The key factors driving the growth of this market are the increasing prevalence of chronic diseases, the surge in demand for precision medicines, and the rise in funding for pharmacogenomic research activities. However, the shortage of skilled professionals is expected to restrict the market growth during the forecast period.
Genomic sequencing is increasingly used in clinical practice, and over the next five years, genomic data from over 60 million patients are expected to be generated within the healthcare system. Pharmacogenomics is rapidly transitioning into clinical practice, and implementation into healthcare systems supported by government investment is totaling over US$ 4 billion in at least 14 countries. These national genomic-medicine initiatives drive transformative change under real-life conditions while simultaneously addressing barriers against implementation and gathering evidence for broader adoption.
The UK has announced the world’s largest genome project as a part of the EURO200 million public-private collaboration between charities and pharma. The country has already developed the largest genome database in the world through the 100,000 genome projects led by Innovate UK as a part of the UK Research and Innovation. It will fund researchers and industries to combine data and real-world evidence from the UK healthcare services and create new products and services that diagnose diseases more efficiently.
In November 2018, Stilla Technologies announced it had completed an US$ 18.3 million (EUR 16 million) Series A financing round led by Illumina Ventures. The company plans to use the funds to commercialize its Naica digital PCR system and develop clinical applications.
The continuous funding by manufacturers and governments in the genomics field is driving the Europe pharmacogenomics market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,962.48 Million |
| Market Size by 2028 | US$ 3,874.31 Million |
| CAGR (2021 - 2028) | 10.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Pharmacogenomics Market is valued at US$ 1,962.48 Million in 2021, it is projected to reach US$ 3,874.31 Million by 2028.
As per our report Europe Pharmacogenomics Market, the market size is valued at US$ 1,962.48 Million in 2021, projecting it to reach US$ 3,874.31 Million by 2028. This translates to a CAGR of approximately 10.2% during the forecast period.
The Europe Pharmacogenomics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Pharmacogenomics Market report:
The Europe Pharmacogenomics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Pharmacogenomics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Pharmacogenomics Market value chain can benefit from the information contained in a comprehensive market report.
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