The precision oncology market size in Europe is predicted to be valued at USD 51.85 billion by 2028 from USD 32.8 billion in 2023, growing at a CAGR of 9.59% from 2023 to 2028.
The growing cancer patient population in Europe is majorly driving the European precision oncology market growth. As per a recent survey, an estimated 2.7 million new cancer cases and 1.3 cancer deaths are recorded in the European Union every year. Precision oncology plays a major role in providing treatment based on the individual patient's characteristics and the molecular profile (found in blood, other body fluids, or tissues) of the tumor to provide a new way of treatment for that person based on the results.
The growing awareness regarding the benefits of precision drugs among healthcare providers and the European population is propelling the precision oncology market growth in Europe. The demand for precision oncology is driven by the growing preference from people to have personalized medications for individual treatment leading to better immunity in the patient and providing more benefits compared to normal medication. Precision medicine is developed with the individual’s unique genetic profile and DNA sequence which helps provide fast treatment of diseases and prevents diseases in their early stage. Precision medicine can also help avoid the intake of toxic and high dosages of medicine by patients. By considering all these factors precision oncology and precision medicine have the highest market share during the forecast period.
The increasing use of advanced technologies in precision oncology is further fuelling the growth of the European market. One of the most used latest technologies in precision oncology is liquid biopsy which helps to provide information about the type of cancer in the patient and provide correct treatment according to their genomic results. Furthermore, an increasing number of reimbursement policies in favor of precision oncology, rapid adoption of advanced technologies such as artificial intelligence in cancer treatment procedures, and rising support from the European governments are contributing to the precision oncology market growth in Europe.
On the other side, factors such as high costs associated with precision oncology treatments, poor awareness levels among the European population regarding precision oncology, lack of skilled professionals, lack of diagnostic laboratory infrastructure, and lack of proper investment for the development of precision oncology techniques are hampering the European market growth.
This research report on the Europe precision oncology market has been segmented and sub-segmented into the following categories.
By Product Type:
By Cancer Type:
Geographically, the European precision oncology market accounted for a substantial share of the global market in 2021 and is predicted to grow at a notable CAGR during the forecast period owing to the increasing usage of advanced technologies in cancer patient treatment. In recent years, Europe has adopted precision treatment or genomic treatment and precision medicine to improve the health of an individual for some chronic diseases such as cancer which helps in reducing the mortality rate. Increasing awareness programs about precision oncology treatment that helps to locate the main reason for cancer among cancer patients is also supporting market growth in the region. This process also helps to locate the exact position of the cancer development and increases the life span of the patient.
The UK precision oncology market captured the leading share of the European market and is predicted to witness a healthy CAGR during the forecast period. The growth of the UK market is majorly driven by the growing number of research centers for precision oncology studies. With increasing cancer cases and different types of cancer among the population, oncologist research is increasing with growing clinical trials for the development of treatment and medicine which helps cancer patients. Increasing universities for studying precision oncology also helps the development of the market growth.
The German precision oncology market is predicted to witness a notable CAGR during the forecast period. The growth of the German market can be attributed to the increasing investments by the German government in the development of precision oncology to provide unique treatment to patients. Researchers in this region focus on studying different types of previous precision oncology records for the treatment which may help future precision oncology treatments. Researchers are maintaining a clinical database of all these patients to improve the treatment based on the research processes.
KEY MARKET PLAYERS:
Roche, AstraZeneca, Novartis, Illumina, Siemens Healthineers, Thermo Fisher Scientific and Merck KGaA are some of the notable companies in the European precision oncology market.
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