Europe Precision Medicine Market size crossed USD 12.9 million in 2020 and is predicted to expand at a CAGR of over 11.2% from 2021 to 2027. Growing number of personalized medication drugs will boost the market growth.

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Precision medicine is about treating the right patients with the right medicines. At its core, precision medicine embodies an effort to understand the underlying cause of disease in individual patients. In recent years, industry players have been particularly active in the precision medicine ecosystem, combining computer science breakthroughs with laboratory work and clinical discovery. Pharmaceutical companies are heavily investing in research and collaborations with healthcare providers and others to expand their precision medicine drug portfolios. They are focused on investigating functional, phenotypic, and genetic biomarkers to distinguish target populations that will guide clinical strategies.

Europe Market, By Product Type

The diagnostics segment in the Europe precision medicine market is poised to grow at 12.5% CAGR through 2027. The diagnostics section is further fragmented into biomarker-based tests and genetic tests among others. Diagnostic testing is a technique for the identification of patients for the targeted treatment based on person’s genetic composition. Various treatment based on accurate diagnosis leads to better treatment results as well as management.

Europe Market, By Application

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The immunology segment held more than 8% Europe precision medicine market share in 2020, owing to surging incidence of immunology disorders throughout the Europe. Immunodeficiency disorders are either acquired or congenital and include disorders such as AIDS, leukemia, and immune-complex diseases among others. Therefore, surging prevalence of such health aliments will accelerate the demand for personalized medications for effective patient care.

Europe Market, By End-use

The research & academic institutes accounted for around USD 2.5 billion market revenue in 2020, with rising healthcare expenditure as well as infrastructure, the number of research labs and institutes in developed economies is rapidly expanding. Similarly, according to specific patients need the research institutes works continuously on innovating the medications that propels the segment progression.

Europe Market, By Country

Germany dominated the Europe precision medicine market and is likely to showcase 10.5% growth rate during the forecast period. Growing awareness about the importance of personalized medication for the treatment of numerous health aliments including cancer will foster the industry size. In addition, Germany is one of the economies that have a high prevalence of cancer, thus it surges the demand for precision medicine in the country.

Competitive Industry Landscape

Some of the prominent industry players include Qiagen, Medtronic, Quest Diagnostics, Novartis, Abbott Laboratories, Laboratory Corporation of America Holdings, F. Hoffmann-La Roche AG, bioMérieux SA, Eli Lilly & Company, AstraZeneca, Glaxosmithkline, Cancer Genetics, Cepheid, Thermo Fisher Scientific, Foundation Medicine, Bristol-Myers Squibb, Myriad Genetics and Pfizer.