MARKET OVERVIEW- EUROPEAN SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET
In Europe, the syndromic multiplex diagnostic market is expected to witness growth at a specific growth rate over the estimated time period. The rising cases of infectious diseases, respiratory diseases, have led to the rising demand for diagnostic products, which is where syndromic multiplex diagnostics has gained its major demand in the European market. Along with the rising COVID-19 cases, HIV cases, the market is anticipated to find ample new growth opportunities over the forecast period. Besides, the rise in awareness for and use of syndromic multiplex diagnostics is another major factor that contributes to the growth of the European syndromic multiplex diagnostics market.
MARKET DRIVERS
The European syndromic multiplex diagnostic market is driven by various factors such as rising advancements in diagnostic technologies, which has boosted the market to a major extent. Besides, the prevalence of infectious diseases in various countries of European region has uplifted the market growth to a major extent. Likewise, lowering costs of syndromic multiplex diagnostics is the key factor propelling the growth of the market.
MARKET OPPORTUNITIES
The European syndromic multiplex diagnostic market is expected to find new growth opportunities with a rise in chronic and infectious diseases, technological advancements, and a rising geriatric population are the factors expected to fuel the market’s growth during the analysis period. Besides, the growing use and demand of syndromic multiplex diagnostics in different countries in the region is the key factor which has uplifted the market during the estimated time period (2022-2028). Similarly, ongoing R&D in various diagnostic areas is expected to contribute to healthy growth in the market.
MARKET RESTRAINTS
The market has major restraining factors like maintenance of syndromic multiplex diagnostic devices as well as false positives in the detection of infectious cases, which are expected to act as a hurdler for the market’s growth over the forecast period.
MARKET GROWTH CHALLENGES
The lack of skilled professionals for the use of syndromic multiplex diagnostics in various applications with improper results is anticipated to be one of the major challenges for the market’s growth.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the European Syndromic Multiplex Diagnostic market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various European Syndromic Multiplex Diagnostics in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR from 2022-2028.
EUROPE SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET SEGMENTAL OVERVIEW
The European Syndromic Multiplex Diagnostic market comprises of different market segments like infectious diseases, type of syndrome, end user and country.
EUROPE SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY INFECTIOUS DISEASES
The Europe Syndromic Multiplex Diagnostic for Infectious Diseases includes key segments of
- Respiratory Infections
- Human Immunodeficiency Virus (HIV)
- Hepatitis B (HBV)
- Hepatitis C (HCV)
- Human Papillomavirus (HPV)
- Chlamydia/Gonorrhea (CTGC)
- Methicillin-Resistant Staphylococcus Aureus (MRSA)
- Vancomycin-Resistant Enterococcus (VRE)
Respiratory Infections are expected to dominate the market over the forecast period. The segment is expected to have growing demand for market products attributed to increasing respiratory diseases, TB andCOVID-19, which have boosted the demand for market products. Likewise, the rapid rise in target patient population for the diagnosis of respiratory disease has further fuelled the demand for the market. Due to STI and HIV cases, which have increased the demand for syndromic multiplex diagnostics, Human Immunodeficiency Virus (HIV) is expected to hold the second position in the market.
EUROPE SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY TYPE OF SYNDROME
The European Syndromic Multiplex Diagnostic market has a type of syndrome present which includes
- Respiratory
- Gastrointestinal
- Bloodstream
- Central Nervous System
In type of syndrome segment, the respiratory has dominated. The key factors driving the market growth of this segment are rising COVID-19 cases, respiratory diseases, and infectious diseases, which have led to an increase in demand for syndromic multiplex diagnostics. Besides, syndromic multiplex diagnostic products help to identify and detect respiratory diseases at a faster rate with cost effectiveness. Similarly, gastrointestinal is likely to witness growth at a specific growth rate during the estimated time period. The segment is driven by rising infectious pathogens. Demand for accurate and early detection of gastrointestinal pathogens is vital to starting the appropriate type of therapy. Therefore, the gastrointestinal syndrome has led to the rising demand for the market over the forecast period.
EUROPE SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY END USER
The European Syndromic Multiplex Diagnostic market has end-users like
- Hospitals
- Diagnostics Laboratories
- Research Institutes
- Others
Hospitals are anticipated to find increasing demand for syndromic multiplex diagnostic products owing to the rising inflow of patients for diagnostics. Growing awareness regarding the early diagnosis and treatment of infectious diseases in the country has further boosted the demand for market products in hospitals. On the other hand, diagnostics laboratories are likely to contribute to healthy growth in the market over the forecast period. For instance, in March 2020, the United Kingdom government provided funding of GBP 16 million to QuantuMDx for the development of a portable diagnostics system for SARS-CoV-2. Therefore, the diagnostics laboratories are expected to find amplenew growth opportunities over the estimated time period.
EUROPE SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET BY GEOGRAPHY
The European Syndromic Multiplex Diagnostic market is studied for the following region
- Germany
- U.K
- France
- Italy
- Spain
- Rest of Europe
Germany is expected to witness increasing demand for the European syndromic multiplex diagnostic market owing to the presence of well-established market players. Besides, the sharp rise in demand for polymerase chain reaction (PCR), and next-generation sequencing (NGS), serology-based rapid-test products has indeed uplifted the market to major extent. Likewise, some of the factors fuelling the demand for the market are rising advancements in diagnostic technologies, the prevalence of infectious diseases, and the lowering costs of syndromic multiplex diagnostics. This has fuelled the demand for the market. Likewise, the U.K. is the second leading country in the European syndromic multiplex diagnostic market. Infectious diseases such as HIV/AIDS, tuberculosis, hepatitis B, hepatitis C, and others have been posing a significant burden in the United Kingdom. Hence, the syndromic multiplex diagnostic market is expected to find ample new growth demand in the market.
COVID-19 IMPACT ANALYSIS ON EUROPE SYNDROMIC MULTIPLEX DIAGNOSTIC MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the European Syndromic Multiplex Diagnostic market. In addition, a complete analysis of changes in the European Syndromic Multiplex Diagnostic market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. Furthermore, coming to the impact of COVID-19, on the European Syndromic Multiplex Diagnostic market in the initial phase of the pandemic, the market has witnessed more or less an impact. However, the market has witnessed positive growth with time. As most hospitals, diagnostic centers have witnessed patient inflow for testing like COVID-19 testing, which has definitely provided positive growth for the market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the European Syndromic Multiplex Diagnostic market is majorly focused on expanding the growth of Europe market with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Europe, which has led to the growing demand for the market. Besides, the market offers a range of products for different end users to fulfil the requirements of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
- Luminex Corp
- Applied biocode corporation
- Akonni biosystems inc.
- Thermo fisher scientific inc.
- Abbott Laboratories
- Becton, Dickinson and Company
- Hologic, Inc.
- GenMark Diagnostics
- Bio-Rad Laboratories
- Cepheid
- Quidel Corporation
- Bosch Healthcare Solution
- BioFire Diagnostics Company
- Qiagen NV
- OpGen, Inc.
- Quantumdx
RECENT DEVELOPMENT:
November 2021: Qiagen NV. has launched and CE-marking of the QIAstat-Dx Respiratory 4 Plex Flu A-B/RSV/SARS-CoV-2 test for the QIAstat-Dx system to quickly identify whether patients have common seasonal respiratory infections or SARS-CoV-2.
July 2020: bioMerieux announced that BIOFIRE Respiratory Panel 2.1 plus (RP2.1 plus) is CE marked. The panel test for 23 pathogen (19 viruses including SARS-CoV-2 and 4 bacteria) responsible for the most frequent respiratory tract infection. It will be commercially available in all countries that recognize the CE marking from now on or shortly thereafter.
May 2020: Thermo Fisher Scientific acquired qiagen’s the molecular diagnostics-focused firm. Qiagen’s specialization in molecular diagnostic services will allow Thermo Fisher to advance its work in precision medicine by increasing its focus on infectious diseases, cancer, and genetic disorders.
