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 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.