Precision Diagnostics Market Forecasts to 2030 – Global Analysis By Type (Direct to Consumer Tests, Esoteric Tests, Genetic Tests and Other Types), Application, End User and By Geography

Precision Diagnostics Market Forecasts to 2030 – Global Analysis By Type (Direct to Consumer Tests, Esoteric Tests, Genetic Tests and Other Types), Application, End User and By Geography

According to Stratistics MRC, the Global Precision Diagnostics Market is accounted for $79.3 billion in 2023 and is expected to reach $205.7 billion by 2030 growing at a CAGR of 14.6% during the forecast period. The market for improved diagnostic technologies that enable very precise and customized medical testing is known as the ""precision diagnostics market."" Precision diagnostics entails the molecular analysis of patient samples using advanced methods, including proteomics, genomics, and molecular diagnostics. With this method, genetic variants, biomarkers, and other molecular indicators linked to certain diseases can be precisely identified.

According to the World Health Organization (WHO), in May 2021, 163,312,429 people worldwide were affected by COVID-19.

Market Dynamics:

Driver:

Increasing healthcare awareness

Patients and healthcare professionals' awareness of the revolutionary effect accurate diagnosis can have on treatment results is growing. An increasing number of people are becoming aware of the benefits of early disease detection, customized treatment regimens, and the possibility of better patient outcomes. Additionally, more and more sophisticated patients are asking for access to state-of-the-art diagnostic tools that can offer an in-depth understanding of their molecular health.

Restraint:

High upfront costs

Advanced technology adoption requires large upfront investments in specialized machinery, infrastructure, and skilled employees. Some instances of these are next-generation sequencing and molecular profiling. These higher initial costs might pose an economic challenge for medical facilities, and diagnostic labs and potentially restrict patient access to specific precision diagnostic services. However, the financial burden is further increased by the fact that the expenses extend beyond the purchase of technology and involve thorough training courses for medical professionals.

Opportunity:

Growing prevalence of chronic diseases

Accurate and timely diagnostic tools are becoming more and more necessary due to the rising worldwide burden of diseases like cancer, cardiovascular diseases, and neurological disorders. The identification of certain genetic mutations, biomarkers, and molecular signatures associated with a range of chronic conditions is made possible by precision diagnostics, which includes cutting-edge molecular technology and customized medicine techniques. Additionally, accurate and thorough diagnoses are essential for successful intervention and better patient outcomes since these illnesses often require specialized therapies.

Threat:

Data privacy and security concerns

Ensuring strong data protection measures is crucial because precision diagnostics requires the collection and analysis of extremely sensitive patient information, including genetic and molecular data. Patients and healthcare providers are concerned about the possibility of misuse, data breaches, and unauthorized access to personal health information. However, strict adherence to data protection laws, such as GDPR and HIPAA, is necessary to address these issues, necessitating substantial expenditures in cybersecurity infrastructure.

Covid-19 Impact

While the pandemic emphasized the significance of rapid and accurate diagnosis, delays in non-urgent diagnostic procedures and the redirection of resources toward COVID-19 testing caused disruptions. Demand for molecular diagnostics, especially PCR-based tests, surged in the industry, but supply chain disruptions and overloaded hospital infrastructures posed problems. Traditional diagnostic settings were also impacted by a shift in emphasis toward telemedicine and remote diagnostics.

The genetic tests segment is expected to be the largest during the forecast period

With the growing popularity of precision medicine, the genetic testing sector held the largest market share. Demand for genetic tests, such as molecular profiling and next-generation sequencing, is rapidly rising. An individual's genetic composition can be fully recognized by these tests, which can detect certain genetic differences, illness susceptibility, and possible treatment reactions. Additionally, the use of genetic tests for illness diagnosis, risk assessment, and treatment planning is being driven by the rising frequency of genetic illnesses and the increasing awareness of individualized healthcare.

The oncology segment is expected to have the highest CAGR during the forecast period

Because molecular testing, liquid biopsies, and genomic profiling have made it possible to identify particular genetic changes and biomarkers linked to various cancer types, the oncology sector is expanding rapidly. With this level of accuracy, oncologists can optimize therapeutic outcomes by customizing treatment plans based on each patient's tumor's unique genetic profile. Accurate diagnostic techniques for oncology are in greater demand due to the rising global prevalence of cancer and our growing understanding of its molecular basis.

Region with largest share:

Because the demand for sophisticated and accurate diagnostic tools has increased due to the rising prevalence of chronic diseases, including cancer and cardiovascular disorders, the Asia-Pacific region is anticipated to hold the largest share of the market over the forecasted period. In addition, the area is experiencing a rise in the middle-class population and healthcare expertise, with a particular emphasis on preventive healthcare practices. Moreover, the precision diagnostic tenets of tailored and targeted interventions for better patient outcomes are in accordance with this movement in healthcare perspectives.

Region with highest CAGR:

The Asia-Pacific region is growing profitably as a result of the rapid advancement in technology and the growing availability of healthcare services. Nations like China, Japan, and India have invested large investments in R&D, infrastructure, and healthcare, providing a climate that is favorable to the adoption of cutting-edge diagnostic technology. The Asia Pacific region will definitely be a major force behind the growth and expansion of the precision diagnostics market on a global scale as it continues to prioritize the development of healthcare infrastructure, invest in research and innovation, and experience a paradigm shift towards precision medicine.

Key players in the market

Some of the key players in Precision Diagnostics market include Abbott, Bayer AG, Koninklijke Philips N.V., Lantheus Medical Imaging, Inc., Novartis AG, QIAGEN, Quest Diagnostics Incorporated, Sanofi, Siemens Healthineers AG and Swiss Precision Diagnostics GmbH.

Key Developments:

In October 2023, Bayer AG has entered into an antibody discovery, option, and license agreement with Twist Bioscience Corporation, a company offering high-quality synthetic DNA using its silicon platform.

In September 2023, Abbott signs definitive agreement to acquire Bigfoot Biomedical, which develops smart insulin management systems for individuals with diabetes. As part of the acquisition, Abbott will use Bigfoot Unity with its FreeStyle Libre technology, which uses a customer smartphone app connected to a cloud-based online portal.

In May 2023, Bayer has secured a long-term structured renewable energy credit purchase agreement with Cat Creek Energy that will generate 1.4 terawatt-hours of clean electricity annually, equivalent to the energy consumption of 150,000 households.

Types Covered:
• Direct to Consumer Tests
• Esoteric Tests
• Genetic Tests
• Other Types

Applications Covered:
• Cardiovascular
• Immunology
• Oncology
• Respiratory Diseases
• Other Applications

End Users Covered:
• Clinical Laboratories
• Homecare
• Hospitals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:

- Market share assessments for the regional and country-level segments

- Strategic recommendations for the new entrants

- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030

- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)

- Strategic recommendations in key business segments based on the market estimations

- Competitive landscaping mapping the key common trends

- Company profiling with detailed strategies, financials, and recent developments

- Supply chain trends mapping the latest technological advancements