Europe Genetic Testing Market Top 5 Competitors, Regional Trend, Application, Ma
Posted by marketresearch123 on April 20th, 2021
Europe Genetic Testing market was valued at US$ 2,472.0 Mn in 2020 and it is projected to reach at US$ 4,262.4 Mn by 2027, at a CAGR of 8.5% during the forecast period. Major factors accounting for this growth include the increase in incidences of genetic, infectious & chronic diseases, reduction in prices of genetic sequencing, rising adoption of precision medicine diagnostic techniques. Genetic testing is defined as medical test which detect changes in proteins, genes or chromosomes. The test results are able to confirm a speculated underlying genetic condition or aid in determining an individual’s chance of developing/ passing on a genetic disorder.
Market Drivers: Increasing focus of government for genetic testing awareness
The growing focus by governments of several countries, to regulate& create awareness regarding genetic tests, has successfully resulted in the faster adoption of these tests worldwide. The rise in Research & Development funding, with the strong market presence by major players in the market, has created a strong entry barrier for new entrants. The increasing innovation in product design, improvement in quality, and strong distribution partnerships are key factors to retain a competitive edge in the market.
Rising demands for newborn and pre-natal screening to detect congenital abnormalities, growing application of bio banking services that involve DNA testing as a crucial step for cord blood banking are further attributive for progress in this sector. Growing Physicians’ interest towards genetic testing in order to determine patient’s health at various stages of disease development is another factor anticipated to fuel demand in the coming years.
Factors such as increasing implementation of personalized medicine applications to treat chronic disorders enhancing the need for HLA typing & DNA identification for therapy are expected to further add to the growing demand for DNA diagnostics. Moreover, hi-tech advancements which result into commercialization of next generation diagnostic & testing solutions making use of genetic analysis are anticipated to positively impact on Europe genetic testing market growth.
Market Restraints: COVID-19 has negative impact on Europe genetic testing market
The COVID-19 pandemic has left a prominent impact on the growth of the genetic testing market over the crisis. As per the research article published in Genetics in Medicine (2020), all the clinical genetic testing was restricted & telemedicine-based consultations and counseling were adopted across the globe. According to this study, 112 prenatal & 156 clinical genetics/cancer patients were evaluated in a span of one month at the Columbia University Irving Medical Center (CUIMC).
Most of the genetic testing services are adopted virtualization, coupled with home testing kit or home sample collection, to combat the transmission of the SARS-CoV2 virus. Moreover, as per the research article published in the Journal of Medical Genetics (2020), there was hindrance reported in accessing genetic testing blood draws, as a result of that the genetic testing was prominently impacted, wherein a reduction in genetic testing from 97.7% to 74.1% was observed during this period. Hence, COVID-19 is anticipated to have a direct & indirect impact on the genetic testing market over the ongoing crisis period.
Europe Genetic Testing Market Share Analysis by Technology
Based on Technology, the Europe genetic testing market is categorized intoCytogenetics Testing, Biochemical Testing and Molecular Testing.
Cytogenetic testing segment is the second highest revenue generating technology in Europe genetic testing market. The growth is attributed due to rise in healthcare expenditure that has resulted in the increasing use of cytogenetic products in clinical and research laboratories, academic research institutes, and pharmaceutical and biotechnology companies. Also, cytogenetic is used in the development of targeted cancer treatment, personal medicine, and others. Currently, a wide range of techniques such as comparative genomic hybridization, fluorescence, karyotyping, and others are employed for the screening of genetic abnormalities and cancers. These techniques employ the use of cytogenetic products including media, kits, reagents, and others. This factor is expected to drive the Cytogenetic testing segment over the forecast period.
Europe Genetic Testing Market Share Analysis by Type
Based on type segment, the Europe genetic testing market is categorized into Carrier Testing, Diagnostic Testing, Newborn Screening, Predictive & Presymptomatic Testing, Prenatal Testing and Others.
Diagnostic Testing has accounted for the highest market share in 2020. This is due to rising incidence of genetic and other chronic disorders. As per the information published on World Health Organization (WHO), the increase in prevalence of inherited diseases like sickle cell anemia, cystic fibrosis and hemophilia will contribute the overall market size for genetic tests. Additionally, early disease diagnosis further allows patients to undergo therapeutic treatment at an early stage that minimizes the severity of disease leading to reduced mortality rate and hence proving beneficial for the segment expansion.
Europe Genetic Testing Market Share Analysis by Disease
Based on Disease segment, the Europe genetic testing market is categorized into Alzheimer's Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington's Disease and Others.
Cancer disease has accounted for the highest market share in 2020. Genetic testing is very helpful to estimate the chances of developing cancer throughout an individual’s lifetime by examining for specific changes in chromosomes and genes, proteins. Cancer, globally, is the 2nd leading reason of death, and approximately70% of deaths from cancer occurs in low- and middle-income countries which raises the demand for genetic testing. As, significant enhancements can be made in the lives of cancer persons by diagnosing at an initial stage & avoiding postponements in care resulting in reduced morbidity, less expensive treatment & greater probability of surviving. This factor creases the demand for genetic testing for cancer.
Europe Genetic Testing Market Share Analysis by Country
Germany, The U.K., Italy and France are top country in Europe genetic testing market. These countries collectively accounted for more than 50% of market share in 2020. The presence of developed healthcare infrastructure, strong government initiatives and proactive funding for genetic testing research, and high prevalence of chronic diseases are the major drivers for industrial growth in these countries.
Other European countries is expected to create significant opportunity in genetic testing due to rising research incentives provided by the government in developing economies of this region that enable R&D and commercialization of technologically advanced products. Moreover, higher availability of target population owing to the incidence of chronic diseases in this region is also expected to supplement growth in the coming years.
In March 2020, Abbott had launched molecular point-of-care test to detect novel coronavirus in short time period, 5-15 minutes. The ID NOW platform is small, lightweight & portable (the size of a small toaster), and uses molecular technology, which is valued by clinicians and the scientific community for its high degree of accuracy. ID NOW is already the most widely available molecular point-of-care testing. The company has already shipped 150,000 PCR tests to its existing customers, for use on its m2000 Real-time in vitro diagnostic system.
In March 2021, Qiagen had unveiled its Cloud-based platform, QIAsphere, that helps laboratories & QIAstat-Dx users remotely monitor tests & instrument status around the clock. QIAstat-Dx connectivity with the platform will enable QIAGEN technical service to check customers instrument health in real time, simultaneously offering them a quick response to reduced systems downtime. QIAsphere connectivity is made possible by connecting a small connectivity hub, QIAsphere Base (Qbase), to QIAstat-Dx, as well as other platforms, in less time through LAN or Wi-Fi network of hospitals, retaining sensitive data of patients within the hospital network.
In December 2020, CENTOGENE and Alnylam Pharmaceuticals has launched a New Clinical Program Aimed at Revolutionizing the Diagnosis of Hereditary Transthyretin-Related Amyloidosis (“ATTRv”).
The Europe Genetic Testing Market is segmented into type such as Carrier Testing, Diagnostic Testing, Newborn Screening, Predictive & Presymptomatic Testing, Prenatal Testing, and Others. On the basis of Disease, market is segmented into Alzheimer's Disease, Cancer , Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia , Huntington's Disease, and Others. Further, market is segmented into technology such as Cytogenetic Testing, Biochemical Testing, and Molecular Testing.
Also, the Europe Genetic Testing Market is segmented into various countries such as Germany, UK, France, Turkey, Switzerland, Norway, Sweden, Spain, Italy, Denmark, Finland, Iceland, Poland, Luxembourg, Netherlands, and Belgium.
Market Key Players
Various key players are listed in this report such as Abbott Laboratories, Illumina Inc., Eurofins Scientific, Qiagen, Elitech Group, Thermo Fischer Scientific, Centogene AG, Blueprint Genetics, 23andMe Inc., F. Hoffmann-La Roche Ltd, etc.
Browse Full Research Report @ https://qualiketresearch.com/reports-details/Europe-Genetic-Testing-Market
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