Molecular Diagnostic Market is Projected to Soar at a Value CAGR of 11.6% from 2015 to 2023

According to a new market report published by Transparency Market Research “Molecular Diagnostic Market for Group A Streptococcus (GAS) Nucleic Acid (NA) Test Products Market – Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 – 2023”, the Europe molecular diagnostic market for group A streptococcus (GAS) nucleic acid (NA) test products market was valued at US$ 8.3 Mn in 2014 and is projected to expand at a CAGR of 11.6% from 2015 to 2023 to reach US$ 22.3 Mn in 2023.

Rapid and accurate diagnosis is a key factor for effective disease treatment. Increasing incidence of Streptococcus pyogenesinfection in Europe, advancement of technology, and rising demand for point-of-care testing act as a high impact drivers of the market. Advancements in techniques such as isothermal nucleic acid amplification tests is likely to propel the market during the forecast period. The molecular diagnostic market for group A streptococcus (GAS) nucleic acid (NA) test in Europe has been segmented based on type of test technique, end-user, and region.

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A study conducted by the American Society for Microbiology concluded that incidence rate of Streptococcus pyogenes is high in countries in Northern Europe. The incidence of the disease has increased at a steady rate in most of these countries of the market. The automated detection system offers a faster, more flexible, and cost-effective solution to clinicians. Advancement of technology is bringing testing services to point-of-care. Due to its high sensitivity and accuracy the tests are backs up all negative rapid antigen assays. The Advancements in nucleic acid testing technologies and their adoption in Europe would result in high growth adoption of the technology will primarily occur in the developed countries. Ineffectiveness and slow adoption are the major restraints of the market.

The polymerase chain reaction segment held the largest share of the market in 2014, followed by the non-amplified tests segment. PCR is a traditional technology used for nucleic acid tests. However, the new, efficient, and user-friendly methods, such as isothermal nucleic acid amplification and non-amplified tests, are likely to capture higher market share in the near future.

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Isothermal nucleic acid amplification technology has been identified as the fastest growing segment during the forecast period due to its accuracy and rapid identification. Nucleic acid amplification techniques take tiny amounts of DNA or RNA, replicate them many times, and thus can detect minute traces of an organism in a specimen, avoiding the need for culture. Non-amplified technology using hybridization probe would capture a decent share in the market during the forecast period.

The hospitals end-user segment accounted for over 58.2% share of the nucleic acid (NA) test products market in Europe in terms of revenue in 2014, followed by the public health laboratories segment. Moreover, the segment is expected to gain market share and emerge as the fastest growing segment during the forecast period.

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Western Europe was the largest market for nucleic acid (NA) test products in 2014, accounting for around 48.9% share. Western Europe dominated the market due to highly developed health care infrastructure and favorable reimbursement scenario. On the other hand, Northern Europe is expected to gain high market share during the forecast period owing to increase in incidence of Streptococcus pyogenes infection and high adoption rate.

Alere, Inc., F. Hoffmann-La Roche Ltd., Hologic, Inc., Meridian Bioscience, Inc., Nanosphere, Inc., and Quidel Corporation are the major players operating in European Molecular Diagnostic Market for Group A Streptococcus (GAS) Nucleic Acid (NA) Test Products market.

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This release was published on openPR.