Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The “Europe Precision Diagnostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type, Application, and End User” report has been added to ResearchAndMarkets.com’s offering.
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 advances 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 Segmentation
The European 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.
Key Market Drivers
- Growing Demand for Personalized Medicine
- Rising Application in Oncology and Other Disorders
- High Investments Involved in the R&D of Precision Medicine and Diagnostic Kits
- Growing Advancement In Digital Solutions
- Usage of Artificial Intelligence and Machine Learning in Precision Diagnostics
|No. of Pages||149|
|Forecast Period||2022 – 2028|
|Estimated Market Value (USD) in 2022||$23317.64 Million|
|Forecasted Market Value (USD) by 2028||$48500.85 Million|
|Compound Annual Growth Rate||13.0%|
Key Topics Covered:
2. Europe Precision Diagnostics Market – Key Takeaways
3. Research Methodology
4. Europe Precision Diagnostics Market – Market Landscape
5. Europe Precision Diagnostics Market – Key Market Dynamics
6. Precision Diagnostics Market – Europe Analysis
7. Europe Precision Diagnostics Market- by Type
8. Europe Precision Diagnostics Market – by Application
9. Europe Precision Diagnostics Market – by End User
10. Europe Precision Diagnostics Market – by Country
11. Europe Precision Diagnostics Market – Industry Landscape
12. Company Profiles
- Bayer AG
- Koninklijke Philips NV
- Lantheus Medical Imaging, Inc.
- Novartis AG
- Quest Diagnostics Incorporated
- Siemens Healthineers AG
- Swiss Precision Diagnostics GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ud5jw5
European Precision Diagnostics Market