European Molecular Diagnostic Market is Anticipated to Reach a Value of US$ 22.3 mn by 2023
The global Europe molecular diagnostic market for group A streptococcus (GAS) nucleic acid (NA) test products market is projected to show significant growth during the forecast period from 2015 to 2023, as per the analysis done by Transparency Market Research (TMR). Europe has been facing number of incidences related to streptococcus pyogenes infection that has increased the demand for molecular diagnostic test. Thus, to provide effective measures with advanced technology have certainly grown the market in Europe. F. Hoffmann-La Roche Ltd. dominate the market, also there are other players contributing in the molecular diagnostic market for group A streptococcus (GAS) nucleic acid (NA) tests in Europe such as Nanosphere, Inc., Alere, Inc., Hologic, Inc., and Meridian Bioscience Inc.
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According to TMR, the Molecular Diagnostic Market for Group A Streptococcus (GAS) Nucleic Acid (NA) Test Products Market in Europe is projected to expand at a CAGR of 11.6% and its valuation is estimated to reach US$ 22.3 mn by the end of forecast period in 2023. As per the technique used, polymerase chain reaction segment use to hold the largest share in the molecular diagnostic market until 2014. However, with increased technological advancements such as amplification technology used in isothermal nucleic acid will accelerate during the forecast period for it rapid identification and accuracy. Moreover, regional assessments states that Western Europe leads the market by controlling 48.9% of the market share. Northern Europe is also expected to show growth during the forecast period.
Increasing Incidence Related to Streptococcus Pyogenes Infection to Boost the Market
In Europe, the frequency of group A streptococcal disease (GAS) per years has approximately reached to 2.45 per lakh population in developed regions. The steady growth of this disease is evidently seen mainly the developed countries. Adoption of advanced technology in nucleic acid testing and its mass acceptance will certainly result in increasing the demand for molecular diagnostic market during the forecast period in Europe. Additionally, technology for nucleic acid testing has shifted from laboratory testing to point of care testing that has also increased the usage of molecular diagnostic testing among the huge population. Furthermore, amplification technique used in nucleic acid testing picks miniscule amount of RNA or DNA and the replicate them a couple of times that helps in detecting even a tiny trace of an organism in a specimen, which further avoid the need for culture.
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Strict Regulatory Policies May Restrain the Market
Despite the drivers boosting the demand for molecular diagnostic market for group A streptococcus (GAS) nucleic acid (NA) test products market in Europe, there are certain restraining factors which may restrict the market to grow at its full potential. In certain places, there is slow adoption of theses testing technology. Moreover, lack of facilities and ineffectiveness while providing molecular diagnostic testing may obstruct the market and can hinder its growth. To a certain extent, regulatory factors are also hampering the market to grow effectively. However, upcoming technologies are expected to generate more opportunities for the nucleic acid tests market that will help in increasing the demand for molecular diagnostic market for group A streptococcus (GAS) nucleic acid (NA) test products market.
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