Europe Hereditary Genetic Testing Market: Segmented: By Type (Carrier Testing, Diagnostic Testing, Newborn Screening, Predictive and Presymptomatic Testing, Prenatal Testing, Other Types), By Disease (Alzheimer's Disease, Cancer, Cystic Fibrosis, Sickle Cell Anemia, Duchenne Muscular Dystrophy, Thalassemia, Huntington's Disease, Other Diseases), By Technology (Cytogenetic Testing, Biochemical Testing, Molecular Testing), And Region -Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Europe Hereditary Genetic Testing Market to surpass USD 19.5 billion by 2031 from USD 5.4 billion in 2021 at a CAGR of 13.6% in the coming years, i.e., 2021-2031.
Genetic testing is a sort of DNA testing that is used to determine chromosome structure or DNA sequence changes. Measurement of the results of genetic alterations, such as mutation, RNA analysis as a gene expression output, or biochemical analysis to measure specific protein output, are all examples of genetic testing. Changes in chromosomes, genes, and proteins are classified by hereditary genetic testing. Hereditary genetic testing confirms a suspected genetic problem and aids in determining a person's likelihood of passing on or getting a genetic disorder. More than 1,000 hereditary genetic tests have been utilized till date, and many more are being developed.
Europe Hereditary Genetic Testing Market is expected to project a notable CAGR of 13.6% in 2031.
The European Hereditary Genetic Testing Market is being driven by factors such as increased emphasis on early illness identification and prevention, increased desire for personalized medication, and increased use of genetic testing in oncology, to name a few. Hereditary testing is expanding at an unprecedented rate, and a comprehensive panel of assays for screening a variety of genetic illnesses is now available. Treatments for a variety of rare genetic illnesses, as well as the procedure's increasing importance in a variety of circumstances, are all contributing to market expansion.
The Newborn Screening segment is expected to grow with the highest CAGR during 2021-31
Based on Type, the Europe Hereditary Genetic Testing Market is fragmented into Carrier Testing, Diagnostic Testing, Newborn Screening, Predictive and Presymptomatic Testing, Prenatal Testing, and Other Types. The pre-birth and newborn testing segment maintained its leading position with the highest revenue, and it is expected to maintain this position during the forecast. This is due to a rise in public awareness about medical treatment and an increase in the number of people dying from hereditary diseases around the world. During the forecast period, however, the pharmacogenomics testing segment is predicted to grow at the fastest rate.
The Molecular Testing segment is expected to grow with the highest CAGR during 2021-31
Europe Hereditary Genetic Testing Market is classified on the basis of Technology into Cytogenetic Testing, Biochemical Testing, and Molecular Testing. The molecular testing is chosen because it can be used to assess gains or losses in DNA that are difficult to differentiate with standard chromosome examination. Furthermore, the atomic testing division has the largest hereditary genetic testing market share in the total industry and is expected to maintain its dominance over the projection period. Sub-atomic testing is the most widely used technology for genetic testing, which has aided the growth of this industry.
Significant Reduction in the Cost of Hereditary Cancer Testing
The reduction in the cost of hereditary cancer testing is a major element influencing the market. This would enhance the sector. In the projected period, the increased focus on R&D of genetic testing to study the correlation of cancer with genetic sequences to identify whether the sequence will cause cancer is expected to boost market expansion. The market is likely to rise as demand for DNA testing kits increases. The market would benefit from a greater focus on women's reproductive health. The strict restrictions governing cancer diagnosis may stifle industrial development.
The Growing Prevalence of Different Cancer Types and Rise in Number of Mergers & Acquisitions
Another driver of the Europe hereditary Genetic Testing Market is the rising prevalence of various types of cancer around the world, as well as increased research funding in the field of genomics. Furthermore, the market is likely to benefit from an increase in mergers and acquisitions throughout the forecast period.
High cost associated with the Europe Hereditary Genetic Testing
Genomic data privacy, ethical and sociological challenges, and a lack of regulatory standards are all expected to limit the expansion of the European genetic testing market. Concerns over the uniformity of genetic testing-based diagnoses, as well as stringent regulatory requirements for product approvals, are projected to stymie the genetic testing market throughout the projection period. The specific hurdles to genetic testing that are examined are knowledge, health insurance, worries about misuse of testing, privacy and confidentiality concerns, and distrust in their medical doctor.
Europe Hereditary Genetic Testing Market is segmented based on regional analysis into seven major regions: Germany, United Kingdom, Russia ,France, Italy, Spain, Rest of Europe. In 2020, Germany held the largest share of the European market. The country is home to one of Europe's largest pharmaceutical markets. Furthermore, it is a major exporter of pharmaceuticals and one of the world's top pharmaceutical producers. The expanding pharmaceutical R&D investment, the growing elderly population paired with rising disease prevalence, and the increased focus on eradicating uncommon diseases across the region are all contributing to the region's growth.
The market's optimistic scenario can be seen if the COVID-19 recovery is quick across important European countries. The scenario implies that demand for technology, products, and services will rise across regions, as will the end-user base. Furthermore, the scenario expects that more genetic testing products and services will be launched, particularly in the Nordic and Baltic regions. Furthermore, one of the supporting elements for positive growth is that enterprises in the market are investing more in rare diseases and reproductive genetics.
Europe Hereditary Genetic Testing Market is further segmented by region into:
Europe Hereditary Genetic Testing Market Segments:
|Market size value in 2021||USD 5.4 billion|
|Revenue forecast in 2031||USD 19.5 billion|
|Growth Rate||CAGR of 13.6% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Disease, Technology, and Region|
|Regional scope||Germany, United Kingdom, Russia ,France, Italy, Spain, Rest of Europe.|
|Key companies profiled||Agilent Technologies, Inc., Woble Helsinki Oy, Negen Oy, Devyser, CeGat GmbH, Beijing Genomics Institute (BGI), BerGenBio ASA, Eurofins Scientific SE, F. Hoffmann-La Roche Ltd, Illumina, Inc., Myriad Genetics, Inc., Alnylam Pharmaceuticals, Inc., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., and Other Prominent Players.|
Europe Hereditary Genetic Testing Market size was estimated at USD 5.4 billion in 2021 and is expected to reach USD 19.5 billion in 2031.
Europe is a global leader in genetic science and research. As scientists collaborate across borders to provide genetic testing for the benefit of humanity, data exchange for genetic testing is becoming increasingly important. Genetic testing can be used for a variety of reasons, some of which may or may not be related to medical science.
The Newborn Screening segment accounted for the largest Europe Hereditary Genetic Testing Market share.
Key players in the Europe Hereditary Genetic Testing Market include Agilent Technologies, Inc., Woble Helsinki Oy, Negen Oy, Devyser, CeGat GmbH, Beijing Genomics Institute (BGI), BerGenBio ASA, Eurofins Scientific SE, F. Hoffmann-La Roche Ltd, Illumina, Inc., Myriad Genetics, Inc., Alnylam Pharmaceuticals, Inc., Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., and Other Prominent Players.
Increasing emphasis on early illness identification and prevention, expanding desire for customized medicine, and increasing application of genetic testing in oncology are among the primary drivers driving the growth of the European genetic testing market.
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