Europe Genetic Testing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Europe Genetic Testing Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Genetic testing market is projected to register a CAGR of 12.45% during the forecast period.

According to the study published in ACS Photonics, titled 'COVID-19 Diagnostics: Past, Present, and Future' in September 2021, The European Union (EU) issued guidelines for in vitro diagnostic medical devices in the COVID-19 setting in March 2020, which aided in the standardisation of COVID-19 testing in the EU. The Innovative Medicines Initiative's appeal for rapid, point-of-care COVID-19 diagnostics, as well as United Kingdom's (United Kingdom) National Health Service (NHS) Test and Trace programme, which aimed to deliver mass COVID-19 diagnostic testing to the public, assisted these efforts across Europe. This has resulted in increased genetic testings in Europe, thereby has driven the growth of this market during the pandemic.

Genetic testing has been growing at an unprecedented rate, a large panel of tests is now available to screen a number of genetic diseases. Treatment is available for a number of rare genetic diseases and the procedure is gaining importance in scenarios, such as carrier testing, newborn screening, predictive and pre-symptomatic testing, etc. The major factors driving the growth of Europe genetic testing market include, increasing emphasis on early disease detection and prevention, increasing demand for personalized medicine, increasing application of genetic testing in oncology, among others. For Instance, in February 2022, European Commission has announced four new European Union Cancer Plan activities to help Member States address inequalities, improve Human papillomavirus infection screening and vaccination, and support cancer survivors. This will lead to increased diagnosis and genetic testing of cancer in the European nations for the early detetction of cancers, thereby expected to drive the growth of this market.

Genetic testing has been growing at an unprecedented rate, a large panel of tests is now available to screen a number of genetic diseases. Treatment is available for a number of rare genetic diseases and the procedure is gaining importance in scenarios, such as carrier testing, newborn screening, predictive and pre-symptomatic testing, etc. The major factors driving the growth of Europe genetic testing market include, increasing emphasis on early disease detection and prevention, increasing demand for personalized medicine, increasing application of genetic testing in oncology, among others. For Insta, in February 2022, European Commission has announced four new European Union Cancer Plan activities to help Member States address inequalities, improve Human papillomavirus infection screening and vaccination, and support cancer survivors. This will lead to increased diagnosis and genetic testing of cancer in the European nations for the early detetction of cancers, thereby expected to drive the growth of this market.

On the other hand, high cost of genetic tests and social and ethical implications associated with genetic testing are the factors, that are expected to hinder the market growth.

Key Market TrendsThe Diagnostic Testing Segment is Expected to Hold a Significant Share Over the Forecast Period

The diagnostics testing segment is expected to hold a significant share in the European genetic testing market. The factors attributable to the growth of this segment include rising awareness among people regarding health, the increase in incidences of mortality rate due to cancers and genetic diseases in Europe, and the rise in product launches in the European market for diagnostic genetic testing. Furthermore, companies, such as Centogene and NIMGenetics, offer a wide range of genetic diagnostic services in Europe, which is further accelerating the growth of the market.

For instance, according to Globocan 2020, the number of new cancer cases in Europe in 2020 is 4,398,443 and the number of deaths in Europe in 2020 is 1,955,231. The rising incidence and mortality due to cancers will lead to increased diagnostic testing for cancers in Europe, thereby expected to drive this segment growth.

Furthermore, the rising product lauches for diagnostic testing will lead to increased adoption of these products, thereby expected to drive the growth of this segment. For instance, in Febraury 2021, in Europe, Becton, Dickinson and Company has introduced a new COVID-19 blood test that can assist hospitals in identifying arriving patients who are more likely to require intensive care with a ventilator and are at a higher risk of dying from the disease.

Therefore, rising prevalence of chronic diseases such as cancers and rising product launch of diagnostic testing is expected to drive the growth of this segment.

United Kingdom has Significant Impact on the Market Growth

According to the news published in January 2020, genetic testing is booming in European countries. With its Genomic Medicine Service, United Kingdom is integrating genetic testing into the National Health Service. Similarly, through their National Genome Center, the Danes are working toward a vision of personalized medicine for the masses. Genomic Medicine 2025, meanwhile, aspires to connect the health system with research and industry in France. The rising initiatives from United Kingdom on genetic testing in Europe is therefore expected to drive the growth of this region in genetic testing market during the forecast period.

Furthermore, according to the study published by the University of Manchester in November 2021, Whole genome sequencing (WGS) has been demonstrated to find new diagnoses for persons with the greatest spectrum of rare diseases explored to date, and this might have huge implications for the National Health Service. The rising benefits of genetic testing in United Kingdom for the discovery of rare diseses will lead to increased adoption of genetic testing in this region, thereby exptected to drive the growth of this market in United Kingdom.

Therefore, rising initiatives on genetic testing and rising benefits of genetic testing in rare diseases will lead to increased adoption of genetic testing in the Europe , thereby expected to drive the growth of genetic testing market in the Europe

Competitive Landscape

The European genetic testing market is moderately competitive and consists of several major players. Factors such as technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new products with fewer prices are expected to drive the market growth. The major players operating in this market include, Illumina Inc,Abbott Laboratories, Qiagen, Eurofins Scientific,F. Hoffmann-La Roche Ltd, 23andMe Inc., among others.

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