Market Size of Europe Molecular Biosensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.90 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Molecular Biosensors Market Analysis
The European molecular biosensors market is expected to register a CAGR of 5.9% over the forecast period.
The COVID-19 pandemic has impacted the molecular biosensors market. As most of the centralized laboratories employ polymerase chain reaction (PCR) testing in the diagnosis of SARS-CoV2 viral infection among suspected patients, there has been a significant delay in the clinical outcomes as PCR testing requires more time for accurate and reliable results. This has paved the way for the application of point-of-care testing in COVID-19 detection. Thus, given the need for rapid diagnostics, the market studied is expected to witness significant growth during the post-pandemic era.
In recent years, due to the increasing prevalence of chronic diseases, the demand for point-of-care diagnostics has increased. This has led to an increase in demand for molecular biosensors. The increasing application of molecular biosensors in the detection of various cancers, diabetes, and pregnancy, along with wide usage in other fields such as environmental safety, food and beverages, and defense and security, plays a vital role in the growth of the market studied over the forecast period. As per the GLOBOCAN estimates, new cancer cases in Europe are expected to reach 5.32 million by 2040. Thus, the high cases of cancer are expected to increase the demand for molecular biosensors, which is expected to boost the growth of the market studied over the forecast period.
Furthermore, the increasing burden of infectious disease raises the demand for molecular point-of-care diagnostics, which in turn drives the market studied. For instance, as per European Centre for Disease Prevention and Control data updated in November 2021, HIV infection continues to affect the health and well-being of millions of people in the WHO European Region. Over the course of the last three decades, more than 2.2 million people have been diagnosed and reported with HIV in the WHO European Region, including over 560,000 people in the EU/EEA. Hence with the rising number of chronic diseases, the demand for molecular biosensors is expected to grow.
However, the high costs involved in research and development and strict regulatory guidelines to be followed for the approval of products by authorities dissuade many manufacturers from entering the market, and this is expected to hinder the market's growth.
