Precision Diagnostics Market Size, Share, Growth Analysis, By Application(Diagnostics, Genetic Tests, Direct To Consumer Tests, Esoteric Tests), By End-use(Home Care, Hospitals, Clinical Laboratories), By Region - Industry Forecast 2024-2031

Precision Diagnostics Market Driver

Demand for Personalized Therapy to Boost Market Growth

• Personalised therapy has become well-known in recent years that genetic testing and genome sequencing are two of the most important tools used to understand the molecular basis of disease. Many genetic disorders are screened for in European countries, as early detection of these diseases can prevent the onset of symptoms or reduce the severity of the disease.
• The backbone of the coronavirus disease 2020 response is diagnostic testing, which supports containment efforts to reduce the outbreak. Several pharmaceutical and biotechnology companies have registered preclinical and clinical tests for novel therapies against toxic viruses. Plasma therapy and immunotherapy trials are currently in the works. During the forecast period, this trend is likely to accelerate the potential market.

Precision Diagnostics Market Restraint

Lack of Awareness and Significant Costs to Restrain the Market Growth

• Despite the immense potential in various areas of modern healthcare, high R&D costs could hinder developments in the field of precision diagnostics restricting the market growth. 
• One of the top priorities for healthcare providers is an accurate diagnosis. Nonetheless, the faster turnaround time for results, rising demand for test kits, and inefficiency of the tests themselves are affecting market development. Aside from these factors, a strict regulatory environment for the development of new test kits in most countries acts as a major growth restraining factor.