Precision Diagnostics Market Growth Analysis | Report 2022-2028

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
  • Category : Pharmaceuticals
  • Status : Published
  • No. of Pages : 150
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[Research Report] 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.

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Precision Diagnostics Market: Strategic Insights

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
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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

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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

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

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

Which region is projected to be the fastest growing region in the global precision diagnostics market?

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.

Which region accounts for major market share in 2022 in global precision diagnostics market?

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.

Which segment is dominating the precision diagnostics market based on type?

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.

What are the growth estimates for the precision diagnostics market till 2028?

The precision diagnostics market is expected to be valued at US$ 168,405.71 million in 2028.

What is the estimated precision diagnostics market size of the market in 2022?

The precision diagnostics market is estimated to be valued at US$ 79,776.88 million in 2022.

What will be the CAGR of the precision diagnostics market during the forecast period?

The market is estimated to grow at a CAGR of 13.3% during the forecast period.

Who are the major players in precision diagnostics market across the globe?

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.

What are the driving factors for the global precision diagnostics market across the world?

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.

What is precision diagnostics?

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 List of Companies - Precision Diagnostics Market

  1. Quest Diagnostics Incorporated
  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

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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