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Europe Precision Medicine Market Growth Forecast Report 2021

The Europe Precision Medicine market has been estimated at USD 10.94 Billion in 2016 and is projected to reach USD 18.34 Billion by 2021, at a CAGR of 10.9%
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Precision Medicine refers to the tailoring of medical treatment to the individual characteristics of each patient. This new approach enables doctors to better assess disease risk, and predict the optimal therapy. The market for Precision Medicine is mainly driven due to increasing demand for personalized treatment, technological innovation and advancements which include Biomarker-based tests/kits, next gene sequencing, and precise imaging, Government support and regulations, and these have created a demand for the precision medicine solutions. But, the market growth is restrained due to drugs which are customized to patients where they may require a more intensified clinical trial. 

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Europe market for Precision Medicine is segmented based on Technology and Application. By Technology, the market is further sub-segmented into Big Data Analytics, Bioinformatics, Gene Sequencing, Drug Discovery, Companion Diagnostics and Others. By Application, the market is further sub-segmented into Oncology, CNS, Immunology, Respiratory and Others. By Application, oncology segment holds the largest market share, followed by the CNS and immunology segments. By Technology, drug discovery market holds the largest share, followed by gene sequencing and companion diagnostics. Big data analytics is expected to grow at the highest CAGR. 

Geographically, Europe market for Precision Medicine is segmented into U.K., Germany, Spain, France and Italy. Europe is the second biggest market in terms of market share across the globe, followed by Europe. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. Germany precision medicine will be a key player in shaping growth across Europe. Several institutes in Germany have already acquired a certification for the biomarker analysis in colorectal cancer.

Pfizer, Roche, Covance, Novartis, Qiagen, Biocrates Life Sciences, Teva Pharmaceutical, Nanostring Technologies, Laboratory Corporation of America Holdings, Tepnel Pharma Services, Intomics, Ferrer InCode, Silicon Biosystems, Eagle Genomics, Medtronic, and Quest Diagnostics, are the major players of Europe Precision Medicine market. 

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