Europe precision medicine market will grow with rising geriatric population and the growing cases of age-related illnesses. The region has one of the most advanced healthcare systems in the world, enabling medical practitioners to create technologically advanced precision drugs with the help of large volumes of databases dedicated to human genomes.
As the region has a high percentage of an aging population, medical scientists can study the genetic structure and mutations in a patient and create medicines that suit their biological environment and medical needs. Innovative computing tools are being used that facilitate an in-depth study of the epigenetic changes in a patient suffering from cancer, the mechanisms that help in DNA repair, and gene regulation in cancer cells. Cancer biology is witnessing encouraging progress, which has played a key role in the creation and innovation of precision medicines for this chronic illness.
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Precision medicine market in Europe size will go past $27 billion by 2027. Therapeutics accounted for nearly $6.5 billion revenue share of the regional market in 2020. Precision therapeutics are undergoing substantial developments to enhance their efficiency and accuracy in targeted treatments of ailments such as genetic disorders and cancer.
Healthcare professionals in the region are largely focusing on improving patient care and offering personalized medication to treat illnesses that are unique to patients. Research and development activities in therapeutics will bring in technological innovations, ultimately increasing the demand for these products.
Immunology held over 8% share of Europe precision medicine market in 2020. Immunological disorders are increasing at a substantial rate in the region. Some of the examples of these diseases include AIDS, leukemia, and other immune-complex ailments. They are either congenital or acquired and need strong doses of medication to mitigate the risk of health complications. With the help of personalized medicines, doctors can help increase the survival rate of patients suffering from these fatal disorders by studying their genetic structure and mutations and can prescribe accurate medication.
Research & academic institutes captured $2.5 billion revenue share of Europe precision medicine market in 2020. The regional governments are increasing their investments in the healthcare sector and are playing an instrumental role in developing advanced medical infrastructure for the public. These factors will be responsible for a rise in the number of medical labs and research centers in developed nations. Research institutes will stimulate the demand for precision drugs among patients as they are constantly innovating the products by keeping the client’s medical condition in mind.
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Germany precision medicine market share will develop at a steady rate as the awareness surrounding the importance and benefits of using personalized drugs is growing among the people. A large part of the population is suffering from cancer. Since these products have the ability to cure severe ailments, including genetic diseases and cancer, their production and sales will see a notable hike in the nation.
Europe precision medicine market trends are expected to remain positive as prominent companies including Novartis, Quest Diagnostics, Laboratory Corporation of America Holdings, GlaxoSmithKline, Cepheid, and Myriad Genetics, among several others are producing high-quality precision solutions for their patients. With the help of research and development efforts, they can expand the advantages of these products to a great extent.
Table of Contents (ToC) of the report:
Chapter 1 Methodology
1.1 Definition and forecast parameters
1.1.2 Methodology and forecast parameters
1.2 Data sources
1.3 References & sources
Chapter 2 Executive Summary
2.1 Europe precision medicine market summary, 2016 – 2027
2.1.1 Country trends
2.1.2 Product type trends
2.1.3 Application trends
2.1.4 End-use trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Industry outlook, 2016 – 2027
3.3 Major factor analysis
3.3.1 Growth drivers
220.127.116.11 Advancements in cancer biology in Europe
18.104.22.168 Expanding portfolio of precision medicine drugs
22.214.171.124 Rise in online collaborative forums
126.96.36.199 Increasing adoption of gene therapy
3.3.2 Restraints & challenges
188.8.131.52 High cost of precision medicines
184.108.40.206 Violation of privacy rule and potential threat to personal health data
220.127.116.11 Stringent regulatory norms
3.4 COVID-19 impact analysis
3.5 Porter’s analysis
3.6 Competitive review, 2020
3.7 PEST analysis
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