The Europe precision medicine market is anticipated to record a CAGR of 9.92%, during the forecast years of 2021 to 2028. The region’s market growth is driven by chief factors, including, the government initiatives associated with precision medicine, the surging healthcare expenditure, and the growing focus on eradicating chronic diseases.
The Europe precision medicine market growth is assessed by evaluating Russia, Germany, the United Kingdom, France, Belgium, Poland, Italy, and the rest of Europe. Germany is among the key emerging European countries, in terms of precision medicine. The medical model enjoys increased traction and priority across the Health Research Framework Program, of the German Federal Government. The Federal Research Ministry has provided nearly EUR 360 million in funding, since 2013, for research projects as well as the implementation of precision medicine. Similarly, the ministry also initiated national funding of EUR 1.5 million for ERA-Net PerMed.
On the other hand, France has been taking steps towards developing precision medicine, as the concept continues gaining momentum in the country. Besides, as one of the nations under the Precision Medicine Association in Europe, France plays an important role in augmenting the market growth by offering human resources for related clinical studies. For instance, patients from seven French hospitals were included in an extensive study, termed SHIVA clinical trials, in 2016. They constituted a randomized proof-of-concept Phase II trial, distinguishing molecular targeted therapy, on the basis of tumor molecular profiling, versus conventional treatment in refractory cancer patients. As a result, these factors are anticipated to propel the market growth in Europe, during the forecasted period.
Leading companies operating in the region’s market are, Novartis AG, Intomics, Eagle Genomics Ltd, Qiagen, etc.
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