As per the report, the size of the Companion Diagnostics Market in Europe was worth USD 1.1 billion in 2022 and estimated to be growing at a CAGR of 20.66%, to reach USD 2.81 billion by 2027.
The growing popularity of improving treatment procedures by properly analyzing diagnosis data and the growing number of targeted medicines, and the shift toward individualized medicine drive the companion diagnostics market in Europe.
Furthermore, a growing focus on next-generation sequencing technology and diagnostic procedures substantially impacts pharmaceutical development, which could stifle the expansion of the European companion diagnostics market.
Furthermore, with the help of private and public organizations, the market's growth rate is boosted by an increasing number of diagnostic centers with cutting-edge equipment and rising healthcare spending. Companion diagnostics also promotes improved treatment options for a specific ailment that are more appropriate for the patient, so boosting the companion diagnostics business in Europe.
As the number of COVID-19 cases grew, researchers concentrated their efforts on learning more about the virus and the symptoms it produced. Furthermore, the growing importance of companion diagnostics in drug discovery and the growing number of clinical investigations for potential medicinal therapy drive demand for companion diagnostics during COVID-19. Companion diagnostics are useful in clinical trials because they help researchers discover biomarkers and disease-specific therapy targets. As a result, market growth is expected to accelerate during the forecast period.
The lack of awareness and qualified specialists and the expense of installing and maintaining the technology necessitates large sums of money those small businesses cannot pay, which are expected to be stifling the growth of the companion diagnostics market in the European region. Frequent software updates and the time it takes to upgrade an existing one cost a little more. This characteristic is limiting the market's demand. Furthermore, the business has been hampered by a scarcity of experienced specialists to fix problems in real-time applications. During the first quarter of 2020, the European companion diagnostics market was negatively impacted by the pandemic, which has been declared a healthcare emergency by the WHO. When the epidemic spread quickly, all countries declared a state of emergency. A limitation on planes and transportation has a huge impact on the European companion diagnostics market.
This research report on the Europe Companion Diagnostics Market has been segmented and sub-segmented into the following categories:
Europe was the second-largest regional market globally for companion diagnostics in 2020. During the forecast period, the market's growth is also expected to be fuelled by increasing the number of patients suffering from various ailments such as cancer, heart disease, and others. In addition, the market's demand is being fuelled by a growing understanding of how to launch companion diagnostic procedures for various applications. As a result, EU countries such as the United Kingdom, Germany, and France are expected to have the largest market share in Europe during the projection period.
Improved efficacy/safety profiles of pharmaceuticals expedited drug regulatory approvals, lower healthcare expenditure, drug research costs, and increased partnerships between market companies and government agencies are further estimated to drive the European market during the forecast period.
Between 2022 and 2027, the United Kingdom will dominate the Europe Companion Diagnostics market. The growing importance of customized medicine and the co-development of therapeutic and diagnostic technologies can be ascribed to the expansion of the companion diagnostics market. In addition, the necessity for companion diagnostics is growing due to an increase in the number of cases of adverse medication responses.
Germany is expected to hold a substantial proportion of the European Companion Diagnostics market, following the United Kingdom. The companion diagnostics market is predicted to grow significantly over the forecast period, owing to increased targeted therapy research and development and a demand for personalized medication.
KEY MARKET PLAYERS:
A few of the promising companies operating in the Europe Companion Diagnostics Market profiled in this report are Abbott Molecular Inc., Roche Molecular Systems Inc., Leica Biosystems Nussloch GmbH, bioMérieux Inc., Dako Inc., Qiagen Ltd., ARUP Laboratories, Myriad Genetics Inc., Biogenex Laboratories Inc., Ventana Medical Systems Inc., and Thermo Fisher Scientific Inc.
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