Europe Hereditary Genetic Testing Market to Reach $19. 31 Billion by 2031. Market Report Coverage - Europe Hereditary Genetic Testing Market Segmentation.
New York, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Hereditary Genetic Testing Market - A Regional Analysis: Focus on Products, Sample Type, Applications, and Nordic and Baltic Region, Country Data (12 Countries), and Competitive Landscape - Analysis and Forecast, 2020-2031" - https://www.reportlinker.com/p06178588/?utm_source=GNW
• Product – Kits, Consumables, Services, Others
• Sample Type – Tumor Tissue, Bone Marrow, Blood, Saliva, Others
• Application – Oncology Genetic Testing, Cardiology Genetic Testing, Neurology Genetic Testing, Newborn Screening, Prenatal Screening and Preimplantation Testing, Rare Disease Testing, Direct-to-Consumer (DTC) Testing
• EU5: Germany, U.K., France, Italy, Spain
• Nordic Region: Finland, Sweden, Denmark, Norway
• Baltic Region: Estonia, Lithuania, Latvia
Market Growth Drivers
• Increasing Awareness Toward Hereditary Genetic Testing
• Rising Prevalence of Genetic Disorders
• Increasing Research Funding in the Field of Genomics
• High Cost of Genetic Testing
• Stringent Regulatory Standards
• Technological Advancements in the Hereditary Genetic Testing Process
• Growing Demand for Direct-to-Consumer (DTC) Testing Service
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.
Key Questions Answered in this Report:
• What is the current trend in the Europe hereditary genetic testing market?
• Based on products, which segment is anticipated to witness a massive rise in demand during the forecast period 2021-2031?
• Based on sample type, which segment is anticipated to witness a massive rise in demand during the forecast period 2021-2031?
• Based on types of testing, which segment is anticipated to witness a massive rise in demand during the forecast period 2021-2031?
• Based on countries, which country is anticipated to witness a massive rise in demand during the forecast period 2021-2031?
• What are the major drivers, challenges, and opportunities in the Europe hereditary genetic testing market?
• What are the key developmental strategies implemented by the key players to stand out in this market?
• Which leading companies are dominating the Europe hereditary genetic testing market, and what is the share of these companies in the Europe hereditary genetic testing market?
• What are the regulations pertaining to the Europe hereditary genetic testing market, and what initiatives have been implemented by different government bodies regulating the development and commercialization of Europe hereditary genetic testing?
• How is each segment of the Europe hereditary genetic testing market expected to grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2031?
• How is the market for Europe hereditary genetic testing expected to evolve during the forecast period 2021-2031?
• What is the market scenario for the Europe hereditary genetic testing market in different countries?
• What are the key trends of different regions in the Europe hereditary genetic testing market? Which country is expected to contribute to the highest sales in the Europe hereditary genetic testing market during the forecast period 2021-2031?
Genetic testing is a type of DNA testing used to determine changes in chromosome structure or DNA sequence.Genetic testing can also include measuring the outcomes of genetic modifications, such as mutation, RNA analysis as an output of gene expression, or biochemical analysis to measure specific protein output.
For cancer risk, genetic testing includes testing for inherited genetic variants that can be associated with a high to moderately increased risk of cancer in the patient and are responsible for inherited cancer susceptibility syndromes.
Hereditary genetic testing classifies changes in chromosomes, genes, and proteins.The outcome of hereditary genetic testing authorizes a suspected genetic condition that further helps to determine a person’s chance of passing or developing a genetic disorder.
To date, more than 1,000 hereditary genetic tests have been used, and many others are being developed for testing.
Europe is one of the powerhouses for genomic science and research.Genetic testing data sharing is becoming an integral part as scientists join forces across borders for enabling genetic testing for the benefit of mankind.
Genetic testing can be performed for various purposes, which may or may not fall in medical science.Thus, regulatory needs depend on the context of the test being performed and for which purpose.
It can be either to detect monogenic diseases, medical-nonmedical purposes, predispositions or carrier tests, diagnostic and treatment purposes, predictive tests for late-onset diseases, drug response, family planning, forensics, population screening, and DNA profiling or research.
With several companies eagerly competing to establish dominance in the Europe hereditary genetic testing market, several emerging companies have undertaken significant activities to establish their position in the market. Although these companies are currently far behind the market leaders, some of them have made significant strides to grow into major players, owing to initiatives undertaken to expand their respective product portfolios and regional footprints.
BIS healthcare experts have found hereditary genetic testing to be one of the most rapidly evolving markets. The market for Europe hereditary genetic testing is predicted to grow at a CAGR of 13.34% during the forecast period 2021-2031. As per BIS research, hereditary genetic testing comprises the ecosystem of multiple services offered, products used, and the target population.
The optimistic scenario of the market can be witnessed if the COVID-19 recovery is swift across key countries in Europe.The scenario assumes an increasing demand for technology, products, services, and growth in the end-user base across regions.
Furthermore, the scenario also assumes more product and service launches for genetic testing, especially in the Nordic and Baltic regions. Additionally, the companies in the market are investing more in rare disease and reproductive genetics, which is one of the bolstering factors for optimistic growth.
The following report presents the reader with an opportunity to unlock comprehensive insights with respect to the Europe hereditary genetic testing market and helps in forming well-informed strategic decisions. The market research study also offers a wide perspective of the different types of hereditary genetic testing products and services available in the market and their impact on the diagnostic and genomics industry by providing critical insights into the direction of its future expansion.
The Europe hereditary genetic testing market has been growing since its inception. Several European countries, including Germany, France, the U.K., Italy, Spain, Denmark, Finland, Sweden, Norway, Estonia, Lithuania, and Latvia, are working persistently to enhance the adoption of precision medicine solutions, including hereditary genetic testing market, across Europe region. Acknowledging the unique role of hereditary genetic testing is a significant step toward the establishment of a suitable and effective regulatory approval procedure, coupled with an effective pricing strategy and reimbursement policy. However, country-specific technology evaluation and reimbursement policies in Europe may result in different coverage for many genetic testing technologies across Europe. For instance, in France, Germany, Italy, and the U.K., HER2 testing is publicly funded. However, in Spain, the majority of NGS testing is funded by hereditary-based test manufactures. Therefore, companies are trying to work closely with the payers and other decision-makers to increase the adoption on a country-by-country, and in few cases, hospital-by-hospital basis, which generally limits accessibility and results in a poor adoption rate.
Germany accounted for the maximum share of the market within the Europe region in 2020.The country has one of the biggest pharmaceutical markets in Europe.
Further, it is among the largest exporter of medicinal products and ranks among the top pharmaceutical producers globally.The growth in this region can be primarily attributed to the rising pharmaceutical R&D expenditure, increasing geriatric population coupled with growing disease prevalence, and the rising focus to eradicate rare diseases across the region.
However, the region also faces high competition from the Asian economies that offer cheap manufacturing materials and low cost of labor.
Within the research report, the market is segmented based on products, sample type, applications, and region.Each of these segments has been further categorized into sub-segments to compile an in-depth study.
Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
The Europe hereditary genetic testing market is largely dominated by companies such as Woble Helsinki Oy, Negen Oy, Devyser, CeGaT GmbH, Beijing Genomics Institute (BGI), BerGenBio ASA, Eurofins Scientific SE, F. Hoffmann-La Roche Ltd, Illumina, Inc., Laboratory Corporation of America Holdings, Myriad Genetics, Inc., Alnylam Pharmaceuticals, Inc., Quest Diagnostics Incorporated, and Thermo Fisher Scientific Inc.
Companies such as LabCorp, Illumina, Myriad, and Quest Diagnostics are the leading suppliers of genetic testing products and services in the Europe market.When compared to the other European countries, the Nordic and Baltic region is mainly dominated by Bluprint Genetics (Quest Diagnostics) and Eurofins.
In addition, regional players such as Devyser, CeGat GmbH, and Negen Oy offer products in the markets.
Among the Nordic and Baltic regions, the Nordic region contributes more to the Europe hereditary genetic testing market.The country which performs the largest number of genetic tests in the Nordic region is Finland.
A lot of investment in research for characterization of the population for rare diseases has been made in Finland by Blueprint Genetics.
• Nordic Region
• Baltic Region
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