The presence of a large number of vendors has rendered the competitive landscape of the Europe market for molecular diagnostics largely fragmented, observes a recent report by Transparency Market Research. The market is, however, dominated by few leading vendors such as F. Hoffmann-La Roche, Abbott Laboratories, QIAGEN N.V., Hologic, Inc., and Cepheid, Inc. Collectively, these companies accounted for a nearly 63% of the overall market in 2014. In the highly bullish market, companies compete on the basis of criteria such as product cost and accuracy of diagnostic kits associated with various test kits.
The number of mergers and acquisitions have increased in the past few years as companies attempt to exploit the vast growth opportunities in the market. Recent instances of acquisitions in the market would be the acquisition of GeneWEAVE BioSciences, Inc. and Ariosa Diagnostics, Inc. by Roche Diagnostics in 2015 and 2014, respectively. The market is expected to remain highly competitive in the next few years as companies strive to strengthen their footholds by developing technologically advanced tests and innovative products.
Transparency Market Research estimates that the Europe molecular diagnostics market will exhibit a promising 11.4% CAGR over the period between 2015 and 2023, rising from a valuation of US$1.6 bn in 2014 to US$4.2 bn by 2023.
Western Europe Accounts for Leading Share
From a geographical standpoint, the Europe molecular diagnostics market has been segmented into Eastern Europe, Northern Europe, Western Europe, and South Europe. Of these, the market in Western Europe led the overall Europe molecular diagnostics market in 2014, accounting for a staggering 47%. This dominance is attributed to the region’s high population density and the rising prevalence of chronic infectious diseases. Over the report’s forecast period, the market for molecular diagnostics in Eastern Europe is expected to exhibit the leading, a 12.1% CAGR. Factors expected to support the Eastern Europe molecular diagnostic market’s growth are the high number of government-initiated awareness programs and rising healthcare expenditures.
In terms of application, the Europe market for molecular diagnostics benefits the most from infectious disease testing. This segment of the molecular diagnostics market in Europe held a valuation of US$484.5 mn in 2014 and is expected to expand at a promising 11.4% CAGR over the report’s forecast period.
Rising Prevalence of Chronic and Infectious Diseases Key Growth Factors
The leading factors driving the Europe market for molecular diagnostics include the vast rise in prevalence of chronic and infectious diseases in the region in the past few years. According to estimates by the WHO, nearly 3 mn new cancer cases were diagnosed in Europe in 2011, accounting for nearly 20% of the total deaths in the same year. As the gravity of disease and its rate of prevalence continues to worsen, government bodies are actively working towards the goal of increasing awareness regarding the need for timely diagnosis. This factor has led to a significant rise in the sales of a variety of molecular diagnostic kits in the region and is expected to continue to drive the market in the near future as well.
Disparities in Reimbursement Policies to Restrain Market Growth
As molecular diagnostics tests are an integral part of medical care, medical diagnostic kits are reimbursed by several private sector and federal healthcare insurers in Europe. However, the rates of reimbursement are not specific in the industry and significantly differ with different payers. Along with this factor, the stringent screening and evaluation procedures that medical test kits, similar to all other healthcare products, undergo to gain approval from the European Commission challenges the overall growth prospects of the Europe molecular diagnostics market.
The study presented here is based on a recent market research report by Transparency Market Research, titled “Molecular Diagnostics Market (By Technology: Polymerase Chain Reaction, Hybridization (ISH and FISH), Mass Spectrometry, Transcription Mediated Amplification (TMA), Next Generation Sequencing, Biochips and Microfluidics, and Others (Nanotechnology and Proteomic); By Application: Oncology, Infectious Disease Testing, Genomics, Blood Screening, Women's Health, Microbiology, and Prenatal and Newborn Screening) - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023.”
For the study, the market has been segmented as follows:
Europe Molecular Diagnostics Market, by Technology
- Polymerase Chain Reaction
- Hybridization (ISH and FISH)
- Mass Spectrometry
- Transcription Mediated Amplification (TMA)
- Next Generation Sequencing
- Biochips and Microfluidics
- Others (Nanotechnology and Proteomic)
Europe Molecular Diagnostics Market, by Application
- Infectious Disease Testing
- Blood Screening
- Women's Health
- Prenatal and Newborn Screening
Europe Molecular Diagnostics Drugs Market, by Major Region and Countries
- Northern Europe
- United Kingdom
- Rest of Northern Europe (Denmark, Finland)
- Eastern Europe
- Czech Republic
- Rest of Eastern Europe (Hungary, Romania)
- Western Europe
- Rest of Western Europe (Netherlands, Belgium)
- Southern Europe
- Rest of Southern Europe (Greece, Switzerland)
- Rest of Europe
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