Precision medicine is a medicinal model that recommends the customization of healthcare with medical assessments, cures, observes and products being tailored to the specific patient. It is customized on the genomic profile of a patient. The key technologies associated with precision medicine are gene sequencing, drug discovery, big data analytics, bioinformatics, companion diagnostics, and other technologies.
According to study, “Europe Precision Medicine Market (2018-2023)” some of the major companies that are currently working in the Europe precision medicine market are Almac Group, Abbott Laboratories, Eagle Genomics, Intomics, Johnson & Johnson Services Inc., Covance Ltd., Medtronic, Randox Laboratories, Biocrates Life Sciences, Cepheid Inc., Qiagen NV, Thermo Fisher Scientific, Roche, Teva Pharmaceuticals Limited, FerrerInCode, Quest Diagnostics, Illumina, Intel Corporation, GlaxoSmithKline (GSK),Silicon Biosystems, Teva Pharmaceutical, BioMerieux SA, Novartis AG, GE Healthcare, Pfizer. The key companies focus on determining the upgrading of the software that provides drug innovation processes. The software has also improved capacity to store a vast amount of genetic data make a quick patient recovery.
The European healthcare institutes use genomic testing & analytics technologies. Drug companies concentrate on emergent new adapted therapies and payers compensate the price of high-value drugs. In addition, companion diagnostics drive enhancements in information collecting as these aspects to significantly drive the market during the anticipated period.
On the basis of application, the market is segmented into diagnostic and therapeutic precision medicine. Diagnostics application is sub-segmented into genetic tests, esoteric tests and direct to consumer tests etc. Therapeutic precision medicine market is defined as medicinal devices & pharmaceuticals. Pharmaceuticals medicine market is further sub-segmented into genetic orders, oncology, respiratory diseases, CNS diseases, skin diseases, immunology, and other diseases & disorders.
Some of the key technologies associated include transcriptomics, genomics, and epigenomics. On the basis of sequencing technology, the precision medicine market is segmented into sequencing by synthesis, sequencing by ligation, ion semiconductor sequencing, chain termination sequencing, sequencing by ligation, nanopore sequencing, single molecule real time sequencing, and pyrosequencing etc. On the basis of product, the market is segmented into instruments, consumables, and services. In addition, based on the end-user market is defined as Pharma & biotech companies, healthcare IT or big data companies, diagnostic tool companies, and clinical laboratories.
The market of Europe precision medicine is driven by rising incidences of Alzheimer’s diseases, followed by increasing targeted therapies & medicines, growing adoption of gene therapy, increasing aging population, increasing technological advancement & innovation, government support or regulation and rising incidence of chronic ailments. Technological advancement & innovation includes next gene sequencing, biomarker-based tests or kits, and precise imaging. However the costs major restraint factor raising the healthcare costs.
Europe is the second largest precision medicine market in the world primarily due to U.K and Germany witnessing the growth of investments in research & development (R&D). In 2018, GE Healthcare acts as a team with Roche that facilitated to improve the digital integrated platform for serious care treatment and oncology. It is estimated that Germany to hold the largest market value owing to the rise in a number of precision medicine solutions & medications. It is predicted that the European precision medicine market to reach at US$ 29.9 million, at a CAGR of 13.4%, by 2023.
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Ankur Gupta, Head Marketing & Communications