Precision Medicine Market in Europe Projected to Reach USD 35,500.0 Million by 2024

New York, NY, March 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Europe Precision Medicine Market byTechnology (Big Data Analytics, Bioinformatics, Gene sequencing, Drug Discovery, Companion Diagnostic, and Others); End-users (Diagnostic tool companies, Healthcare IT/ Big data companies, Pharma & Biotech companies, and Clinical Labs); and for Application (Oncology, CNS,Immunology, Respiratory and Others) – Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024”.

According to the report, 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 35,500.0 million by 2024. The Europe precision medicines market is expected to exhibit a CAGR of more than13% between 2017 and 2024.

Browse through 24 Tables & 27 Figures spread over 110 Pages and in-depth TOC on "Europe Precision Medicine Market Size & Trends 2016: Industry Research, Growth Analysis & Forecast, 2024”.

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Market Report Highlights:

  • Increasing rate of severe diseases and raising awareness to prevent them will boost the precision medicines market throughout the forecast period.
  • The countries such as Germany and UK are expected to experience a significant market growth with different kinds of solutions being offered and services being delivered. Moreover, in the last few years, countries such as Spain, France, and Germany have shown tremendous growth in precision medicine solution developments.
  • The rising concern of privacy is expected to restrict the growth of Europe precision medicine market.
  • Big data analytics dominates the technology segment of the Europe precision medicine market owing to increased applications in the healthcare, and healthcare IT sectors.
  • The increasing awareness and use of targeted therapies for lethal diseases such as cancer require proper diagnostics. Hence the diagnostic tool companies are expected to acquire a major share of market over the forecast period.
  • Oncology dominates the Europe precision medicine market by applications. As cancer is among the leading causes of death, both nationally and worldwide. Precision medicine is particularly important in oncology, as it requires an in-depth understanding of the tumor biology of each patient.
  • Many big players in precision medicine are involved in the process of innovating new products and technologies to promote and facilitate the growth of the precision medicine market.

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According to the analysts and insights shared by industry experts during primary research, Healthcare IT/ Big data companies will be a business that will open up many opportunities for the Europe Precision Medicine market. As personalized health care has the capacity to detect the onset of a disease at its earliest stages, anticipate the progression of the disease and, at the same time, increase the efficiency of the health care system by improving quality, accessibility and affordability will increase the share of the healthcare IT in near future.

The healthcare institutions in Europe are willing to use genetic testing and analytics technologies, payers willing to reimburse the cost of high-value drugs, drug companies that focus on developing new personalized therapies, companion diagnostics providers that drive 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 will significantly drive the market during the forecast period.

Browse the full "Europe Precision Medicine Market by Technology (Big Data Analytics, Bioinformatics, Gene sequencing, Drug Discovery, Companion Diagnostic, and Others); End-users (Diagnostic tool companies, Healthcare IT/ Big data companies, Pharma & Biotech companies, and Clinical Labs); and for Application (Oncology, CNS, Immunology, Respiratory and Others) – Europe Industry Analysis, Size, Share, Growth, Trends, and forecast 2016 – 2024 " report at https://www.zionmarketresearch.com/report/europe-precision-medicine-market

There will be an increasing demand for the Europe precision medicine market from the diagnostic tool companies. Also, the rising prevalence of cancer in the region will increase the preferences and tailors therapeutic interventions to the individual molecular features of a patient and/or their disease.

The personalized medicines show faster growth in the pharmaceutical industry due to its anticipated transition to more precision medications. Precision medicines contribute for major share by revenue in the pharmaceutical segment and are expected to continue during the forecast period. 

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Due to a number of applications of precision medicine, its demand in the Europe market is expected increase exponentially. Among the several applications, the major demand is for the market is Oncology and immunology application. As cancer is among the leading causes of death, both nationally and worldwide. The sequencing of individual patient tumors has revolutionized oncology because the genetic information facilitates the elucidation of molecular changes in a specific patient’s cancer.

The country that is having an influential share in the Europe Precision Medicine market in Germany. Owing to the wide range of solutions and services being offered in the country is flourishing the market during the forecast period.

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The major market players in the Europe Precision Medicine market are Roche, QIAGEN N.V., Cepheid, Inc, Johnson & Johnson Services, Inc., Illumina, Almac Group, bioMérieux SA, Intel Corporation, GE Healthcare, Novartis, Thermo Fisher Scientific, among others. 

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The Europe precision medicine market is segmented on the basis of the technology, application, and the geographical regions.

Europe Precision Medicine Market: Technology Segment Analysis 

  • Big Data Analytics
  • Bioinformatics
  • Gene sequencing
  • Drug Discovery
  • Companion Diagnostic
  • Others

Europe Precision Medicine Market: End-user Segment Analysis 

  • Diagnostic tool companies
  • Healthcare IT/ Big data companies
  • Pharma& Biotech companies
  • Clinical Labs

Europe Precision Medicine Market: Application Segment Analysis 

  • Oncology 
  • CNS
  • Immunology
  • Respiratory
  • Other

Europe Precision Medicine Market: Country Segment Analysis 

  • Germany
  • UK
  • France 
  • Italy
  • Spain
  • Benelux

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