The size of the European molecular cytogenetics market was calculated at USD 546.35 million in 2022. It is estimated to grow at a CAGR of 11.5% and value USD 941.55 million by 2027.
Early illness identification is becoming increasingly crucial as the incidence of congenital and genetic abnormalities grows, fuelling the expansion of the molecular cytogenetics market in Europe. In addition, the aging population and the chronic illnesses that come with it are driving forces in molecular cytogenetics. Furthermore, as the number of cancer patients rose, more molecular cytogenetics methods were used for diagnosis, accelerating the market growth.
These high-throughput technologies are projected to promote the growth of this market by finding prospective therapeutic targets, such as genes implicated in tumor genesis and chromosomal abnormalities for genetic disease diagnostics. Furthermore, with the emergence of quick testing platforms and the development of extremely sensitive diagnostic technologies for chromosomal abnormalities, this industry is predicted to expand during the forecast period.
According to the Centres for Disease Control and Prevention, about 3000 infants die each year due to genetic abnormalities. Because of the high death rates, molecular diagnostic approaches like FISH and CGH are projected to gain much traction, which further fuels the Molecular Cytogenetics Market. Another element driving this market's growth is next-generation sequencing technology, allowing comprehensive and cost-effective analysis. These factors are further expected to drive the European Molecular Cytogenetics market forward.
However, molecular cytogenetics tests are costly, which is predicted to hinder the growth rate of the European Molecular Cytogenetics Market during the forecast period. It costs between USD 300 and USD 3,000 per test, which is considerable. Also inhibiting the growth of the molecular cytogenetics market is a lack of experienced workers and regulatory frameworks. It is also difficult for the market to grow due to predictable coverage and reimbursement policies. The market is also constrained by expensive instruments and the high costs of maintaining advanced techniques. All these factors are predicted to restrain the molecular cytogenetics market in Europe.
This research report on the European molecular cytogenetics market has been segmented and sub-segmented into the following categories:
By End User:
Geographically, the UK is the leading market in this region. Active involvement from social organizations such as the Leukemia & Lymphoma Society and the funding they provide are nearly 300 research programs for developing novel techniques used in cancer diagnosis. These techniques are estimated to set the market in this region on a high growth trajectory. It commands the second largest market share of 26% globally.
The scale of European markets is second only to that of North American markets. Organizations like the Leukaemia & Lymphoma Society are working on cancer diagnoses. Cancer is Europe's second-biggest cause of mortality, with 3.7 million new cases and 1.9 million deaths per year. In light of these considerations, Molecular Cytogenetics maintains its second place in Europe. In addition to the rise in genetic diseases, healthcare infrastructure increases, resulting in a growing market for these drugs. This is the direct result of the general public's high level of knowledge. Advanced molecular cytogenetic procedures, such as FISH and array-comparison genomic hybridization (array-CGH), must be employed to improve diagnosis accuracy and lower the mortality rate and severe impacts of genetic diseases.
In this area, the United Kingdom is the most important market. Active participation and support from social Leukaemia & Lymphoma Society groups, which now sponsor approximately 300 research initiatives to develop innovative cancer detection procedures. These strategies are expected to propel the market in this area to new heights. It has the second-largest market share in the world, at 26%.
Following the United Kingdom, Germany has a sizable part of the market. Other factors boosting the Molecular Cytogenetics Market include the increasing use of molecular cytogenetics in clinical pathological diagnostics and the increased focus on targeted cancer therapy.
KEY MARKET PLAYERS:
Companies that are notable in the European molecular cytogenetics market profiled in the report are Affymetrix, Inc, Agilent Technologies, Inc, Illumina, Inc, Abbott Laboratories, Bio-Rad Laboratories, Applied Spectral Imaging, Inc. and Thermo Fisher Scientific (Life Technologies), Inc.
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