Press release
Europe Genetic Testing Market Restraints, Key Driving Factors, Growing Demand & Top Key Players| Abbott Laboratories, Illumina Inc., Eurofins Scientific, Qiagen, Elitech Group
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.
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.
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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.
Market Segmentation
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.
Market Taxonomy
By Type
• Carrier Testing
• Diagnostic Testing
• Newborn Screening
• Predictive & Presymptomatic Testing
• Prenatal Testing
• Others
By Disease
• Alzheimer's Disease
• Cancer
• Cystic Fibrosis
• Sickle Cell Anemia
• Duchenne Muscular Dystrophy
• Thalassemia
• Huntington's Disease
• Others
By Technology
• Cytogenetic Testing
• Biochemical Testing
• Molecular Testing
By Country
• Germany
• UK
• France
• Turkey
• Switzerland
• Norway
• Sweden
• Spain
• Italy
• Denmark
• Finland
• Iceland
• Poland
• Luxembourg
• Netherlands
• Belgium
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Vishal Thakur
Research Support Specialist
QualiKet Research
6060 N Central Expy #500, TX 75204, U.S.A
Email: sales@qualiketresearch.com
Website: https://qualiketresearch.com
QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which help our clients outperform their competition.
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