Precision Diagnostics Market Size, Share, and Analysis by 2028

[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

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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.

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.

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.

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Precision Diagnostics Market Regional Insights

The regional trends and factors influencing the Precision Diagnostics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Precision Diagnostics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Precision Diagnostics Market Report Scope

Precision Diagnostics Market Players Density: Understanding Its Impact on Business Dynamics

The Precision Diagnostics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Precision Diagnostics Market are:

1. Quest Diagnostics Incorporated
2. QIAGEN
3. Swiss Precision Diagnostics GmbH
4. Koninklijke Philips N.V.
5. Lantheus Medical Imaging, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

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