The European Precision Medicine Market size is estimated to be worth USD 28.05 billion by 2028 from USD 16.72 billion in 2023, growing at a CAGR of 10.9% from 2023 to 2028.
Precision Medicine refers to the tailoring of medical treatment to the individual characteristics of each patient. This new approach enables doctors to assess disease risk better and predict optimal therapy.
The rising prevalence for the development of new drugs with the help of genome therapies is lucratively elevating the market's growth rate. Also, increasing focus on expanding healthcare centers with high-quality treatment procedures is leveraging the growth rate of precision medicine in Europe. Besides, the growing advantages of precision medicine in cancer diagnostics and therapeutics greatly influence the demand of the market. Surging cancer cases and growing demand from the patients to develop accurate medicines are leveling up the growth rate of this market to the extent. The emergence of advanced technologies and ongoing research and development activities with genetic technologies favor boosting market demand. The rising number of clinical trials and growing demand to utilize next-generation sequencing techniques are propelling the market's growth rate.
However, the high cost for the maintenance and installation of the devices in the laboratories and diagnostic centers is slowly declining the market's growth rate. Lack of standardization is one of the major factors hindering the personalized market's growth rate in Europe. Along with this, rising threats to privacy data are hampering market demand. Government organizations are imposing strict rules to approve a new product, which impedes the growth rate of the market. Also, fewer training sessions and a lack of proper knowledge in examining the genes and proteins of an individual are likely to limit the demand of this market.
COVID 19 Impact on European Precision Healthcare Market:
Since the COVID 19 pandemic has started, precision medicine is a sign to treat non-communicable diseases. As people with various health disorders like cancer, cardiovascular, and diabetes are at higher risk of the novel coronavirus, there is a huge demand for precision medicine patients. To fight against the coronavirus, it is vital to find innovative products for the patients affected with the COVID 19. All the healthcare services are completely focusing on preventing severe illness from COVID 19. Government and non-government organizations find a way to develop a vaccine for the coronavirus and collect data from cancer, cardiovascular, and diabetes patients affected by the COVID 19. To build strong healthcare services during this outbreak, precision medicine is playing an important role.
This research report on the European Precision Medicine Market has been segmented and sub-segmented into the following categories:
By Technology, the drug discovery market holds the largest share, followed by gene sequencing and companion diagnostics, and big data analytics is expected to grow at the highest CAGR.
By Application, the oncology segment holds the largest market share, followed by the CNS and immunology segments.
Europe is following North America is leading the dominant shares of the market. Constant economic growth is one of the factors impelling the demand of the market in this region. Rising government initiative in favor of the end-user is also surging the growth rate of the market. For instance, in November 2016, European and international members with policy-making organizing launched an International Consortium for Personalised Medicine, ICPerMed. This initiative is propelling the research activities to develop accurate, precision medicine.
Among all, the UK is holding with the largest shares of the market. The increasing scale of research centers and laboratories is impacting positively on the growth rate of the market. Increasing the genome analysis experience to the professionals is also leveraging the market's growth rate in this country. Genomic medicine is associated with cancer cases where understanding the tumor cells will make the physicians prescribe precision medicine. This is anticipated to fuel the growth rate of the market tremendously. Big data is a newly emerging technology in the pharma & biotech companies, accelerating precision medicine demand.
The precision medicine market is growing in the UK and is one of the leaders in precision medicine. The UK government has invested 210 million pounds in the development of precision medicine and genome sequencing. This will help promote better diagnosis for rare diseases, and those who have cancer can get better access to personalized treatment programs. Increasing support from the government and non-government organizations is a major factor in enhancing the market's growth rate.
France is following the UK in leading dominant shares of the market. The French government launched a new platform called Human MEDicine (Hu-PreciMED), which included around 45 companies from digital and medical companies. This project will connect the companies to improve the current therapeutic method. Increasing COVID-19 cases is also ascribed to bolster the growth of the market.
The precision market size is growing in Spain. The Spanish government has developed a new infrastructure for precision medicine. Also, the rise in disposable income is escalating the growth rate of the market. Increasing incidences of chronic diseases are additionally propelling the demand of the market. Raising awareness through campaigns and digital advertisements is also greatly influencing the demand for the precision market in Spain. The growing geriatric population is enhancing the growth rate of the market.
Key market participants dominating the European Precision Medicine Market are Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics.
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