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.
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.
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
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:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
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
By Application
By Region
This report is based on in-depth qualitative and quantitative analyses of the global Europe Precision Medicine market. Zion Market Research has collected and analyzed key data belong to the global Europe Precision Medicine market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Europe Precision Medicine across the world has been calculated through primary and secondary research.
Zion Market Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Europe Precision Medicine industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Europe Precision Medicine market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Request the coronavirus impact analysis across industries and markets
Increasing focus on healthcare and rising demand for precision medicine in oncology are major trends that guide Europe precision medicine market growth.
According to the Market Research report, the global Europe precision medicine market was worth about US$ 14,926.5 million in 2021 and is predicted to grow to around US$ 27469 million by 2028, with a compound annual growth rate (CAGR) of around 10.7 percent.
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
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.
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