Molecular Diagnostics Vendors in Western Europe Leverage Innovation and Need for Point-of-care Testing
Supportive regulations, enhanced use of diagnostics, and cost-effective MDx solutions boost growth opportunities, finds Frost & Sullivan's Transformational Health team
LONDON, April 11, 2017 /PRNewswire/ -- The Western European molecular diagnostics (MDx) market will experience swift growth despite several challenges. New multiplexing capabilities, rapid growth of the oncology market, need for point-of-care testing (POCT), and changes in in-vitro diagnostics (IVD) regulations support a high adoption level of MDx. Vendors must strike the right balance between consumer affordability and the volume of tests to build their client base. Alongside research and development (R&D) initiatives, partnerships, reimbursement, and regulatory approval, top players such as Premaitha, QuantuMDx and HTG are also focusing on integrating intellectual property (IP) strategies to accelerate their commercialisation plan.
Western European Molecular Diagnostics Market, 2015 Forecast to 2020, recent research from Frost & Sullivan's Life Sciences Growth Partnership Service program, examines the growth potential of the MDx market in Western Europe and the strategic measures taken by market majors such as Roche, Thermofisher, Siemens, Illumina and Agilent. The insight not only studies life science, IVD and research companies, but also players from the POCT segment in the region. The market, which stood at $1.79 billion in 2015, is expected to generate $3.08 billion by 2020, growing at a compound annual growth rate of 11.5 percent.
To know more about Frost & Sullivan's research and to sign up for our Growth Strategy Dialogue, a complimentary one-hour interactive session with Frost & Sullivan's thought leaders, please go to https://goo.gl/D81Ed1.
"MDx companies which fail to capitalise on opportunities presented through emerging trends and disruptive new business models will become late entrants in a market, where competition between existing products and new products with similar functionalities occur quickly", said Transformational Health Senior Research Analyst Saravanan Thangaraj. "Early entry offers several advantages in terms of wider market share grab, exclusivity for some period of time, and opportunities for emerging markets o cater to biologics manufacturing outsourcing."
Key trends in the Western European MDx market include:
- High-throughput screening that is driving the market toward multiplexing and emerging technologies that will make MDx tests faster, more accurate, and cheaper
- Emerging business models leveraging social media for driving R&D decisions and use of analytics as a driver for clinical trial optimisation
- Accuracy and efficiency of MDx can facilitate a POC portfolio at the molecular level, with focus on oncology and pharmacogenomics
- Transition of computational and molecular biology toward "Omics," which combines genomics and proteomics with a high-volume, high-throughput approach through array-based technologies
- Cloud-based databases, powered by intuitive systems, to determine the samples, propelling growth of automated MDx testing systems
"Companion diagnostics and pharmacogenomics will be the key to redefine treatment and expand the panel of diagnosis toward a particular disease, leading to personalised medicine," observed Sulaikha. "The field of POCT with MDx will be a key area of opportunity to watch."
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
Western European Molecular Diagnostics Market, 2015 Forecast to 2020
MC62-52
Contact:
Jana Schöneborn
Corporate Communications – Europe
P: +49 (0)69 77033 43
E: [email protected]
http://ww2.frost.com
twitter: @FS_Healthcare
LinkedIn: Transform Health
Share this article