Market Research Report
Europe Precision Medicine Market byTechnology ; End-users ; and for Application - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024
|Published by||Zion Market Research||Product code||680039|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|Europe Precision Medicine Market byTechnology ; End-users ; and for Application - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024|
|Published: March 22, 2018||Content info: 120 Pages||
The main aspect which will prompt the growth of the Europe precision medicine market is the increasing improved patient outcomes by using precision medicine. Moreover, the healthcare institutions in Europe are willing to use genetic testing and analytics technologies, payers willing to reimburse the cost of high-value drugs. Also, the drug companies that focus on developing new personalized therapies, companion diagnostics providers that propels the improvements in information gathering, and genetic analytics services which help interpret the results. Considering all the above factors the market for precision medicines in Europe is expected to propel significantly during the forecast period.
The Europe precision medicine market was valued at around USD 33,200.0 million in the year 2014 and it is expected to reach approximately USD 35,000.0 million by 2024. The Europe precision medicine market is expected to grow at aCAGR of over13% between 2017 and 2024.
The major factor driving the growth of Europe precision medicine market is the Increasing demand for personalized treatment. A large number of established online forums in the region, which help clinicians collaborate with one another and share information, which will help in the diagnosis and treatment of patients in a better manner.Increasing focus on targeted therapy by reducing trial and error medicine, advancement of technology in understanding human biology disease susceptibility, and a shift in the significance of medicine from reaction to prevention, among others will propel the precision medicines market in near future.
However, several clinical, economic, ethical and regulatory conditions will continue to challenge the growth of this industry in the years to come.
Big data analytics technology segment is accounted for the largest market share in 2017 and expected to dominate the market by the end of forecast period. Healthcare information technology platforms becoming more widely available that securely store and analyze vast amounts of electronic health record data from thousands of patients, providing doctors with new information and insight to help them deliver more personalized care to their patients.
The diagnostic tool companies segment dominates the European precision medicines market by end-users. Use of comprehensive profiling for patients to determine an appropriate treatment is one of the major advantages of precision medicines This includes not just genetics, but family history, diet, exercise, stress level and more. These factors enable a healthcare provider to develop an effective treatment plan that is not based on the average patient, but the individual patient, instead. Considering all the factors the diagnostic tool companies plays a major role in precision medicine market and hence contribute for the largest share.
Considering the applications of precision medicine market, Oncology segment is anticipated to hold the largest market share. In oncology, the genetic information provides the understanding that not only do tumors differ within tumor heterogeneity, but the information clearly shows that each patients individual tumor is an assemblage of inimitable molecular irregularities that will require an equally exclusive personalized therapeutic regimen. This has increased the preference for precision medicine in oncology applications.
Germany contributes to the largest market share of Europe precision medicine market. U.K. is expected to grow at high CAGR for the precision medicine deployments in Europe, due to different kinds of solutions being offered and services being delivered in the country. Moreover, countries such as Spain, France, and Italy have shown tremendous growth in precision medicine solution developments.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report areRoche, QIAGEN N.V., Cepheid, Inc, Johnson Johnson Services, Inc., Illumina, Almac Group, bioMrieux SA, Intel Corporation, GE Healthcare, Novartis, Thermo Fisher Scientific, and much more.
The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. For instance recently on 8th January 2018, GE Healthcare and pharmaceutical giant Roche announced a partnership to develop and co-market digital clinical decision support solutions. The companies said that they will focus on precision medicine products to accelerate and improve individualized treatments for cancer and critical care patients.