Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The report “Europe Precision Diagnostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, Application, and End User” has been added to ResearchAndMarkets.com offer.
The precision diagnostics market in Europe is projected to grow from USD 23,317.64 million in 2022 to USD 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 treatments tailored to precise disease models. Diagnosing advanced-stage disease has lower survival rates, higher treatment morbidity, and higher healthcare costs. As a first step in personalized medicine, diagnosis aims to characterize diseases based on patient-specific information and to detect and prevent diseases as early as possible. For example, the 5-year survival rate for non-small cell lung cancer (NSCLC) is projected to increase to over 90% for patients diagnosed in the early stage, compared to only 10% in the metastatic stage.
Precision diagnostics help provide an accurate and timely explanation of a patient’s health problem, enabling timely treatment to be provided. There is increased demand for personalized medicine due to advances in genomics and biomarker research due to the efficiency and specific nature of the target of personalized medicine with improved patient outcomes. The growing demand for personalized medicine and therapeutic procedures is increasing the need for diagnostic products, as it enables medical professionals to accurately diagnose patients and resolve health problems.
Personalized therapy is available to patients with an understanding of the molecular basis of disease. It is gaining popularity, where genetic testing and genome sequencing are essential tools for understanding the molecular basis of the disease. Advances in new diagnostic tools that allow for even greater accuracy are advancing even further. Furthermore, many genetic diseases are screened in European countries, as early detection of these diseases prevents the onset of symptoms or reduces the severity of the disease. For example, the sudden increase in cases of the COVID-19 pandemic has accelerated the need for effective diagnostic products and procedures.
Diagnostic testing has been the backbone of the COVID-19 response, supporting containment efforts to reduce cases and accelerating the adoption of diagnostic solutions to provide patients with early treatment. Therefore, the growing demand for early detection of diseases through precision diagnostic tests is driving the market.
Segmentation of the precision diagnostics market in Europe
The European precision diagnostics market is segmented by type, application, end user and country.
- Based on the type, the market is segmented into genetic testing, esoteric testing, and others. The genetic testing segment dominated the market in 2022.
- Based on the application, the market is fragmented into oncology, cardiology, immunology, respiratory diseases and others. The oncology segment dominated the market in 2022.
- Based on the end user, the market is segmented into hospitals, clinical laboratories, home care and others. The clinical laboratory segment dominated the market in 2022.
- Based on the country, the market is segmented into Germany, France, United Kingdom, Italy, Spain and the rest of Europe. Furthermore, Germany dominated the market in 2022.
Key market drivers
- Growing demand for personalized medicine
- Increasing application in oncology and other ailments
- High investment involved in R&D of precision medicine and diagnostic kits
- Growing advancement in digital solutions
- Using artificial intelligence and machine learning in precision diagnostics
|no. or pages||149|
|Forecast period||2022 – 2028|
|Estimated market value (USD) in 2022||$23317.64 million|
|Projected market value (USD) by 2028||$48500.85 million|
|Compound annual growth rate||13.0%|
Main topics covered:
2. European market of precision diagnostics: key aspects
3. Research methodology
4. European Precision Diagnostics Market: Market Overview
5. European Precision Diagnostics Market: Key Market Dynamics
6. Analysis of the precision diagnostics market in Europe
7. European Precision Diagnostics Market by Type
8. European Precision Diagnostics Market by Application
9. European market for precision diagnostics by end user
10. European market of precision diagnostics by country
11. Overview of the market-industry of precision diagnostics in Europe
12. Company Profiles
- Bayer AG
- Royal Philips NV
- Lantheus Medical Imaging Inc.
- Novartis AG
- Built-in Quest Diagnostics
- Siemens Healthineers AG
- Swiss Precision Diagnostics GmbH
For more information about this report, please visit https://www.researchandmarkets.com/r/ud5jw5
European market for precision diagnostics