Overview and Scope
Precision diagnostics refers to a subspecialty of precision medicine that provides healthcare leveraging individual data, such as genetic, environmental, and lifestyle information, to enhance illness prevention, diagnosis, and treatment. It is employed to provide more genetic information about a patient’s clinical history for studies that may benefit in the treatment process.
Sizing and Forecast
The precision diagnostics market size has grown rapidly in recent years. It will grow from $85.73 billion in 2023 to $97.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to genomic research advances, rise of personalized medicine, increasing prevalence of chronic diseases, patient empowerment and informed decision-making, healthcare system transition towards value-based care, government initiatives and funding.
The precision diagnostics market size is expected to see rapid growth in the next few years. It will grow to $163.88 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to expansion of liquid biopsy applications, integration of artificial intelligence (ai), growing demand for companion diagnostics, expansion of point-of-care testing, population health management initiatives. Major trends in the forecast period include technological innovations in sequencing, advancements in multi-omics technologies, rise of digital pathology, real-world evidence integration, collaborations in research and development.
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Segmentation & Regional Insights
The precision diagnostics market covered in this report is segmented –
1) By Type: Genetic Tests, Esoteric tests, Other Types
2) By Technology: Next Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Mass Spectrometry, Immunohistochemistry (IHC), Other Technologies
3) By Application: Oncology, Infectious diseases, Cardiovascular, Neurology, Genetic disorders, Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Research Institutes, Pharmaceutical and biotechnology Companies, Other End-Users
North America was the largest region in the precision diagnostics market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising prevalence of chronic diseases is expected to propel the growth of the precision diagnostics market going forward. A chronic disease is a form of illness that lasts three months or more and can deteriorate with time. Precision diagnostics help patients suffering from chronic diseases such as cancer and cardiovascular diseases by precisely managing a patient’s healthcare model and diagnosing the disease with accurate results. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase to 142.66 million by 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the precision diagnostics market.
Key Industry Players
Major companies operating in the precision diagnostics market report are Pfizer Inc., F. Hoffmann-La Roche Ltd., Bayer AG, Novartis AG, Abbott Laboratories, Danaher Corporation, Amgen Inc., Koninklijke Philips N.V., Becton Dickinson and Company (BD), Thermo Fisher Scientific Inc., Quest Diagnostics Inc., Siemens Healthineers AG, Agilent Technologies Inc., PerkinElmer Inc., Beckman Coulter Inc., Charles River Laboratories International Inc., Sysmex America Inc., Waters Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, Qiagen N.V., Bio-Techne Corporation, Illumina Inc., Lantheus Medical Imaging Inc., Luminex Corporation, BioFire Diagnostics LLC, Genomic Health Inc., Swiss Precision Diagnostics GmbH, Bluebird Bio Inc.
The precision diagnostics market report table of contents includes:
1. Executive Summary
2. Precision Diagnostics Market Characteristics
3. Precision Diagnostics Market Trends And Strategies
4. Precision Diagnostics Market – Macro Economic Scenario
5. Global Precision Diagnostics Market Size and Growth
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31. Precision Diagnostics Market Other Major And Innovative Companies
32. Global Precision Diagnostics Market Competitive Benchmarking
33. Global Precision Diagnostics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Precision Diagnostics Market
35. Precision Diagnostics Market Future Outlook and Potential Analysis
36.Appendix
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