Dublin, Nov. 30, 2021 (GLOBE NEWSWIRE) -- The "Europe Hereditary Genetic Testing Market Analysis and Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The Europe hereditary genetic testing market is expected to grow at a CAGR of 13.34% during the forecast period 2021-2031 and is expected to reach a value of $19,309.4 million in 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.
The 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 the publisher, 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.
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.
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.
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
Agilent Technologies, Inc.
Woble Helsinki Oy
Beijing Genomics Institute (BGI)
Eurofins Scientific SE
F. Hoffmann-La Roche Ltd
Myriad Genetics, Inc.
Alnylam Pharmaceuticals, Inc.
Quest Diagnostics Incorporated
Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xllxpd
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