The European molecular biosensors market is expected to register a CAGR of 6% during the forecast period, 2018 to 2023. Germany dominates the market due to the increasing demand for point of care testing in the region.
The incidence of chronic diseases is relatively high in Europe. According to WHO, cerebrovascular disease or stroke accounted for approximately 20% of all deaths and 9% of total disease burden in 2015 in Europe. Mortality and disease burden from diabetes mellitus is also increasing in this region. Chronic obstructive pulmonary disease (COPD) is also one of the leading causes of premature death in Europe. Biosensors are used in the detection of disease progression. The increasing prevalence of chronic and lifestyle-induced diseases is driving the growth of the European molecular biosensor market.
Additionally, increasing demand for point of care testing and increasing application of biosensors in various industries are also fueling the growth of the European molecular biosensor market.
In European countries, there are various issues in reimbursement policies in the healthcare system. Healthcare in EU is either financed through general taxation or by contributions to health insurance funds. These health insurance funds are highly expensive. Doctors in Germany are blaming the government-set prices for not letting them regain their investment. Many Italian regions are going bankrupt due to the funding of medicine.
Germany dominates the molecular biosensor market due to the increasing demand for point of care tests, increase in chronic disease, and R&D investment, which is increasing the scope of the European molecular biosensor market.
The major players include - Siemens Healthcare, LifeSensors, Inc., Nova Biomedical Corporation, Abbott Laboratories, Inc., Johnson and Johnson, Medtronic, Inc., F. Hoffmann La Roche, and Bayer AG, among others.
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