The European Precision Medicine Market (2018-2023) is Forecast to Grow at a CAGR of 13.4% - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 15, 2018--The “Europe Precision Medicine Market (2018-2023)” report has been added to ResearchAndMarkets.com’s offering.
Precision medicine is reshaping the healthcare sector in Europe. Europe is the second largest revenue-generating region for the precision medicine market. The growth of the precision medicine market in European countries is mainly due to the adoption of gene therapy and an ageing population, among others.
European countries like The U.K and Germany are experiencing growth in the region due to investments in research and development, along with rising incidence of chronic ailments.
According to research, the European precision medicine market is projected to expand at a compound annual growth rate (CAGR) of 13.4%, leading to a revenue of USD 29.93 billion by 2023.
Rising incidences of Alzheimer’s disease and other neurological disorders, along with increased awareness to prevent them, will create demand for the precision medicine market. An increase in the use of targeted therapies and medicines will help the growth of pharmaceutical and biotech companies in Europe. Companion diagnostics providers will improve the data collection, which will in turn, boost the precision medicine market
Rising healthcare costs in the European region is one of the challenges for the precision medicine market, which will restrict its adoption in the region. Concerns regarding privacy and the security of personal data, are expected to adversely affect the growth of precision medicine market in Europe.
Technological progress in big data analytics will help create opportunities for the precision medicine market. Diagnostic tool companies will also generate demand for the precision medicine market in the region. Due to the number of precision medicine solutions and medications offered in Germany, it is expected to have an important share in the region.
The European precision medicine market is classified into three primary segments: based on ecosystem players: pharmaceuticals and biotech companies, clinical laboratories, diagnostic companies and healthcare IT specialists/big data companies; based on therapeutics: cancer, cardiovascular, central nervous system, psychiatric disorder and infectious diseases; and based on technology: big data analytics, bioinformatics, gene sequencing, pharmacogenomics and companion diagnostics.
The cancer therapeutics segment is expected to exhibit the highest growth rate in this region. This is because rising incidence of cancer will create demand for its treatment. In the long run, genetic differentiation will increase demand for tailored cancer therapeutics. In the technology segment, big data analytics is expected to register a high growth rate through the forecast period of 2018-2023.
1. Abbott Laboratories
2. GE Healthcare
3. GlaxoSmithKline (GSK)
4. Johnson & Johnson
6. Randox Laboratories
7. Almac Group
8. Novartis AG
9. Teva Pharmaceuticals Limited
10. Quest Diagnostics
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Europe Precision Medicine Market Overview
Chapter 3: Europe Precision Medicine Market - by Countries
Chapter 4: Competitive Landscape
Chapter 5: Conclusion
For more information about this report visit https://www.researchandmarkets.com/research/bw8prh/the_european?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181115005893/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: HEALTH OTHER HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/15/2018 01:26 PM/DISC: 11/15/2018 01:25 PM