27 years after the first edition, the European Commission
("EC") adopted on 8 February 2024 a revised Market
Definition Notice (the "Revised Notice") reflecting
"new market realities", including significant
developments in the life sciences and technology sectors.
Focusing on factors other than price – such as innovation,
quality, security of supply, and sustainability – the Revised
Notice represents a useful tool for businesses, advisors, antitrust
authorities, and national courts alike. Here we consider some of
the key changes introduced by the Revised Notice.
Role of market definition and Revised Notice
Market definition is a tool used to define the boundaries of
competition between companies, and an important framework used by
the EC in both antitrust enforcement pursuant to Articles 101 and
102 on the Treaty on the Functioning of the European Union
("TFEU"), and in merger control enforcement under the EU
Merger Regulation.
