The pharmacogenomics market size in Europe is expected to grow from USD 2.21 billion in 2023 to USD 3.53 billion by 2028, growing at a CAGR of 9.84% from 2023 to 2028.
Pharmacogenomic is a study that helps in understanding how an individual’s genes or DNA will react to various drugs. Recently, pharmacogenomics was used to develop personalized medicine for a wide range of health problems, including cardiovascular disease, Alzheimer's disease, cancer, and asthma.
The growing cancer patient population and rising incidence of infectious diseases are primarily driving the growth of the European pharmacogenomics market growth. As per the data published by the American Cancer Society, an estimated 4 million new cancer cases and nearly 2 million cancer deaths per year have been reported in the European region. The increase in several types of cancer such as lung cancer, breast cancer, and liver cancer and increased mortality rate due to cancer are fuelling the adoption of drugs developed through pharmacogenomics studies among the European population.
The growing adoption of personalized medicine is another factor contributing to the pharmacogenomics market growth in Europe. Normally, drugs are manufactured based on the system that "one size fits all". In this scenario, the drugs taken by the population will not work uniquely for an individual and it may lead to several complications, overdose and underdose errors and may lead to death in severe cases. As per a recent survey, nearly 197,000 deaths and 5 percent of hospital admission are happening due to adverse drug reactions in Europe. To prevent all these adverse drug reactions, people are preferring to have personalized drugs for the correct dosage and have a fast recovery time. Using pharmacogenomics helps in taking safe medications that can be prescribed based on the person's genetic structure.
The growing number of advancements in the development of pharmacogenomics is propelling the growth of the European pharmacogenomics market growth. Several advanced technologies are used in pharmacogenomics which helps to provide effective drugs for every chronic and infectious disease. Increasing research and development also helps market growth. Researchers are increasingly learning how variants in genes affect the body’s response to medications. This will help to predict which medication will work effectively for an individual.
On the other hand, high costs associated with the R&D of pharmacogenomics are the major factor that restrains the European market growth. Lack of awareness about pharmacogenomics, lack of skilled professionals, long-time approvals of drugs, and side effects of using personalized drugs are the other factors that hamper the market growth during the forecast period.
This research report on the Europe pharmacogenomics market has been segmented and sub-segmented into the following categories.
Geographically, the European market accounted for a substantial share of the worldwide market in 2022 and is predicted to grow at a promising CAGR during the forecast period owing to the growing advancements in healthcare infrastructure and increasing healthcare expenditure. The governments of European countries have been increasing their investments in the development of pharmacogenomics which helps in reducing the healthcare cost and improves the patients' quality of life.
The pharmacogenomics market in Germany is anticipated to hold the major share of the European market during the forecast period owing to the rising usage of pharmacogenomics in anti-depression drugs. Germany is witnessing an increase in depression among the population compared to previous years leading to more demand for the pharmacogenomic market. Due to less success rate of generic depression drugs, most people are preferring to have personalized drugs to cure depression.
The UK pharmacogenomics market is also predicted to capture a considerable share of the European market during the forecast period. To improve patient health outcomes, UK national health service has adopted pharmacogenomics which helps to provide the genomic medication with fast recovery and fewer side effects to the patients. Increasing clinical trial centers and increasing support from the number of pharmaceutical companies are the other factors for the market growth in the United Kingdom.
KEY MARKET PLAYERS:
Thermo Fisher Scientific Inc., Abbott Laboratories Inc., F. Hoffmann-La Roche AG, Bio-Rad Laboratories and Biomerieux SA are some of the major players in the European pharmacogenomics market.
The Europe pharmacogenomics market size in 2023 is expected to be USD 2.21 billion.
The growing aging population, an increasing prevalence of chronic diseases, and a growing awareness of personalized medicine are majorly driving the pharmacogenomics market in Europe.
Roche, Thermo Fisher Scientific, Qiagen, Illumina, and Biocartis are the notable players in the European pharmacogenomics market.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org