Europe Precision Medicine Market Expected to Reach USD 72,800.0 Million by 2022
The Europe precision medicine market is expected to exhibit a CAGR of more than 10.2% between 2017 and 2022.
The new report by Zion Market Research on the “Europe Precision Medicine Market byTechnology (Big Data Analytics, Bioinformatics, Gene sequencing, Drug Discovery, Companion Diagnostic, and Others); End-users (Diagnostic tool companies, Healthcare IT/ Big data companies, Pharma & Biotech companies, and Clinical Labs); and for Application (Oncology, CNS,Immunology, Respiratory and Others) – Europe Industry Analysis, Size, Share, Growth, Trends, and forecast 2014 – 2022" has a vast information about the market and its potential. The Europe precision medicine market was valued at around USD 33,200.0 million in the year 2014 and it is expected to reach approximately USD 72,800.0 Million by 2022. The Europe precision medicine market is expected to exhibit a CAGR of more than 10.2% between 2017 and 2022.
The healthcare institutions in Europe are willing to use genetic testing and analytics technologies, payers willing to reimburse the cost of high-value drugs, drug companies that focus on developing new personalized therapies, companion diagnostics providers that drive improvements in information gathering, and genetic analytics services which help interpret the results. Considering all the above factors the market for precision medicines in Europe will significantly drive the market during the forecast period.
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There will be an increasing demand for the Europe precision medicine market from the Diagnostic tool companies. Also, rising prevalence of cancer in the region will increase the preferences and tailors therapeutic interventions to the individual molecular features of a patient and/or their disease.
The sector’s faster growth above the pharmaceutical industry is helped by the anticipated transition to more precision medicines, as well as the good growth within particular subsectors. Precision medicines contribute to the major segment of revenue in the pharmaceutical sector and are expected to continue during the forecast period.
There are several type technologies in precision medicines. The big data analytics segment is having a huge demand in the Europe precision medicine market owing to increased applications in the healthcare, and healthcare IT sectors. The role that big data analytics may have in interrogating the patient electronic health record toward improved clinical decision support, which will boost the segment in near future.
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Due to the increase in awareness and high demand for diagnostic tools & instruments for targeted therapies, the diagnostic tool companies are dominating the Europe precision medicine market.
As there are a number of applications where precision medicine is being used the demand for the Europe Precision Medicine market is increasing exponentially. Among them, the major demand for the market is Oncology and immunology application. Cancer is among the leading causes of death, both nationally and worldwide. The sequencing of individual patient tumors has revolutionized oncology because the genetic information facilitates the elucidation of molecular changes in a specific patient’s cancer.
The country that is having an influential share in the Europe Precision Medicine market in Germany. Owing to the different kinds of solutions being offered and services being delivered in the country is flourishing the market during the forecast period.
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The major market players in the Europe Precision Medicine market are Roche, QIAGEN N.V., Cepheid, Inc, Johnson & Johnson Services, Inc., Illumina, Almac Group, bioMérieux SA, Intel Corporation, GE Healthcare, Novartis, Thermo Fisher Scientific, among others.
The Europe precision medicine market is segmented on the basis of the technology, application, and the geographical regions.
Europe Precision Medicine Market: Technology Segment Analysis
Big Data Analytics
Europe Precision Medicine Market: End-user Segment Analysis
Diagnostic tool companies
Healthcare IT/ Big data companies
Pharma & Biotech companies
Europe Precision Medicine Market: Application Segment Analysis
Europe Precision Medicine Market: Country Segment Analysis
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