Europe Precision Diagnostics Market Report 2022: The Era of Personalized Medicine is Dawning, Fueling Industry Growth

Europe Precision Diagnostics Market Report 2022: The Era of Personalized Medicine is Dawning, Fueling Industry Growth

Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The report “Europe Precision Diagnostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, Application, and End User” has been added to from ResearchAndMarkets.com offer.

Europe Precision Diagnostics Market is expected to grow from US$23,317.64 million in 2022 to US$48,500.85 million by 2028. It is expected to grow at a CAGR of 13.0% from 2022 to 2028 .

Health care is entering the era of personalized approaches, with treatments tailored to specific disease patterns. Diagnosing the disease at an advanced stage has lower survival rates, higher treatment morbidity, and higher healthcare costs. As the first step in personalized medicine, diagnosis aims to characterize diseases based on patient-specific information and to detect and prevent diseases as early as possible. For example, the 5-year survival rate for non-small cell lung cancer (NSCLC) is expected to increase to more than 90% for patients diagnosed at the earliest stage, compared to just 10% at the metastatic stage.

Precision diagnostics help provide an accurate and timely explanation of a patient’s medical condition, allowing for prompt treatment. There is a greater demand for personalized medicine due to advances in genomics research and biomarkers due to the efficacy and target-specific nature of personalized medicine with better patient outcomes. The growing demand for personalized medicine and treatment procedures increases the need for diagnostic products, as it allows medical professionals to diagnose patients and solve health problems with precision.

Personalized therapy is available for patients with an understanding of the molecular basis of disease. It is gaining popularity, where genetic testing and genome sequencing are essential tools to understand the molecular basis of disease. Advances in new diagnostic tools that allow for even greater accuracy are still progressing. In addition, many genetic diseases are screened for in European countries, because early detection of these diseases prevents the onset of symptoms or reduces the severity of the disease. For example, the sudden increase in COVID-19 pandemic cases has accelerated the need for effective diagnostic procedures and products.

Diagnostic testing has been the backbone of the COVID-19 response, supporting containment efforts to reduce cases and accelerating the adoption of diagnostic solutions to provide patients with early treatment. Hence, the growing demand for early diagnosis of diseases through precision diagnostic tests is driving the market.

Segmentation of the precision diagnostics market in Europe

The European precision diagnostics market is segmented by type, application, end user and country.

  • Based on type, the market is segmented into genetic testing, esoteric testing, and others. The genetic testing segment dominated the market in 2022.
  • Based on application, the market is fragmented into oncology, cardiology, immunology, respiratory diseases and others. The oncology segment dominated the market in 2022.
  • Based on end-user, the market is segmented into hospitals, clinical laboratories, home care, and others. The clinical laboratory segment dominated the market in 2022.
  • Based on country, the market is segmented into Germany, France, UK, Italy, Spain and Rest of Europe. Moreover, Germany dominated the market in 2022.

Market dynamics

Key Market Drivers

  • Growing demand for personalized medicine
  • Increasing application in oncology and other disorders

Market constraints

  • High investments involved in R&D of precision medicine and diagnostic kits

Market opportunities

  • Increasing advancement of digital solutions

Future trends

  • Using Artificial Intelligence and Machine Learning in Precision Diagnostics
Report attribute Details
Number of pages 149
Forecast period 2022 – 2028
Estimated market value (USD) in 2022 $23,317.64 million
Expected market value (USD) by 2028 $48,500.85 million
Compound annual growth rate 13.0%
Regions covered Europe

Main topics covered:

1. Introduction

2. Europe Precision Diagnostics Market – Key Takeaways

3. Research methodology

4. Europe Precision Diagnostics Market – Market Landscape

5. Europe Precision Diagnostics Market – Key Market Dynamics

6. Precision Diagnostics Market Analysis – Europe

7. Europe Precision Diagnostics Market – By Type

8. Europe Precision Diagnostics Market – By Application

9. Europe Precision Diagnostics Market – By End User

10. Europe Precision Diagnostics Market – By Country

11. Europe Precision Diagnostics Market – Industry Landscape

12. Company Profiles

13. Appendix

Companies cited

  • Abbott
  • Bayer AG
  • Royal Philips SA
  • Lantheus Medical Imaging, Inc.
  • Novartis AG
  • QIAGEN
  • Quest Diagnostics Incorporated
  • Sanofi
  • Siemens Healthineers AG
  • Swiss Precision Diagnostics GmbH

For more information about this report visit https://www.researchandmarkets.com/r/ud5jw5

  • European precision diagnostics market

        

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