The Europe multiplex assay market is evaluated to register a CAGR of 8.37% during the estimated period of 2021 to 2028. Factors such as the increase in healthcare expenditure, the growing focus of the European government towards technological advancements in medical devices, the rapidly rising geriatric population, and the well-established presence of healthcare systems predominantly propel the region’s market growth.
The Europe multiplex assay market growth assessment constitutes the study of Russia, Belgium, the United Kingdom, Italy, France, Poland, Germany, and the rest of Europe. As per the data issued by the Association of the British Pharmaceutical Industry, pharmaceuticals constitute the highest research and development expenditure sector in the country. The COVID-19 outbreak has encouraged the United Kingdom’s pharmaceutical industry to develop numerous therapeutic interventions, as well. Hence, the vigorous research and development activities undertaken in the country are anticipated to increase the demand for multiplex assays.
On the other hand, according to the World Bank Group, 1.35% of the total gross domestic product (GDP) in 2017 was spent on research and development spending. As one of the most significant economies across Europe, Italy is anticipated to raise its expenditure on research and development, in addition to the adoption of numerous devices, thereby fueling the demand for multiplex assay. Furthermore, with the increase in healthcare expenditure, the access to healthcare and diagnoses increases, with a subsequent rise in the need for diagnostics. Therefore, these factors are set to play a vital role in augmenting the market growth in Europe during the forecasted years.
Some of the top companies operating in the market are F. Hoffmann-La Roche, Siemens Healthineers AG, Agilent Technologies Inc, etc.
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