Spain In-vitro Diagnostics Market Trends

Molecular diagnostic devices are used to analyze biological markers in the genome and proteome to detect pathogens or mutations. Based on the technology used, molecular diagnostic devices can be segmented into chips and microarrays, mass spectroscopy, next-generation sequencing (NGS), polymerase chain reaction (PCR)-based methods, cytogenetics, and molecular imaging. Factors, such as large outbreaks of bacterial and viral epidemics in Spain, increasing demand for point-of-care diagnostics, and rapidly evolving technology, are driving the growth of the molecular diagnostics segment.

The advancements in molecular diagnostics followed by new product launches, and continuous engagement of market players in the form of partnership, collaboration, merger, and acquisition to expand their market presence are increasing in Spain recently. For instance, in December 2021, Co-Diagnostics, Inc., a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests completed the acquisition of Idaho Molecular Inc. and Advanced Conceptions, Inc. for nearly 4.72 million shares of the Company's stock, providing Co-Diagnostics with all existing and future assets and intellectual property related to the Company's upcoming at-home/point-of-care diagnostic device. Such developments in the segment are expected to contribute to the segment growth over the forecast period.

Moreover, an article published by the 'Economist Intelligence' in May 2022 stated that during the pandemic phase the polymerase chain reaction (PCR) molecular tests were used the most in 2021 in France and Spain. With the emergence of new variants and the increasing number of Covid-19 cases, the use of PCR tests is expected to rise. This is predicted to bolster the segment growth over the forecast period.

Therefore, owing to the aforementioned factors the segment is anticipated to witness growth over the forecast period.