The genetic testing market size in Europe is expected to grow from USD 16.19 billion in 2022 to USD 25.51 billion by 2027, growing at a CAGR of 9.52% during the forecast period. The European genetic testing market is growing continuously due to chronic disorders, cancer disease, and advanced diagnosis technology in Europe.
Technologies such as next-generation sequencing made it possible to perform many genetic testing quickly and build databases with information about rare genetic diseases. As a result, several projects have been launched throughout Europe to raise public awareness about the benefits of genetic testing. In addition, governments are implementing several friendly and cooperative policies to integrate genetic testing into the healthcare system and make insurance reimbursements available to citizens. The most common screening tests in Europe include cancer genetic testing, Alzheimer's disease testing, and cystic fibrosis testing.
Personalized medicine is a thorough examination of the molecular underpinnings of a patient's ailment. Genetic testing and genome sequencing can be used to investigate the molecular underpinnings. Individuals are routinely screened for uncommon and genetic disorders throughout Europe to ensure an early discovery, prevention, and management of any dangers. Because genetic testing plays such an important role in the process, the European genetic testing market outlook is expected to improve in the next few years.
The presence of well-known market companies involved in genetic testing and a favorable regulatory environment contribute to the industry's growth. Furthermore, improving patient awareness of early disease diagnosis and increasing the prevalence of genetic diseases would drive market demand. In recent years, the practice of genetic testing for hereditary cancer syndromes has altered substantially. As a result, the need for genetic testing to detect cancer risks is driving the market's growth in developed countries such as Germany, France, and others.
However, some constraints that are likely to restrict the growth of the European genetic testing market are genomic data privacy, ethical and societal difficulties, and a lack of regulatory standards. During the forecast period, the genetic testing market is also expected to be hampered by concerns about the uniformity of genetic testing-based diagnoses and severe regulatory requirements for product approvals. Knowledge, health insurance, concerns about misuse of testing, privacy and confidentiality concerns, and distrust in their medical doctor are the specific barriers to genetic testing that are examined.
The research report on the European genetic testing market has been segmented and sub-segmented into the following categories.
Regionally, the UK genetic testing market is estimated to dominate the European market during the forecast period. The UK is a highly genetically disease-affected country. It is estimated that nearly 30000 pediatrics are newly diagnosed yearly, and more than 2.5 million people have a genetic disorder. The UK government also initiated 100000 genome projects in 2018 and published a second life science deal in 2018.
The genetic testing market in France is estimated to grow at a healthy rate during the forecast period. However, rising incidences of chronic diseases coupled with increasing support from government organizations are majorly leveling up the market growth.
Following France, the German genetic testing market is estimated to be growing at the fastest rate. The government's launch of reimbursement policies enhances this market's growth rate. Germany has taken the initiative with the help of a government insurance scheme. In addition, the availability of skilled researchers in laboratories to develop innovative techniques is solely fuelling the market's growth rate.
The Italian genetic testing market is expected to perform well in the coming years with the increasing incidences of infectious diseases. In addition, the growing prevalence of promoting quality treatment services is leveraging the market's growth rate.
The Spain genetic testing market is expected to grow at a promising rate due to the awareness and rising disposable income in urban areas are significant factors for market growth.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the European genetic testing market profiled in this report are Abbott Laboratories, Roche Molecular Diagnostics Inc., Abbott Molecular Inc., AutoGenomics Inc., Celera Group, ELITech Group, BioRad Laboratories, PerkinElmer Inc., Roche Diagnostics Corp., Quest Diagnostics Inc., Transgenomic Inc., and Applied Biosystems Inc.
Due to the factors such as advancements in technology, increasing public awareness, and the growing emphasis on personalized medicine, the demand for genetic testing in Europe has grown significantly.
Factors such as limited access to testing in some areas, high costs, and limited reimbursement for testing are some of the major challenges to the European genetic testing market.
The growing demand for non-invasive prenatal testing, the increasing use of genetic testing in personalized medicine, and the growing interest in pharmacogenetic testing are some of the current trends in the European genetic testing market.
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