Precision Diagnostics Market

Precision Diagnostics Market

Growth Factors of Precision Diagnostics Market

The precision diagnostics market size was valued at USD 75.85 billion in 2023, and the market is now projected to grow from USD 85.34 billion in 2024 to USD 229.27 billion by 2032, exhibiting a CAGR of 13.1% during the forecast period of 2024-2032.

The COVID-19 pandemic had formed a strong focus on diagnostics, stressing the significance of exactness and appropriate diagnosis to surge the quality of care and decrease healthcare and community-related costs. It had become a motivation for change and started at the beginning of the patient pathway, with exact diagnosis, the scope for effective dealing.

Personalized therapy is accessible to patients with an understanding of the molecular basis of ailments. It has become famous over current years where genetic testing and genome sequencing are two of the vital tools used to understand the molecular basis of illness. Moreover, numerous industry players and research institutes are collaborating to announce clinical laboratories to deliver exactness and modified medicines.

Diagnostic testing is the backbone of the coronavirus disease response, associate containment efforts to reduce the occurrence. Several pharmaceutical and biotechnology companies have listed their preclinical and clinical studies for testing innovative therapies against toxic viruses. Plasma therapy, immunotherapy trials are currently in the pipeline. This movement is likely to quicken the potentiality of the coronavirus detection market during the prediction period. Furthermore, augmented focus on digital diagnostics is boosting the precision diagnostics market growth.

Comprehensive Analysis of Precision Diagnostics Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, by end users and by application. Based on type, the market is segmented into genetic tests, esoteric tests, and others (direct to consumer tests). Based on application, the market is categorized into oncology, cardiovascular, immunology, neurology, and others. Based on end users, the market is segmented into hospitals, clinical laboratories, homecare.

North America region is dominating the precision diagnostics market share due to growing associations between government and private organizations. A well-established healthcare organisation will also encourage the regional development.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Quest Diagnostics (U.S.), QIAGEN (Germany), Swiss Precision Diagnostics (Switzerland), Koninklijke Philips N.V (The Netherlands), Lantheus Medical Imaging, Inc. (U.S.), Bluebird Bio, Inc (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In May 2023, Bayer introduced a business division dedicated to creating novel Precision Health products within its range of everyday health categories.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Growth Rate CAGR of 13.1% from 2024-2032

Segmentation By Type

- Genetic Tests

- Esoteric Tests

- Others

By Application

- Oncology

- Cardiovascular

- Neurology

- Others

By End User

- Hospitals

- Clinical Laboratories

- Homecare

By Geography

- North America (By Type, By Application, By End User, and By Country)

• U.S. (By Type)
• Canada (By Type)

- Europe (By Type, By Application, By End User, and By Country/Sub-region)

• U.K. (By Type)
• Germany (By Type)
• France (By Type)
• Italy (By Type)
• Spain (By Type)
• Scandinavia (By Type)
• Rest of Europe (By Type)

- Asia Pacific (By Type, By Application, By End User, and By Country/Sub-region)

• China (By Type)
• Japan (By Type)
• India (By Type)
• Australia (By Type)
• Southeast Asia (By Type)
• Rest of Asia Pacific (By Type)

- Latin America (By Type, By Application, By End User, and By Country/Sub-region)

• Brazil (By Type)
• Mexico (By Type)
• Rest of Latin America (By Type)

- Middle East & Africa (By Type, By Application, By End User, and By Country/Sub-region)

• GCC (By Type)
• South Africa (By Type)
• Rest of Middle East & Africa (By Type)


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