Despite the fuming losses and vulnerabilities caused on account of the pandemic, the molecular diagnostics market experienced a monumental outreach. It enables diagnosing illnesses accurately, which in turn helps in aiding the patients quickly.
FREMONT, CA: The outbreak of the COVID-19 pandemic had a beneficial effect on the European molecular diagnostics market as its sole function is the testing of biological samples. Via testing, it aids in diagnosing chronic illnesses, including COVID-19. Several molecular diagnostics technologies like next-generation sequencing, PCR, microarrays, etc., are adopted as testing techniques to diagnose the severe acute respiratory syndrome, generally known as Coronavirus 2 (SARS-CoV-2). The launch of the iAMP COVID-19 test in 2021 intends for the qualitative detection of nucleic acid from Sars-CoV2 in nylon nasopharyngeal or oropharyngeal swabs. It is an isothermal analytic procedure rooted in new proprietary technologies.
The increase in various bacterial and viral epidemics along with increasing demand for point-of-care diagnostics and advancements in pharmacogenomics has enhanced the market growth. As per healthcare surveillance data in Europe-2022, the severity of HIV continues to interrupt people’s well-being in the WHO European region. Decade after decade, the infected count keeps on rising. In 2020, 104,765 people were diagnosed with HIV. Another worsening scenario is the development of heart and circulatory diseases, causing an increased death rate of nearly 160,000 each year in the United Kingdom, while around 7.6 million people are getting accustomed to a lifestyle bearing these chronic illnesses. This burden will likely increase the adoption of molecular diagnostics.
Market revenue is increasing as a result of the regional market participants' focus on product and technological development. The infectious disease segment is expected to hold one of the largest market shares during the forecast period, driven by the spread of infectious diseases across Europe.
For instance, Sexually Transmitted Infections (STIs) are of major public health concern in the UK as reports in 2020 revealed a high rate of STI diagnoses, accounting for up to 317,901. The most commonly diagnosed STIs include chlamydia (over 51 per cent of STIs), first-episode genital warts ( nine per cent), gonorrhoea (18 per cent) and genital herpes (six per cent). As this infectious disease prevails, the market growth of molecular diagnostics expands accordingly. Regional market positions are furthermore expanded with the adoption of various strategies like mergers and acquisitions, while new test methods are also developed simultaneously for diagnostic purposes, inducing market share.
The presence of several global participants in the market has made the European molecular diagnostics market competitive as most participants have located their headquarters in European countries, favouring easy access to the tests throughout Europe. Thus, the European molecular diagnostics market is expected to undergo a rapid increase in the upcoming years, with an estimation of attaining 10,747.66 million USD by 2027.