The market for molecular diagnostic in Europe is likely to exhibit an 11.6% CAGR between 2015 and 2023. It is likely to rise to U$22.3 mn by the end of 2023 from a valuation of US$8.3 mn in 2014.
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Which factors are likely to trigger the adoption of molecular diagnostic in Europe?
The market for molecular diagnostic is likely to grow at an exponential rate in Europe, especially the group A streptococcus (GAS) nucleic acid tests. This growth can be attributed to the rising occurrence of Streptococcus pyogenes infection in Europe, growing demand for point-of-care testing, and technological advancements. The incidence of GAS invasive diseases is increasing at an extensive rate in many countries in Europe. Advancements in the technologies of nucleic acid testing and their acceptance rate in Europe is expected to trigger the growth of the market. Current advancements being made in nucleic acid testing has shifted the focus to point-of-care testing from laboratory.
What are the factors inhibiting the growth of the market?
The growth of the market for molecular diagnostics is likely to be restrained owing to factors such as slow rate of adoption and ineffectiveness, the dearth of efficient facilities, and challenges related to regulation. As people are unaware of the benefits of molecular diagnostics and are thus hesitant in its adoption. Moreover, the lack of proper infrastructure and facilities for its commencement is also a major inhibiting factor for the market.
Which regions in Europe should the manufacturers look up to?
The molecular diagnostic market in Europe has been segmented into Eastern Europe, Western Europe, Southern Europe, Northern Europe, and Rest of Europe. Western Europe accounted for the leading share in the market in Europe in 2014 in terms of GAS nucleic acid tests closely trailed by Northern Europe. The market in Northern Europe is likely to grow at a strong rate during the forecast period owing to high adoption of these tests in the region.