DUBLIN, Dec. 30, 2021 /PRNewswire/ -- The "Europe Molecular Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

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The European molecular diagnostics market was valued at USD 3,435 million in 2020, and it is expected to reach USD 7,790 million in 2026, registering a CAGR of 8.57% during the forecast period.

The COVID-19 outbreak is expected to positively impact the European molecular diagnostics market, as it involves the testing of various biological samples.

This is expected to aid the diagnosis of infectious diseases, such as COVID-19, as testing remains a crucial step in controlling the COVID-19 pandemic. Molecule diagnostics technology, such as next-generation sequencing, PCR, microarrays, etc., is increasingly adopted in the region for testing for severe acute respiratory syndrome-coronavirus 2 (SARS-CoV-2).

Factors, such as the increasing burden of various bacterial and viral epidemics in this region, coupled with increasing demand for point-of-care diagnostics and recent advancements in pharmacogenomics, are expected to propel market growth over the forecast period.

As per the report published in 2019, HIV outcomes: Beyond Viral Suppression, around 86,000 people in Germany were living with HIV, whereas around 20% of the diseased population were living in Berlin.

Additionally, according to the estimates of the British Heart Foundation, in 2018, around 7 million people were living with heart and circulatory diseases in the United Kingdom, and healthcare costs relating to the heart and circulatory diseases were estimated at GBP 9 billion each year.

Thus, the heavy burden of chronic disease is anticipated to increase the adoption of molecular diagnostics in the region.

Key Market Trends

The Infectious Disease Segment is Expected to Hold the Major Market Share

The infectious disease segment is anticipated to hold one of the major market shares over the forecast period. The segment is driven by the huge burden of infectious disease in the European region. For instance, sexually transmitted infections (STIs) represent an important public health problem in the United Kingdom.

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According to the Health Protection Report 2019, 447,694 new STI diagnoses were made at sexual health services (SHSs) in England. Among these, the most commonly diagnosed STIs were chlamydia (218,095; 49% of all new STI diagnoses), first episode genital warts (57,318; 13%), gonorrhoea (56,259; 13%), and genital herpes (33,867; 8%). Therefore, a rise in the prevalence of such infectious disorders is expected to fuel the market growth during the forecast period.

Moreover, 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 the diagnosis and introducing new products to retain their market share.

For instance, in May 2021, Swiss pharmaceutical giant, Roche, entered into a definitive merger agreement with GenMark Diagnostics, under which Roche may acquire GenMark's molecular tests designed to screen patient samples for multiple infections simultaneously. Hence, considering all the factors mentioned above, the market is expected to witness growth over the forecast period.

Competitive Landscape

The European molecular diagnostics market is competitive due to the presence of almost all global players in the molecular diagnostics market. Many of these global players have their headquarters in European countries, which increases the accessibility of molecular diagnostics tests throughout Europe.

Abbott Laboratories, F Hoffmann-la Roche Ltd, Hologic Corporation, Danaher Corporation, and Agilent Technologies are some of the key players present in the European molecular diagnostics market. Many of the key players also have their R&D centers in Europe, which makes the availability of various products easier in the region.

Companies Mentioned

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European Molecular Diagnostics Market 2021-2026: Infectious Disease Segment is Expected to Hold the Major Market Share - Yahoo Finance