Europe Genetic Testing Market Size

Europe Genetic Testing Market Analysis

The Europe Genetic Testing Market size is estimated at USD 6.17 billion in 2024, and is expected to reach USD 10.19 billion by 2029, growing at a CAGR of 10.55% during the forecast period (2024-2029).

• COVID-19 had a significant impact on the genetic testing market during the initial phases of the pandemic. Genetic testing helps identify variations that affect the response to COVID-19 and may lead to discovering new therapies that could reduce harm, save lives, and even prevent future outbreaks. In 2021, Genomtec launched the first genetic diagnostic test, SARS-Cov-2 EvaGreen Direct-RT-LAMP CE-IVD Kit, which enables the identification of SARS-CoV-2 infection from the patient's saliva in the European Union. Thus, the demand for genetic testing has experienced suddenly spiked due to the pandemic.
• However, according to the study published in Prenatal Diagnosis in March 2021, the COVID-19 pandemic may influence pregnant women's decisions about prenatal genetic testing. Patients' access to and use of prenatal genetic tests may be impacted by the pandemic. Hence, such a restraining factor imposed an adverse impact on the market initially, however, in later times the positive developments, such as COVID-19 related product launch, helped the market to gain positive momentum, thereby propelling the market growth.
• Genetic testing has been growing at an unprecedented rate, a large panel of tests is now available to screen a number of genetic diseases. Treatment is available for several rare genetic diseases and the procedure is gaining importance in scenarios, such as carrier testing, newborn screening, predictive and pre-symptomatic testing, etc. The major factors driving the growth of the European genetic testing market include increasing emphasis on early disease detection and prevention, increasing demand for personalized medicine, and increasing application of genetic testing in oncology, among others. For instance, in February 2022, the European Commission publicized four new European Union Cancer Plan activities to help Member States address inequalities, improve Human papillomavirus infection screening and vaccination, and support cancer survivors. This is anticipated to increase the diagnosis and genetic testing of cancer in the European nations for the early detection of cancers, thereby expected to drive the growth of this market.
• Furthermore, product launches, collaborations, and agreements relating to the genetic testing field are anticipated to boost market growth in Europe over the forecast period. For instance, in February 2022, Microbiome DX company Genetic Analysis AS and Institut für Medizinische Diagnostik, a part of the Medicover Group, launched the GA-map Dysbiosis Test in Germany. IMD was likely to activate its new Microbiome laboratory in February 2022 and add standardized microbiota testing to its existing test portfolio of products. This new Microbiota test offering is anticipated to be marketed to customers in Germany and Europe. Furthermore, in October 2021, Blueprint Genetics and BioMarin collaborated to launch a sponsored testing program for individuals with skeletal dysplasia in Europe. Hence, such collaborations and product launches are anticipated to boost the genetic testing market in Europe over the forecast period.
• Therefore, due to the increasing focus on early disease detection and prevention, increasing demand for personalized medicine, and increasing application of genetic testing in oncology, the genetic testing market in Europe is anticipated to witness growth over the forecast period. However, the high cost of genetic tests and social and ethical implications associated with genetic testing are the factors, that are expected to hinder the market growth.