What is the global market size of Precision Diagnostics Market?

Precision Diagnostics Market size was valued at USD 60.35 billion in 2021 and is poised to grow from USD 68.07 billion in 2022 to USD 201.27 billion by 2030, growing at a CAGR of 12.6% in the forecast period (2023-2030).

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

Report ID: SQMIG35G2102 | Region: Global | Published Date: July, 2001
Pages: 157 | Tables: 73 | Figures: 75

Precision Diagnostics Market News

In June 2021, Medical devices company, Trivitron Healthcare, introduced two new innovation-driven products for HbA1c and Hb variant detection. These products will be used for monitoring diabetes, hemoglobin variants, and thalassemia. The new product includes NANO H5 & NANO H110, high-performance liquid chromatography analyzers, and is fully automated.
In October 2020, Diaceutics PLC announced the launch of DXRX – The Diagnostic Network designed to increase the end-to-end development of precision medicine diagnostics by decreasing the time to peak biomarker test adoption for cancer testing from years to months.

Precision Diagnostics Market Report Snapshots

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Precision Diagnostics Market size was valued at USD 60.35 billion in 2019 and is poised to grow from USD 68.07 billion in 2023 to USD 201.27 billion by 2031, growing at a CAGR of 12.6% in the forecast period (2024-2031).

New product launches, partnerships and investing in research & development have been a key business strategy for market. The precision diagnostics market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. 'Abbott Laboratories', 'F. Hoffmann-La Roche Ltd.', 'Siemens Healthineers AG', 'Thermo Fisher Scientific Inc.', 'bioMérieux SA', 'Becton, Dickinson and Company', 'Danaher Corporation', 'QIAGEN N.V.', 'Hologic Inc.', 'Agilent Technologies Inc.', 'Sysmex Corporation', 'Illumina Inc.', 'PerkinElmer Inc.', 'Exact Sciences Corporation', 'Bio-Rad Laboratories Inc.', 'Myriad Genetics Inc.', 'Natera Inc.', 'Grifols S.A.', 'Quest Diagnostics Inc.', 'Laboratory Corporation of America Holdings (LabCorp)'

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.

Rise in Prevalence of Cancer: The prevalence of cancer has grown globally. Concurrently, developments in cancer diagnosis, prevention, and treatment have increased. With advancements in precision diagnostics and therapies, as well as game-changing innovations such as Next Generation Sequencing (NGS) and big genomic data, the market is expected to grow progressively over the forecast period.

The presence of a large number of leading pharmaceutical and biotech companies, as well as well-established healthcare infrastructure, North America and Europe account for the largest share of the market. Furthermore, government support, combined with increased R&D investment, is propelling these regional markets. For instance, the then-U.S. government announced the Precision Medicine Initiative in 2015 in order to improve research and development in this field.

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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 News

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