European geographies including Germany, France, the U.K., Switzerland, Ireland, Belgium, Italy, Spain, and the Rest of Europe. Germany is forecasted to lead the Europe molecular diagnostics market in 2023, propelled by factors such as rising chronic disease prevalence, an aging population, government initiatives to enhance healthcare quality, research endeavors, and a surge in hospital-acquired infections.

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This release was published on openPR.