HomeHealthMedicineEurope Precision Diagnostics Market Report 2022: Era of

Europe Precision Diagnostics Market Report 2022: Era of

Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) — The “Market Forecast for European Precision Diagnostics to 2028 – COVID-19 Impact and Regional Analysis – by Type, Application and End User” report added ResearchAndMarkets.coms offer.

The precision diagnostics market in Europe is expected to grow from US$23,317.64 million in 2022 to US$48,500.85 million in 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 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 to 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 more than 90% for patients diagnosed at the earliest stage, compared to only 10% at the metastatic stage.

Precision diagnostics helps provide an accurate and timely explanation of a patient’s health problem, allowing for prompt treatment. 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 increases the need for diagnostic products as they enable medical professionals to diagnose patients and accurately resolve health issues.

Personalized therapy is available to patients with an understanding of the molecular basis of disease. It is gaining popularity, with genetic testing and genome sequencing being essential tools for understanding the molecular basis of disease. Advances in new diagnostic tools that enable even greater precision continue. In addition, many genetic disorders are screened for 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 COVID-19 pandemic cases has accelerated the need for effective diagnostic procedures and products.

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Diagnostic testing has provided the backbone of the COVID-19 response, supporting containment efforts to reduce cases and accelerating the adoption of diagnostic solutions to provide early treatment to patients. Therefore, the increasing demand for the early diagnosis of diseases through precision diagnostic tests is driving the market.

Europe Precision Diagnostics Market Segmentation

The precision diagnostics market in Europe is segmented by type, application, end user and country.

  • On the basis of type, the market has been segmented into genetic tests, esoteric tests, and others. The genetic testing segment dominated the market in 2022.
  • Based on application, the market is fragmented into oncology, cardiology, immunology, respiratory disease and others. The oncology segment dominated the market in 2022.
  • On the basis of end user, the market has been segmented into hospitals, clinical labs, home care, and others. The clinical lab segment dominated the market in 2022.
  • Based on country, the market has been segmented into Germany, France, UK, Italy, Spain and the rest of Europe. Furthermore, Germany dominated the market in 2022.

Market dynamics

Key market drivers

  • Growing demand for personalized medicine
  • Increasing application in oncology and other conditions

Market restrictions

  • High investments involved in the R&D of precision medicine and diagnostic kits

Market opportunities

  • Growing progress in digital solutions

Future trends

  • Use of artificial intelligence and machine learning in precision diagnostics
Report attribute Details
Number of pages 149
Forecast period 2022 – 2028
Estimated market value (USD) in 2022 $23317.64 million
Expected market value (USD) by 2028 $48500.85 million
Compound annual growth rate 13.0%
Regions Covered Europe
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Main topics:

1 Introduction

2. European Precision Diagnostics Market – Key Takeaways

3. Research Methodology

4. European Precision Diagnostics Market – Market Landscape

5. Europe Precision Diagnostics Market – Key Market Dynamics

6. Precision Diagnostics Market Analysis – Europe

7. European Precision Diagnostics Market by Type

8. European Precision Diagnostics Market by Application

9. European precision diagnostics market – by end-user

10. European precision diagnostics market by country

11. Europe Precision Diagnostics Market – Industry Landscape

12. Company Profiles

13. Appendix

Mentioned companies

  • Abbott
  • Bayer AG
  • Royal Philips NV
  • Lantheus Medical Imaging Inc.
  • Novartis AG
  • QIAGEN
  • Quest Diagnostics Incorporated
  • Sanofi
  • Siemens Healthineers AG
  • Swiss Precision Diagnostics GmbH

For more information on this report visit https://www.researchandmarkets.com/r/ud5jw5

        
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