With tailor-made treatments for diseases cropping up, personalized medicine is likely to emerge as the norm across the European healthcare sector.
With tailor-made treatments for diseases cropping up, personalized medicine is likely to emerge as the norm across the European healthcare sector. As a matter of fact, in 2019, the Europe genetic testing market was estimated at approximately $2.7 billion and is projected to surge at an exponential rate, registering a 12% CAGR between 2020 and 2026. Since the ongoing COVID-19 pandemic can stir up new opportunities, by 2026, the Europe genetic testing market share is expected to reach $5.5 billion.
Growing acclaim for personalized medicine to elicit increasing demand
Personalized medicine deploys a detailed analysis of the molecular basis of the condition of a patient. The molecular basis can be studied by utilizing genetic testing and genome sequencing. It is a common practice in Europe to screen individuals for numerous rare and genetic diseases in order to ensure early detection, prevention, and management of potential risks. Due to the significant role of genetic testing in the process, the Europe genetic testing market outlook is likely to witness a positive transformation over the forthcoming years.
Diagnostic testing to surge considerably with the introduction of advanced testing devices
Carrier testing, diagnostic testing, predictive testing, nutrigenomics, newborn testing, and pharmacogenomic testing are the key segments of the Europe genetic testing market based on type of test. The diagnostic testing segment has been gaining traction of late, pushed by the rising degree of preference for cutting-edge genetic testing devices and instruments. Manufacturers have been striving to distinguish their offerings with innovative launches, boosting the revenue generation of the Europe market.
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Cancer segment to aid growth due to rising incidence of the disease
The key segments of the Europe genetic testing market based on application are cardiovascular diseases, genetic diseases, and cancer. Of these, the cancer segment has been demonstrating an increase in revenue, triggered by the alarming surge in the frequency of the disease. According to the Global Genes, nearly 30 million individuals across Europe are suffering from cancer. With the high possibility of the multiplication of the number in near future, the Europe market is likely to proceed at a rapid pace.
Accelerated by launch of new COVID-19 vaccines, Germany to claim substantial portion of industry share
Germany is anticipated to garner considerable share in the total revenue of the Europe genetic testing market, growing at a high CAGR of 11% through the upcoming timeframe. The availability of accurate medical diagnosis, especially for inherited diseases and disorders, has been responsible for the expansion of the market in the region for a long time now. Lately, the outbreak of COVID-19 has ignited the expansion prospects anew since the new mRNA-based technology for treating the viral infection involves the injection of viral genetic material in order to initiate an immune response against the virus. These factors can be credited for the expansion of the Germany market, thereby inducing an increase in the Europe genetic testing industry size.
Moreover, recently, in December 2020, Sveti Duh Hospital in Southeast Europe became the only hospital in the region to offer gene therapy for the treatment of retinal dystrophy, an inherited vision loss disorder. With such major breakthroughs in the area of gene therapy, the Europe genetic testing market share is set for remarkable growth.
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