At 14.6% CAGR, Europe Genetic Testing Services Market is Projected to be Worth US$ 2,778.42 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe genetic testing services market was valued at US$ 931.11 million in 2022 and is expected to reach US$ 2,778.42 million by 2030, registering a CAGR of 14.6% from 2022 to 2030. Growing preference for direct-to-consumer (DTC) genetic testing and increasing awareness and acceptance of personalized medicines are among the critical factors attributed to drive the Europe genetic testing services market growth.

Personalized genetic testing and treatment have long been used globally to help individuals and families learn more about hereditary diseases. Most of the time, genetic testing is done through healthcare personnel, such as genetic counselors. Healthcare providers decide which test is needed, order the test from a test center, collect and send the DNA sample, read the test results, and share the results with the patient. Thus, these tests have traditionHally been ordered and interpreted in a clinical or medical research setting. In contrast, DTC genetic testing has witnessed tremendous growth in the past decade and is becoming increasingly widespread. A genetic test offered, advertised, and sold by companies directly to the consumer, without the direct involvement of a conventional healthcare system, is called DTC genetic testing. DTC genetic testing is relatively new and helps people find out about the disease-associated genes they may carry without the need for a prescription or guidance from a genetic counselor or medical practitioner. Several consumers of DTC testing view it as another method of gathering medical information about themselves. Unlike other genetic tests performed in clinics or hospitals, the consumer independently initiates and completes a DTC genetic test. The public understanding and acceptance of genetic testing is gradually increasing. Additionally, there is a rise in consumers seeking customized products and experiences for the identification and addressing of unique needs. The launch of innovative products and the increase in the adoption of DTC genetic testing kits have made genetic testing more accessible to people. These kits enable users to undergo personalized health management within the comfort of their homes. Key industry players are also developing DTC genetic tests and implementing special marketing efforts that positively impact sales of DTC tests. A rising number of manufacturers are providing direct-to-consumer genetic testing that covers various health conditions and traits. The increasing demand for direct-to-consumer genetic testing products to learn about the genetic makeup and assess the risk of developing hereditary conditions for early disease detection or prevention drives the market.

On the contrary, social and ethical implications of genetic testing hampers the growth of Europe genetic testing services market.

Based on service type, the Europe genetic testing services market is segmented predictive testing, carrier testing, prenatal testing, newborn screening, and others. The predictive testing segment held 38.9% market share in 2022, amassing US$ 362.50 million. It is projected to garner US$ 1,185.45 million by 2030 to register 16.0% CAGR during 2022–2030.

In terms of disease, the Europe genetic testing services market is categorized into cancer, metabolic diseases, cardiovascular diseases, and other diseases. The cancer segment held 45.3% share of Europe genetic testing services market in 2022, amassing US$ 421.40 million. It is anticipated to garner US$ 1,362.63 million by 2030 to expand at 15.8% CAGR during 2022–2030.

By service provider, the Europe genetic testing services market is segmented into hospital-based laboratories, diagnostic laboratories, and others. The hospital-based laboratories segment held 63.4% share of Europe genetic testing services market in 2022, amassing US$ 590.51 million. It is projected to garner US$ 1,903.84 million by 2030 to expand at 15.8% CAGR from 2022 to 2030.

By country, the Europe genetic testing services market is segmented into the UK, Germany, France, Spain, Italy, and the Rest of Europe. Our regional analysis states that Germany captured 23.1% share of Europe genetic testing services market in 2022. It was assessed at US$ 215.28 million in 2022 and is likely to hit US$ 668.15 million by 2030, registering a CAGR of 15.2% during 2022–2030.

Key players operating in the Europe genetic testing services market are Eurofins Scientific SE, Exact Sciences Corp, Laboratory Corp of America Holdings, 23andMe Holding Co, Quest Diagnostics Inc, Illumina Inc, F. Hoffmann-La Roche Ltd, NeoGenomics Inc, and Centogene AG, among others.

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