11-May-2022 | Zion Market Research
The global Europe precision medicine market was worth around USD 14,926.5 million in 2021 and is estimated to grow to about USD 27469 million by 2028, with a compound annual growth rate (CAGR) of approximately 10.7 percent over the forecast period. The report analyzes the Europe precision medicine market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Europe precision medicine market.
The Europe precision medicine market is anticipated to have a bright outlook owing to rapid advancements in the healthcare industry of this region. Increasing focus on research and development of novel treatment and diagnostic procedures will drive the Europe precision medicine market potential through 2028.
Precision medicine means a treatment or medicine specifically tailored for the individual biology of the patient and hence is expected to be a more effective way of a treatment since the popularity of this is rising it will also aid the Europe precision medicine market potential in a proceeding manner.
However, the high costs associated with the purchase of equipment, installation, and maintenance are expected to restrain the adoption of Europe precision medicine over the forecast period. The Europe precision medicine companies are expected to focus on pioneering affordable solutions to make this available to all patients without burning a hole in their pockets.
Increasing supportive initiatives from the government is also expected to provide a lucrative setting for Europe precision medicine companies in the coming years. Increasing cases of cancer and a rising geriatric population are also expected to favor Europe’s precision medicine market potential in the long run.
The pandemic of 2020 led to an increase in demand for precision medicine but this demand was not met with its full potential owing to restrictions that were placed on a global scale to curb the spread of coronavirus infections. However, the market did see some growth in potential in the pandemic and got a little boost in popularity as well.
The Europe precision medicine market is expected to perform extremely well in the post-pandemic era as research advances and the availability of precision medicine solutions increases on a global basis. Supportive government initiatives will majorly boost the Europe precision medicine market potential over the forecast period.
The global Europe precision medicine market is segregated based on technology, application, and region. Based on application, the global market is distinguished into home Oncology, CNS, Immunology, Respiratory, and Other Applications. The rising incidence of cancer will make the oncology segment a highly rewarding one over the forecast period. Increasing investments in the development of novel treatments for cancer will further advance the Europe precision medicine market over the forecast period.
The European region will see high demand for precision medicine owing to rising investments from government and healthcare companies to advance research and development of novel treatments and diagnostic procedures as the prevalence of chronic diseases increases in this region. Rising cases of cancers and increasing demand for better treatment solutions are expected to further bolster the Europe precision medicine market potential in the long run. The United Kingdom will be the most noteworthy market in this region followed by France. Increasing investments in the healthcare industry and supportive government initiatives will major influence growth in these countries. Other prominent markets in this region are estimated to be Germany, Spain, Italy, etc.
Key players functioning in the global Europe precision medicine market include 23andMe, Allscripts Healthcare LLC, Astarte Medical, AstraZeneca PLC, Biogen, Bristol-Myers Squibb, F Hoffmann-La Roche AG, Kailos Genetics Inc., Laboratory Corporation of America Holdings, Medtronic PLC, Myriad Genetics Inc., Novartis AG, Pfizer Inc., Qiagen NV, Quest Diagnostics, Thermo Fisher Scientific Inc.
Browse the full “Europe precision medicine Market By Technology (Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics, Other Technologies), By Application (Oncology, CNS, Immunology, Respiratory, Other Applications), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/europe-precision-medicine-market
Global Europe precision medicine market is segmented as follows:
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