Europe precision medicine Market Size, Share, Growth Report 2030

Industry Prospective:

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.

Europe precision medicine Market: Overview

Precision medicine has gained popularity across the world and this trend is anticipated to be prominent in the European region as well. –Increasing prevalence of chronic diseases, rising geriatric population, high research and development activity, and presence of key precision medicine manufacturers are some of the major factors that drive the Europe precision medicine market potential.

Increasing investments in healthcare infrastructure will further bolster the Europe precision medicine market potential in the long run. Rising instances of cancer are also projected to provide an impetus to the Europe precision medicine market growth through 2028.

However, the high costs associated with maintenance and installation of precision medical devices are expected to have a hindering effect on the global Europe precision medicine market growth over the forecast period.

COVID-19 Impact:

The COVID-19 pandemic had led to an increase in focus on the use of precision medicine owing to its high efficacy in safeguarding people from non-communicable diseases. Precision medicine is mainly used for cancers and diabetes the patients do not contract COVID-19. The demand for the same was high in the pandemic.

However, the Europe precision medicine market did not grow to its full potential despite high demand owing to changing world situations under the lockdowns that were imposed to contain the spread of coronavirus infections on a global scale.

The Europe precision medicine market is expected to see immense potential in the post-pandemic era as the healthcare technologies advance and precision medicine becomes more cost-effective and affordable for healthcare providers as well as patients.

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Europe precision medicine Market: Growth Drivers

Increasing Research and Development Activity

There have been substantial advancements in the global healthcare industry and this trend is anticipated to boost the Europe precision medicine market potential over the forecast period. As the prevalence of chronic diseases is increasing and the demand for better treatment and diagnosis as well, the Europe precision medicine market is expected to see high demand. Increasing investments in research and development by healthcare companies and governments alike are expected to be prominent trends driving the Europe precision medicine market potential through 2028. 

Europe precision medicine Market: Restraints

High Installation and Maintenance Costs to Hamper growth

Precision medicine requires special equipment which is high in cost and is also costly to install and maintain and this factor alone is anticipated to have a major hindering effect on the Europe precision medicine market growth over the forecast period. Europe precision medicine companies are focusing on finding more affordable solutions to boost the adoption of precision medicine in Europe.

Global Europe precision medicine Market: Segmentation

The global Europe precision medicine market is segregated based on technology, application, and region.

By Application, the Europe precision medicine market is segmented into Oncology, CNS, Immunology, Respiratory, and Other Applications. The oncology segment is projected to be the most lucrative in the Europe precision medicine market landscape over the forecast period. Increasing demand for novel treatments for cancer and rising instances of cancer will majorly shape the growth in this segment through 2028.  

Recent Developments

• In November 2016 – International Consortium for Personalized Medicine, ICPerMed was launched by European and international members to advance research and bolster the use of personalized medicine in the European region and across the world.

Regional Landscape

Europe is anticipated to see high demand for precision medicine owing to rising investments in the healthcare sector to advance healthcare facilities and provide better treatment opportunities. Increasing support from government initiatives to boost the adoption of precision medicine will also majorly influence Europe’s precision medicine market potential through 2028. The United Kingdom holds a major market share in the Europe precision medicine industry landscape and is expected to maintain this stance over the forecast period as well. Increasing research activity and the rising use of genome analysis are other factors that will drive the market potential in the United Kingdom through 2028. France, Germany, Spain, and Italy are also expected to be highly lucrative markets owing to increasing investments in the advancement of healthcare infrastructure.  Increasing demand for better treatment and diagnosis will be a major trend prevalent in all countries in Europe.

Report Scope:

Competitive Landscape

Some of the main competitors dominating 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.

Global Europe precision medicine market is segmented as follows:

By Technology

• Big Data Analytics
• Bioinformatics
• Gene Sequencing
• Drug Discovery
• Companion Diagnostics
• Other Technologies

By Application

• Oncology
• CNS
• Immunology
• Respiratory
• Other Applications

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa