Molecular Diagnostics Market - Positive long-term growth outlook 2023
The molecular diagnostic tests uses a number of technologies such as polymerase chain reaction, hybridization (ISH AND FISH), mass spectrometry, transcription mediated amplification (TMA), next generation sequencing, biochips and microfluidics, others which includes nanotechnology and proteomics. The polymerase chain reaction dominated the market in Europe accounting for the share of 40.1% in 2014 as the technique is cost-effective way for copying or amplification of small segments of DNA or RNA. However, next generation sequencing segment is expected to register the fastest growth during the forecast period due to its high throughput, speed, flexibility which has ability to generate hundreds of gigabases of data in a single sequencing run.
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Molecular diagnostic tests are used in various medical areas including oncology, infectious disease testing, genomics, blood screening, women's health, microbiology, and prenatal and newborn screening. Infectious disease testing held the largest market share of 30.6% in 2014 owing to increasing incidence of a number of chronic infectious diseases including tuberculosis, hepatitis, HIV and others in Europe. The oncology segment is projected to grow at the fastest CAGR within the application segment. The major factors driving the oncology segment are highly sensitive and specific cancer diagnostic protocol through molecular diagnostic tests. Furthermore, continuous rise in the incidence of cancer rate is also expected to boost the growth of oncology segment in Europe during the forecast period from 2015 to 2023.
The Europe molecular diagnostics market has been segmented into five major regions, namely, Northern Europe, Eastern Europe, Western Europe, Southern Europe, and Rest of Europe, which are further categorized into various countries under each region. Western Europe dominated the Europe molecular diagnostic market in 2014 with a share of 47.1% due to factors such as rising prevalence of infectious disorders, and increasing number of government initiatives. In addition, growing preference of the population to opt for affordable molecular diagnostic tests is another factor supporting the market growth in this region. Eastern Europe is projected to be the most lucrative market for Europe molecular diagnostic market and is expected to expand at the highest growth rate from 2015 to 2023. Factors propelling the growth of the Europe molecular diagnostic market are rising disposable income among population, and rising health care awareness among the people pertaining to molecular diagnostic tests.
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F. Hoffmann-La Roche Ltd. dominated the Europe molecular diagnostic market in 2014. Major factors attributed to its dominance are broad product portfolio and widespread market presence. Abbott Laboratories secured the second market position offering a wide range of molecular diagnostic tests. Other players in the Europe molecular diagnostic market include QIAGEN N.V., Hologic, Inc., Cepheid, Inc., Siemens AG, Alere. Inc., BioMerieux, Bio-Rad Laboratories, PerkinElmer, Inc., Thermo Fisher Scientific, Inc., and others.
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