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Europe Genetic Testing Market Share to Exceed USD 5.5 Bn by 2026
Published Date: 2020-03-04
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According to the Graphical Research new growth forecast report titled “Europe Genetic Testing Market Size By Test Type, Application, Industry Analysis Report, Regional Outlook”, Estimated To Exceed USD 5.5 Billion By 2026. Innovation of new technologies and techniques for genetic testing is significantly increasing in the Europe genetic testing market over the upcoming years. The availability of efficient and highly sensitive methods of DNA sequencing for prenatal genetic testing, offers a completely new approach for initial screening test during a new pregnancy. These methods allow detection of the minute amounts of fetal DNA that circulates naturally in the mother's blood during pregnancy. Also, the development of Next Generation Sequencing (NGS), a rapidly evolving technology that enables sequencing of a whole genome or part of a genome and rapid extraction of genetic information from biological materials, will fuel the adoption of genetic tests. Increasing adoption of such technological advancements is expected to accelerate the global genetic testing market in the forecasting years.
Personalized medicines offer tailored medical treatments to individual patients based on understanding of the molecular basis of diseases. Molecular basis of a disease can be determined using genome sequencing and genetic testing. Developed economies such as Europe are screened for various rare and genetically inherited diseases. Personalization of treatment offers various diagnostic techniques that enable people to take precautionary steps and avoid possible risks in the future. According to Personalized Medicine Coalition, 73% of oncology compounds and 42% of all compounds in the pipeline have the potential to be personalized medicines. Thus, these factors contribute to propel the market for genetic testing in the forthcoming timeframe.
However, restrictive regulations hinder the use of genetic testing in a few countries in Europe.
Diagnostic testing segment held substantial revenue share in 2019 and is estimated to witness around 12.0% CAGR over the analysis timeframe. The increasing adoption of technologically advanced genetic testing devices will augment the market growth for diagnostic testing. Also, organizations controlling and supporting causes that help in diagnosis of genetic diseases implement certain strategic decisions. For instance, EURORDIS, an organization takes initiatives to spread awareness regarding treatment and diagnosis of genetic disorders that will positively impact business growth in forthcoming years.
Cancer segment was valued over USD 1,200.0 million in 2019. This is attributed to the growing rate of genetic disorders in newborn that will positively affect the market growth. For instance, according to Global Genes, around 30 million people in Europe currently are diagnosed with cancer that will surge the industry growth in near future.
Germany genetic testing market is estimated to witness around 11.0% CAGR during the forthcoming years. This is attributed to the provision of precise medical diagnosis of inherited disease in the country. However, the recent passed legislation has limited the genetic testing of humans. It has also banned the secret paternity tests and strictly restricts the use of genetic testing by the employers and insurance companies. This restrict the market growth in the country.
Major market players in Europe genetic testing market are Acumed LLC, B. Braun Melsungen, Bioretec Ltd., CONMED Corporation, among others. These market players are undertaking strategies such as acquisitions and collaborations and product improvisations to maintain the market competition. For instance, in April 2019, Bioretec Ltd. acquired Austria based BRI Tech and Resorbable Metal implant technology. This strategy has helped the company in increasing their product portfolio and customer base.
Europe genetic testing market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Europe Genetic Testing Market Share, By Test Type, 2015-2026 (USD Million)
- Predictive testing
- Carrier testing
- Prenatal and newborn testing
- Diagnostic testing
- Pharmacogenomic testing
Europe Genetic Testing Market Size, By Application, 2015-2026 (USD Million)
- Genetic diseases
- Cardiovascular diseases
The above information is provided for the following region and countries:
- The Netherlands