Report : Europe Precision Diagnostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Genetic Tests, Esoteric Tests, and Others), Application (Oncology, Cardiology, Respiratory Diseases, Immunology, and Others), and End User (Clinical Laboratories, Hospitals, Homecare, and Others)
At 13.0% CAGR, the Europe Precision Diagnostics Market is speculated to be worth US$ 48,500.85 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe precision diagnostics market was valued at US$ 23,317.64 million in 2022 and is expected to reach US$ 48,500.85 million by 2028, registering an annual growth rate of 13.0% from 2022 to 2028. The rising application in oncology and other disorders and growing demand for personalized medicine are the critical factors attributed to the market expansion.
The precision medicine concept is being applied robustly in the care of rare diseases. Although it is more popular in oncology, it is gradually spreading to other specialties. The rising prevalence of cancer and the growing incidence of rare neurological disorders are increasing the demand for precision medicine, which is driving the growth of the precision diagnostics market. In addition, the rising demand for treatment procedures in oncology and other disorders is surging the adoption of treatment procedures. The genetic test is useful in many areas of medicine as it identifies mutations or variants in the DNA. Genetic testing, for example, provides information about the risk of developing cancer and diagnose of genetic conditions such as Fragile X syndrome or Huntington's disease. Based on the type of cancer, genomic cancer testing helps to create more personalize cancer treatment and care plans by helping patients and doctors better understand the diagnosis and reveal specific cancer drivers and market players encourage genomic cancer testing from the beginning of a diagnosis so precision medicine can be administered earlier in the treatment procedure. Thus, early diagnosis can help to promote early and optimal management of the disorders. Moreover, the growing number of strategic collaborations between biopharmaceutical companies to develop medicines targeted to treat a specific group of patients based on their specific needs and to provide effective treatment procedures and services is increasing the number of clinical trials. The factors mentioned above are driving the precision diagnostics market growth.
On the contrary, high investments involved in the R&D of precision medicine and diagnostic kits hurdles the growth of Europe precision diagnostics market.
Based on type, the Europe precision diagnostics market is segmented into genetic tests, esoteric tests, and others. The genetic tests segment held 46.2% market share in 2022, amassing US$ 10,761.17 million. It is projected to garner US$ 22,997.06 million by 2028 to expand at 13.5% CAGR during 2022–2028.
Based on application, the Europe precision diagnostics market is fragmented into oncology, cardiology, immunology, respiratory diseases, and others. The oncology segment held 38.1% market share in 2022, amassing US$ 8,887.07 million. It is projected to garner US$ 18,980.11 million by 2028 to expand at 13.5% CAGR during 2022–2028.
By end user, the Europe precision diagnostics market is fragmented into hospitals, clinical laboratories, home care, and others. With 36.6% share of the domain, the clinical laboratories segment dominated the market in 2022. It accrued US$ 8,524.40 million in 2022 and is estimated to generate US$ 18,189.75 million by 2028 to grow at a CAGR of 13.5% over the forecast period.
Based on country, the Europe precision diagnostics market is categorized into Germany, France, the UK, Italy, Spain, and the rest of Europe. Our regional analysis states that Germany captured 27.4% market share in 2022. It was assessed at US$ 6,391.37 million in 2022 and is likely to hit US$ 13,851.84 million by 2028, exhibiting a CAGR of 13.8% during the forecast period.
Key players dominating the Europe precision diagnostics market are Abbott; Bayer AG; Koninklijke Philips N.V.; Lantheus Medical Imaging, Inc.; Novartis AG; QIAGEN; Quest Diagnostics Incorporated; Sanofi; Siemens Healthineers AG; and Swiss Precision Diagnostics GmbH among others.
- In March 2022, Bayer planned to strengthen their Pharmaceutical's production network globally by investing around 2 billion Euro for their manufacturing and supply chain capabilities.
- In May 2022, Siemens Healthineers and Penta Hospitals International announced partnership to enhance healthcare in Slovakia. The partnership is to improve the quality of healthcare through precision medicine and digital health solutions. This partnership marks Siemens Healthineers as one of the largest partners of Penta Hospitals International in Slovakia.
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