Assays and Kits Segment has the Largest Share of Product & Services in the Europe Point-of-Care Molecular Diagnostics Market during 2021–2028

According to our latest study on “Europe Point-of-Care Molecular Diagnostics Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product & Services, Technology, Application, and End User,” the market is projected to reach US$ 1,524.4 million by 2028 from US$ 653.5 million in 2021; it is expected to grow at a CAGR of 12.9% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the rising incidences of infectious diseases and growing demand for specific viral detection methods that consume less time for timely infection control. However, pricing pressures owing to reimbursement cuts is likely to hamper market growth.

In Europe, currently, the UK and Russia are the hardest-hit countries by the COVID-19 pandemic, followed by France, Spain, Italy, and Germany. The implementation of drastic measures and travel restrictions, including closing the borders, impacted the import and export of products, especially in the first half of 2020. The continuous spread of the disease has led to an elevated demand for advanced diagnostic solutions in Europe, thus boosting the adoption of point-of-care molecular diagnostic kits. Moreover, uninterrupted investments and business activities by industry players are also boosting the point-of-care molecular diagnostic market growth. In 2020, European Medicines Agency (EMA) approved ~97 medicines for the marketing authorization, of which 39 were novel drugs. In October 2020, Eurofins introduced PCR-based COVID-19 diagnostic tests with at-home, self-sampling options, in the for European market. In January 2020, European Union (EU) commission announced an emergency call, through which it awarded US$ 55.64 million to 18 research projects. Among these, 3 of the projects are receiving a total of US$ 7.39 million to develop effective, rapid point-of-care diagnostics.

Based on product & services, the Europe Point-of-Care Molecular Diagnostics market is bifurcated into assays and kits, instruments, and services and software. In 2020, the assays and kits segment are estimated to account for the largest market share in the Europe point-of-care molecular diagnostics market. POC molecular diagnostic assays and kits are specially designed for point of care such as hospital critical care units, physician offices, outpatient clinics, and community health posts. POC molecular diagnostics assays and kits enable the early diagnosis of infectious diseases, cancer, and women’s health and sexual health conditions among others.

bioMérieux SA, F. Hoffmann-La Roche Ltd., Danaher Corporation, Enzo Biochem, Inc., Abbott, binx health, Inc., Meridian BioScience, Inc., Biocartis, Quidel Corporation, and Bio-Rad Laboratories, Inc. are among the leading companies in the Europe Point-of-Care Molecular Diagnostics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

The market for Point-of-Care Molecular Diagnostics market is segmented into product & services, technology, application, and end user. Based on product & services, the Europe Point-of-Care Molecular Diagnostics market is segmented into assays and kits, instruments, and services and software. Based on technology, the Point-of-Care Molecular Diagnostics market is segmented into PCR, isothermal nucleic acid amplification technology (INAAT), and other technologies. Based on application, the Point-of-Care Molecular Diagnostics market is segmented into infectious diseases, oncology, hematology, prenatal testing, endocrinology, and other applications. Based on end user, the Point-of-Care Molecular Diagnostics market is segmented into hospitals and clinics, diagnostic laboratories, research and academic institutes, and others. Geographically, the Point-of-Care Molecular Diagnostics market is segmented into Europe (Germany, UK, France, Spain, Italy, Rest of Europe).

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