The size of the genomics market in Europe is forecasted to grow to USD 14.90 Billion by 2028 from USD 9.42 billion in 2023 and grow at a CAGR of 9.6% during the forecast period.
Genomics is a branch of biology which deals with the function and structure of genomes. It uses various sampling, sequencing, data analysis, and interpretation techniques to decode, assemble and analyze genomes. With the complete information about a DNA structure, one could identify genetic diseases and develop the best way of treatment.
The increasing prevalence of cardiovascular and genetic disorders, combined with increasing investments in proteomics and genomics, should stimulate the European market. The growing demand for genetically modified animals and plants and the constant fall in the prices of genetic procedures also lead to essential market developments thanks to increased possibilities for research and innovation. Genomics is used to study various genetic sequences of living organisms and is expected to stimulate the market in a few years.
Increased capital inflows in most countries also strongly influence European market demand. Furthermore, the European market is amplified by the increase in studies in genomics projects.
However, the European market is expected to lose its share during the forecast period, as the European economic crisis and unequal redemption policies are some of the impediments to Europe's market growth. Also, the high cost of instruments poses a problem.
This research report on the European genomics market has been segmented & sub-segmented into the following categories:
By End User:
The European genomics market is anticipated to account for the second-largest share in the global market during the forecast period. The market growth is attributed to the increasing number of research institutes due to favorable reimbursement policies and increasing investments in genomics centers. However, the growing capita income in developed countries such as the UK, Germany, and France significantly influences the demand for the genomics market. In addition, technologies like next-generation sequencing make it possible to perform many genetic tests quickly and create databases with information on rare genetic disorders. As a result, several efforts have been launched throughout Europe to raise public awareness about the benefits of genetic testing.
The German genomics market accounted for the largest share of the European market, and it is likely to continue its dominance throughout the forecast period. The increasing prevalence of diabetes owing to the geriatric population and changing lifestyles are fuelling the market growth. To increase their market share, the companies are increasingly focused on the creation and introduction of new products and collaboration with other organizations, which is expected to expand the market growth.
The UK genomics market is likely to register a prominent share in the genomics market in the coming years. the market growth is expected to be driven by the availability of advanced healthcare infrastructure, increasing investments by the government, and Technological advancements in genomics.
On the other hand, developing countries such as Italy, France, and Spain are projected to share a promising share in the genomics market. Increasing preference for the personalized, growing number of start-ups involved in genomics and supportive regulatory bodies. However, the market's major players are implementing various market strategies to gain a competitive advantage over the marketplace, including partnerships, mergers, and acquisitions.
KEY MARKET PLAYERS:
Affymetrix, Inc., Agilent Technologies, BGI, Bio-Rad Laboratories Inc., GE Healthcare, Illumina Inc., Qiagen, Roche Diagnostics, Life Technologies, and Cepheid are some of the key market participants in the European genomics market.
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