Albany, NY -- (SBWIRE) -- 12/21/2018 -- The market for molecular diagnostics in Europe is slated to see competition increase in the near future as companies focus on research and development to come up with better products. With product differentiations and customizations they are attempting to increase their sales and revenues. To that end they are partnering or collaborating with research institute. Dominant players are also focusing on mergers and acquisitions to increase their market share.
Some of the key players in Europe molecular diagnostics market are Agilent Technologies, Inc., Becton, Dickinson and Company, Tecan Group Ltd., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., QIAGEN N.V., Danaher Corporation, Eppendorf AG, PerkinElmer, Inc., and Thermo Fisher Scientific, Inc. Of them, Bio-Rad Laboratories and Thermo Fishcer Scientific accounted for almost half the share in the market in 2016.
As per a report by Transparency Market Research, the Europe molecular diagnostics market will likely rise at a steady CAGR of 6.6% during the period between 2017 and 2025. At this rate, the market will become worth US$769.0 mn by 2025-end from US$395.7 mn in 2016.
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The different types of product in the market for molecular diagnostics in Europe are real-time PCR systems, liquid handling systems, and DNA extraction systems. Of them, the real-time PCR systems accounts for maximum market share and going forward too will likely dominate the market owing to a range of advantages over conventional PCR systems.
From a geographical standpoint, the key segments of the of the Europe molecular diagnostics market are France, the U.K., Germany, Spain, and Italy. Germany, among them, leads vis-à-vis revenue and in the near future too will retain its leading position in this aspect. This is mainly on account on the increased investment of the government in the domain of healthcare, the thrust on bolstering the biotechnology sector, and the growing number of biotechnology companies in the country.
Increasing Investments in Healthcare by Governments Driving Europe Market
The market for molecular diagnostics in Europe has seen steady progress so far on the back of an ever-increasing healthcare expenditure. Besides, rising awareness about different chronic diseases and disorders, abundant availability of diagnostic centers, and increasing affordability of diagnostics are also serving to catalyze growth in the market. Rising support from the government and growing investments in research and development of advanced diagnostics are also positively influencing the market.
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Automated Products Expected to Boost Demand in Near Future
A noticeable trend in the Europe market for molecular diagnostics is the move toward automation. In fact, quite a few automated products, particularly in the area of automated liquid handling systems has been launched and are predicted to boost sales in the market in the upcoming years.
Currently, the pharmaceutical and biotechnology companies are resulting in maximum demand in the market because of substantial amounts being poured into research that has generated the need for molecular diagnostic devices.
Shortage of Skilled Personnel Hampering Market Growth
Posing a hindrance to the molecular diagnostics market in Europe is the shortage of skilled labor, which makes it tough for companies to control costs. Further, the constant thrust on new and improved technologies is also predicted to thwart market growth. Take, for example, the surging popularity of next generation sequencing (NGS) which is snipping away the market share of real-time PCR systems. However, the demand for non-contact dispensing technologies stoking sales of liquid dispensing systems, will likely help the market overcome the challenge.
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