The precision diagnostics market in Europe is expected to grow from US$ 23,317.64 million in 2022 to US$ 48,500.85 million by 2028. It is estimated to grow at a CAGR of 13.0% from 2022 to 2028.
Healthcare is entering the era of personalized approaches, with treatment tailored to precise disease patterns. Advanced-stage disease diagnosis 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 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 over 90% for patients diagnosed at the earliest stage, compared to only 10% at the metastatic stage.
Precision diagnostics assists in providing a precise and timely explanation of a patient's health problem, allowing treatment to be delivered promptly. There is a greater demand for personalized medicine due to advancements in genomics research and biomarkers due to the efficiency and target-specific nature of personalized medicine with better patient outcomes. The growing demand for personalized medicine and treatment procedures is surging the need for diagnostic products, as it allows medical professionals to diagnose patients and solve health problems accurately.
Personalized therapy is available to patients with an understanding of the molecular basis of diseases. It is gaining popularity, where genetic testing and genome sequencing are essential tools to understand disease molecular basis. Advances in new diagnostic tools that allow for even greater precision are advancing further. In addition, many genetic disorders are screened for in European countries, as early detection of these diseases prevents the onset of symptoms or reduces disease severity. For example, the sudden increase in COVID-19 pandemic cases accelerated the need for effective diagnostic procedures and products.
Diagnostic testing was the backbone of the COVID-19 response, supporting containment efforts to reduce the cases, and accelerating the uptake of diagnosing solutions to provide patients with early treatment. Therefore, the increasing demand for the early diagnosis of diseases through precision diagnostic tests is driving the market.
Europe Precision Diagnostics Market Revenue and Forecast to 2028 (US$ Million)
Europe Precision Diagnostics Market Segmentation
The Europe precision diagnostics market is segmented by type, application, end user, and country. Based on type, the market is segmented into genetic tests, esoteric tests, and others. The genetic tests 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 laboratories segment dominated the market in 2022.
Based on country, the market is segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. Further, Germany dominated the market in 2022.
A few 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.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 23,317.64 Million |
| Market Size by 2028 | US$ 48,500.85 Million |
| CAGR (2022 - 2028) | 13.0% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Precision Diagnostics Market is valued at US$ 23,317.64 Million in 2022, it is projected to reach US$ 48,500.85 Million by 2028.
As per our report Europe Precision Diagnostics Market, the market size is valued at US$ 23,317.64 Million in 2022, projecting it to reach US$ 48,500.85 Million by 2028. This translates to a CAGR of approximately 13.0% during the forecast period.
The Europe Precision Diagnostics 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 Precision Diagnostics Market report:
The Europe Precision Diagnostics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Precision Diagnostics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Precision Diagnostics Market value chain can benefit from the information contained in a comprehensive market report.
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