Europe Precision Medicine Market is Expected to Grow at a Rate of 11.4% CAGR During the Forecasted Period

Europe precision medicine market is expected to grow at a rate of 11.4% CAGR during the forecasted period. Germany accounted for the largest market share in 2015, with a market value of USD 2.28 billion and is projected to grow at a CAGR of 10.4% during the forecast period.

The European region includes both Eastern and Western European countries which are involved in development of precision medicine solutions. The market is segmented into the countries like Germany, France, U.K, Italy, Spain and Rest of Europe. Whereas market is also segmented on the basis of ecosystem players and therapeutic applications. The players comprises on the basis Diagnostic tool companies, Healthcare IT/ Big data companies, Pharma & Biotech Companies and Clinical laboratories. The therapeutic application comprises of cancer, infectious diseases, cardiovascular, central nervous system and others.

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Europe has driven the demand for development of more precision medicine solutions and precise tests for specific diseases due increasing cases of genetic diseases and development of gene mapping technologies. The U.K. is dominating the precision medicine deployments in Europe, with different kinds of solutions being offered and services being delivered. Moreover, in the last few years, countries such as Spain, France and Germany have shown tremendous growth in precision medicine solution developments. Many big players in precision medicine are involved in the process of innovating new products and technologies to promote and facilitate the growth of the precision medicine market.

The major restraining factor for the precision medicine market is the growing concern for privacy. The National Health Services (NHS) and United Kingdom clinical research networks are seeking to develop standardized and harmonized procedures for ethical approval and new methods for conducting clinical trials in an explicit attempt to speed up the late-stage development process for new therapeutics.

The United Kingdom Clinical Research Network (UKCRN) is a network of research staff working in the NHS. It provides a clear framework for clinical trials and other biomedical research studies funded by public, charitable and industry sectors. The National Institute for Health Research (NIHR) Network Coordinating Centre is responsible for its co-ordination across the United Kingdom through centralised systems (e.g. for obtaining NHS permission for commercial and non-commercial clinical research studies) and by undertaking cross-cutting activities to support the commercial life-sciences industry, to develop the research workforce and promote patient and public involvement in clinical trials.

The European precision medicine market accounted for $8.18 billion in 2014 and is expected to grow to $21.98 billion by 2022. Diagnostic tools segment dominated the market in 2015 and generated revenue for $3.41 billion.

Key Questions Answered In This Report:

What will the market size and what will the growth rate be?

What is driving this market?

What are the key market trends?

What are the challenges to market growth?

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The Europe Precision Medicine market statistical report published by Market Research future contains a brief overview of global precision medicine market by country, ecosystem players and therapeutic application. Germany commands the largest share and is expected to grow continuously during the forecasted period of 2014-2022. The report analyzed the Europe precision medicine market and presents systematic data of market share on the basis of country, ecosystem players and therapeutic application and its growth rate for 2015 along with forecast till 2022.

Market Research future through this report aims to provide understanding of the Europe Precision Medicine market on the basis of country, ecosystem players and therapeutic application and also assists identification of ongoing trends along with anticipated growth during the forecasted period. For this report, extensive primary research was conducted to gain a deeper insight of the market performance. Various industry experts and Key Opinion Leaders (KOLs) were contacted and interviewed to get an idea of Europe Precision Medicine market.

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