Market Trends of Europe Molecular Diagnostics Industry
The Infectious Disease Segment is Expected to Witness High Growth During the Forecast Period
The infectious disease segment is anticipated to hold significant market shares during the forecast period. This segment is driven by the increased number of medicines developed and the European region's massive burden of infectious diseases. For instance, sexually transmitted infections (STIs) represent a significant public health problem in the United Kingdom.
According to LabMedica International, in December 2023, researchers developed a new artificial intelligence (AI)- an assisted molecular diagnostic platform that can identify infectious diseases. This cost-effective, portable device could be instrumental in curbing future pandemics due to its high accuracy and adaptability. Therefore, a rise in innovations in diagnostics of infectious diseases is expected to fuel market growth during the forecast period.
Moreover, key players in the region are expanding their regional market position by adopting various strategies, such as mergers and acquisitions, while others are developing new test methods for diagnosis and introducing new products to retain their market share. In September 2023, Professor Johnjoe McFadden's research team developed a new molecular test called "Electro-chemical LAMP" (eLAMP). This test is affordable, rapid, sensitive, and can be performed at home, in a GP surgery, or a hospital lab. eLAMP is sensitive to lab-based polymerase chain reaction (PCR) tests but can be performed at home when connected to a smartphone.
Therefore, the factors mentioned above are expected to drive segmental growth in the market during the forecast period.
Germany is Expected to Dominate the European Molecular Diagnostics Market
Germany has a strong base of global companies working on developing molecular diagnostics due to the increasing prevalence of chronic diseases and the rising geriatric population in the country, which is more prone to several chronic diseases. This is expected to drive market growth. The increasing incidence of chronic conditions, such as cancer in Germany, is expected to contribute to the development of the market. According to the Annals of Oncology report of 2023, about 1,261,990 cancer deaths were registered for 2023 in Europe. Breast and colorectum cancer were more prevalent in females, while in males, prostate and lung cancer were more prevalent in the country. The increasing prevalence of cancer conditions among the German population led to the rise in demand for molecular diagnostics, thereby contributing to the overall market growth during the forecast period.
The country's development will drive market growth during the forecast period. For instance, in January 2024, ELITechGroup launched CE-IVDR certified GI Bacterial PLUS ELITe MGB Kit, a robust addition to its diagnostic portfolio in Germany.
Thus, owing to the above factors, the market in Germany is expected to project growth during the forecast period.
