Precision Diagnostics Market Growth Analysis | Report 2022-2028

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Precision Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Genetic Tests, Esoteric Tests, and Others), Application (Oncology, Cardiology, Respiratory Diseases, Immunology, and Others), and End User (Clinical Laboratories, Hospitals, Homecare, and Others)

Publication Month: Jun 2022 | Report Code: TIPRE00029425 | No. of Pages: 150 | Category: Pharmaceuticals | Status: Published

The precision diagnostics market is projected to reach US$ 168,405.71 million by 2028 from US$ 79,776.88 million in 2022; it is expected to grow at a CAGR of 13.3% from 2022 to 2028.

Precision diagnostics are disease diagnosis methods that explain the patient’s condition in a detailed and precise manner. It helps healthcare professionals to carry out treatment procedures in an effective and efficient manner. It is used to cure diabetes, cancer, and other disorders using various tests, including esoteric tests, genetic tests, and others.

The precision diagnostics market is segmented on the basis of type, application, end user, and geography. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and the SAM The precision diagnostics market report offers insights and in-depth analysis of the market, emphasizing parameters including market size, trends, technological advancements, and market dynamics. It also provides the competitive landscape analysis of leading market players across the world. Furthermore, the report includes the impact of the COVID-19 pandemic on the precision diagnostics market across all the regions.

Strategic Insights

Report Coverage - Precision Diagnostics Market
Report CoverageDetails
Market Size Value inUS$ 79,776.88 Million in 2022
Market Size Value byUS$ 168,405.71 Million by 2028
Growth rateCAGR of 13.3% from 2021 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages150
No. of Tables84
No. of Charts & Figures66
Historical data availableYes
Segments coveredType, Application, and End User
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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The growth of the precision diagnostics market is attributed to the increasing number of pipeline studies to develop a new cancer treatment and government initiatives to create awareness regarding precision diagnostics among the community health worker. However, the high cost associated with diagnosis and precision medicine restricts the market growth.

Lucrative Regions for Precision Diagnostics Market

Lucrative Regions for Precision Diagnostics Market

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Market Insights
Rising Application in Oncology and Other Disorders Drives Precision Diagnostics Market Growth

The precision medicine concept is being applied robustly in the care of rare diseases. Although it is more popular in oncology, it is gradually spreading to other specialties. The rising prevalence of cancer and the growing incidence of rare neurological disorders are increasing the demand for precision medicine, which is driving the growth of the global precision diagnostics market. Further, as per the Neurological Alliance, about 14.7 million neurological cases were registered in 2019, with at least 1 in 6 people suffering from one or more neurological conditions. According to the National Cancer Institute, the number of new cancer cases is projected to rise to 29.5 million by 2040, with cancer-related deaths increasing by 16.4 million. As per World Health Organization (WHO), Alzheimer disease, the most common form of dementia, contributes to nearly 60-70% of cases. Furthermore, as of September 2021, more than 55 million people live with dementia worldwide, accounting for nearly 10 million new cases yearly. In addition, the rising demand for treatment procedures in oncology and other disorders is surging the adoption of treatment procedures.

Moreover, the growing number of strategic collaborations between biopharmaceutical companies to develop medicines targeted to treat a specific group of patients based on their specific needs and to provide effective treatment procedures and services is increasing the number of clinical trials. For instance, Personal Genome Diagnostics Inc. and Massachusetts General Hospital collaborated to advance the development of effective treatment services in 2021. In April 2022, the Precision Cancer Consortium (PCC) is formed as a new collaboration of pharmaceutical companies with a shared vision of providing comprehensive testing to all cancer patients worldwide. Thus, rising application in oncology and other disorders drives precision diagnostics market growth.

Type-Based Insights

Based on type, the precision diagnostics market is segmented into genetic tests, esoteric tests, and others.  In 2022, the genetic tests segment holds the largest share of the market. Moreover, the same segment is expected to register the highest CAGR of 13.8 % during the forecast period.

Precision Diagnostics Market, by Type – 2022 and 2028

Precision Diagnostics Market, by Type – 2022 and 2028

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Application-Based Insights

Based on application, the precision diagnostics market is segmented into oncology, cardiology, respiratory diseases, immunology, and others.  The oncology segment holds the largest market share in 2022. Moreover, the same segment is anticipated to register the highest CAGR of 13.8% during the forecast period.

End User-Based Insights

Based on end user, the precision diagnostics market is segmented into clinical laboratories, hospitals, homecare, and others. The clinical laboratories segment holds the largest market share in 2022. Moreover, the same segment is anticipated to register the highest CAGR of 13.8% during the forecast period.

The precision diagnostics market players focus on adopting organic strategies, including product launch and expansion, to expand their footprint and product portfolio worldwide and meet the growing demands.

By Geography

Based on geography, the precision diagnostics market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Company Profiles

  • Quest Diagnostics Incorporated
  • QIAGEN
  • Swiss Precision Diagnostics GmbH
  • Koninklijke Philips N.V.
  • Lantheus Medical Imaging, Inc.
  • Siemens Healthineers AG
  • Abbott
  • Novartis AG
  • Sanofi
  • Bayer AG

Frequently Asked Questions

Precision diagnostics are disease diagnosis methods that explain the patient’s condition in a detailed and precise manner. It helps healthcare professionals to carry out treatment procedures in an effective and efficient manner. It is used to cure diabetes, cancer, and other disorders using various diagnostics tests.
The factors that are driving the growth of market are increasing demands of precision medicines and rising application of precision diagnostics. However, high investments involved in the R&D of precision medicine and diagnostic kits is the major factor hindering the precision diagnostics market growth.
The precision diagnostics market majorly consists of the players, such as Quest Diagnostics Incorporated; QIAGEN; Swiss Precision Diagnostics GmbH; Koninklijke Philips N.V.; Lantheus Medical Imaging, Inc.; Siemens Healthineers AG; Abbott; Novartis AG; Sanofi; and Bayer AG.
The market is estimated to grow at a CAGR of 13.3% during the forecast period.
The precision diagnostics market is estimated to be valued at US$ 79,776.88 million in 2022.
The precision diagnostics market is expected to be valued at US$ 168,405.71 million in 2028.
The colorectal cancer market is analyzed in the basis of type, application, and end user. Based on type, the market is segmented into genetic tests, esoteric tests, and others. The genetic tests segment held the largest share of the market. Moreover, the same segment is anticipated to register the highest CAGR in the forecast period.
North America accounts for the major market share of precision diagnostics market in 2022 due to increasing prevalence of cancer and chronic cases in the region and increasing initiatives by government and companies operating in the country.
Asia Pacific is expected to be the fastest growing region in precision diagnostics market over the forecast period due to developing healthcare infrastructure, enormous population base, growing prevalence of chronic diseases, growing government efforts, and technological improvement in the sector.

The List of Companies - Precision Diagnostics Market

  1. Quest Diagnostics Incorporated
  2. QIAGEN
  3. Swiss Precision Diagnostics GmbH
  4. Koninklijke Philips N.V.
  5. Lantheus Medical Imaging, Inc.
  6. Siemens Healthineers AG
  7. Abbott
  8. Novartis AG
  9. Sanofi
  10. Bayer AG
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the precision diagnostics market.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global precision diagnostics market, thereby allowing players across the value chain to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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