Precision Diagnostics Market

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 Insights

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).

Precision diagnostics is a diagnostic method that provides a precise and timely explanation of a patient's health problem. It is primarily used in the treatment of diabetes and cancer, and it includes the use of genetic tests, esoteric tests, and others (direct-to-consumer tests). The increasing prevalence of cancer and neurological disorders is expected to increase demand for precision medicine. According to the National Cancer Institute, the number of new cancer cases is expected to rise by 29.5 million by 2031, with cancer-related deaths increasing by 16.4 million.

There have also been substantial improvements in gene therapy and the development of precision therapies to treat diseases such as cancer, tuberculosis, and Alzheimer's. These diseases, which are induced by mutations, are anticipated to contribute to revenue generation. One of the primary benefits of precision diagnostics and medicines is that they can be tailored to specific needs and conditions, instead of fitting every individual into the framework of "one treatment fits all."

US Precision Diagnostics Market  is poised to grow at a sustainable CAGR for the next forecast year.

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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

Report ID: SQMIG35G2102

$5,300
BUY NOW GET FREE SAMPLE