According to the report, the Europe Precision Medicine market is predicted to be valued at approximately USD 17,132 million in 2018 and is expected to reach a value of around USD 40,487 million by 2025, at a CAGR of around 13.1% between 2019 and 2025.
Precision medicine is the medical prototype that recommends the healthcare customization through therapies, medical decisions, products, and practices personalized to the individual patient healthcare or medical/clinical requirements. In the precision medicine model, diagnostic testing is utilized for choosing apt or alternate medical treatment mode depending on patient’s genetic make-up or structure as well as cellular analysis. Tools used in precision medicine comprise analytics, molecular diagnostics, and imaging techniques.
Furthermore, precision medicine enhances health outcomes, minimizes toxicity, and raises cost-efficiency. It allows the patient to optimize disease management.
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Growing requirement of enhancing patient outcome to impel the market growth in Europe
Patient outcomes are likely to be improved through the utility of precision drugs in the European continent. It comprises of medical institutes ready to make genetic testing & analytics tools and investors willing to compensate the drug costs. Apart from this, drug institutes in Europe are focusing on creating new personalized modes of treatments while companion diagnostics providers are concentrating on gathering data efficiently. Additionally, genetic analytics help in interpreting the outcomes of the clinical data of the patients.
Moreover, Europe has played a major role in steering the transformation of the healthcare industry through the effective delivery of patient care services. Apparently, growing occurrence of cancer will enhance the demand for the product in Europe over the forecast period. However, high initial costs of the precision drugs can hamper the market growth during the period from 2019 to 2025. Nevertheless, introduction of new techniques in precision medicine production will offer new growth avenues for the European market, thereby nullifying the negative impact of the hindrances on the market growth over the forecast period.
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Big data analytics segment to register the highest CAGR over the forecast period
The big data analytics segment is set to record the highest growth rate of over 14% during the forecast timeline. The growth of the segment over the forecast timeline is due to constant learning arrangement and real-time knowledge outcomes.
Oncology segment to dominate the application landscape by 2025
The segmental growth over the period from 2019 to 2025 is owing to the launching of new initiatives in the region like the commitment made by the European society for medical oncology in order to aid and shape the emergence of pattern shifting in treating cancer.
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Germany to lead the European precision medicine industry growth by 2025
The growth of the market in Germany is owing to large-scale deployments of precision medicine units along with myriad types of services offered by the healthcare firms in the country.
Some of the key players involved in the business include Thermo Fisher Scientific, Cepheid, Intel Corporation, Randox Laboratories, Novartis, Almac Group, Illumina, Johnson & Johnson, Qiagen, GE Healthcare, Roche, IBM, Laboratory Corporation of America Holdings, Abbott Laboratories, Biomrieux Sa, and Healthcore among others.
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This report segments the Europe Precision Medicine market as follows:
Europe Precision Medicine Market: By Technology Analysis
- Big Data Analytics
- Gene Sequencing
- Companion Diagnostics
- Drug Discovery
Europe Precision Medicine Market: By End-User Analysis
- Diagnostic Tool Companies
- Clinical Labs
- Healthcare IT/Big Data Companies
- Pharma & Biotech Companies
Europe Precision Medicine Market: By Application Analysis
Europe Precision Medicine Market: By Country-wise Segment Analysis
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
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