europe genetic testing services Market

The Europe genetic testing services market is expected to reach US$ 5,840.9 Mn in 2027 from US$ 2,521.6 Mn in 2019. The genetic testing services market is anticipated to grow at a growth rate of 11.4% from 2020-2027.

The factors driving the growth of genetic testing service include rising prevalence of the genetic diseases and rise in awareness & acceptance of personalized medicines. Also, growing preference towards Direct-To-Consumer (DTC) genetic testing, support of government to adopt genetic testing services is positively impacting the growth of the market in the review period. In addition, various strategic initiatives by the manufacturers, new product launch along with artificial intelligence (AI) powered genetic testing is likely to boost the growth of market.

Moreover, European countries have undertaken a number of initiatives to increase awareness among people about the benefits of genetic testing. For instance, EuroGentest is a project funded by the European Commission to harmonize the process of genetic testing, from sampling to counseling, across Europe. The ultimate goal is to ensure that all aspects of genetic testing are of high quality, thereby providing accurate and reliable results for the benefit of the patients.

As per, Genetic Disorders UK, as of 2018, It is estimated that 1 in 25 children is affected by a genetic disorder. This means that in the UK, 30,000 babies and children are newly diagnosed each year, and more than 2.4 million children and adults are living with a genetic disorder. Moreover, according to the study the prevalence of cancer is expected to rise up to 4 million by 2030. Furthermore, the practice of genetic testing for hereditary cancer syndromes has changed dramatically in recent years which has increased the demand for genetic testing to detect cancer risks.

Thus the increasing funds and awareness in Europe are likely to boost the genetic testing services market and are anticipated to provide significant growth opportunities to the players operating in the market during the forecast period.

The above-mentioned factors are expected to offer broad growth opportunities in the industry, and this is expected to cause the demand for genetic testing services.

Europe genetic testing services market is segmented by type, disease, and service provider. Based on the type, the market is segmented into predictive testing, carrier testing, prenatal testing, newborn screening and others. On the basis of disease, the market is classified as, cancer disease, metabolic diseases, cardiovascular diseases and others. Based on service provider, the market is categorized as, diagnostic laboratories, hospital-based laboratories and clinics.

Some of the major primary and secondary sources for genetic testing services market included in the report are UK Genetic Testing Network (UKGTN), the Japanese Society for Genetic Counseling (JSGC), the European Cancer Information System and others.