Europe Genetic Testing market was valued at US$ 2,472.0 Mn in 2020 and it is projected to reach at US$ 4,262.4 Mn by 2027, at a CAGR of 8.5% during the forecast period.
Major factors accounting for this growth include the increase in incidences of genetic, infectious & chronic diseases, reduction in prices of genetic sequencing, rising adoption of precision medicine diagnostic techniques. Genetic testing is defined as medical test which detect changes in proteins, genes or chromosomes. The test results are able to confirm a speculated underlying genetic condition or aid in determining an individual’s chance of developing/ passing on a genetic disorder.
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Europe Genetic Testing market report has provided key-insights on several factors which are poising as drivers for the Europe Genetic Testing during the forecast period. The report also consists different volume trends, value aspects of the products & the pricing history of the same. Several primary factors driving substantial growth in the global Europe Genetic Testing include mounting global population, different relevant government regulations introduced & their impact and the demand & supply mechanism functioning in the Europe Genetic Testing.
Market Drivers: Increasing focus of government for genetic testing awareness
The growing focus by governments of several countries, to regulate& create awareness regarding genetic tests, has successfully resulted in the faster adoption of these tests worldwide. The rise in Research & Development funding, with the strong market presence by major players in the market, has created a strong entry barrier for new entrants. The increasing innovation in product design, improvement in quality, and strong distribution partnerships are key factors to retain a competitive edge in the market.
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Market Key Players
Various key players are listed in this report such as Abbott Laboratories, Illumina Inc., Eurofins Scientific, Qiagen, Elitech Group, Thermo Fischer Scientific, Centogene AG, Blueprint Genetics, 23andMe Inc., F. Hoffmann-La Roche Ltd, etc.
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