The Europe companion diagnostics market is estimated to develop with a CAGR of 13.06% during the forecasting period of 2022 to 2030, reaching a revenue share of $3997.91 million by 2030.

Some of the key factors ascribed to the market growth of the region include the increasing focus on collaborative research and development for the progression of precision medicine technologies, as well as the rising demand for technologically advanced medical diagnostics. However, the Europe companion diagnostics market growth is likely to be restrained due to country-specific technology evaluation and reimbursement policies as well as the lack of support from private payers in terms of promoting companion diagnostic testing.

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The Europe companion diagnostics market growth study covers a detailed analysis of the United Kingdom, France, Germany, Spain, Poland, the Netherlands, Italy, and Rest of Europe. Unlike other European nations, the companion diagnostics evaluation process in the United Kingdom is incorporated with technology appraisal for an associated targeted drug, thus avoiding delays in the decision-making process. The country’s government has also set up an assessment program for companion diagnostic tests when various tests from identical biomarkers are available. However, since the exact funding mechanism for companion diagnostics is unclear among various stakeholders in the United Kingdom, companies are paying a substantial amount for these tests on a temporary basis.

Conversely, the market growth in Germany is mainly credited to the rising need for targeted diagnoses in order to minimize unwanted expenditure on high-cost targeted treatments, without the foreknowledge of its success and advantages. Prominent companies, such as Dr. Regenold GmbH, Protagen AG, Evotec AG, R Biopharm AG, Qiagen NV, and Seimens Healthineers, have also revised their market penetration strategies in the country to generate value for all stakeholders, including physicians, policymakers, patients, and others.

Furthermore, a new law was enforced in the country in 2015 regarding establishing a time limit for evaluating innovative diagnostic tests, including companion diagnostics. This factor also represented a notable development in the right direction towards addressing the restraints prevalent in the Germany companion diagnostics market. Hence, these drivers are expected to influence the market growth in Europe during the forecast years.

The Europe companion diagnostics market is segmented into technology, indication, products & services, and end-user. The indication category includes oncology, neurology, infectious diseases, and other indications. The rise in cancers globally is set to bolster the deployment of companion diagnostics. These devices are utilized in the oncology segment for developing highly accurate medicine and therapy for specific cancer cases.

The neurology segment constitutes companion diagnostics tests used to precisely diagnose patients diagnosed with neurological conditions like Aicardi syndrome, neurodegeneration, Asperger syndrome, neuralgia, and various others. Moreover, companion diagnostics in neurology also offer support for accurate drug development as well as drug discovery by performing clinical trials.

Top players operating in the Europe companion diagnostics market include Biocartis, Almac Group, Biomerieux, etc.

Biocartis, headquartered in Belgium, is a cutting-edge commercial stage molecular diagnostics (MDx) company that designs next-generation diagnostic solutions to benefit doctors, patients, as well as the healthcare industry.

The company also provides advanced analyses, diagnostic tools, and a diagnostic technology platform for the multiplexed detection of bio-analyses used in a varied range of applications. Furthermore, Biocartis has expanded its research and development initiatives in the infectious disease division and the field of oncology, as well.

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