Precision Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: March 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 12.3 billion |
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Revenue Forecast in 2031 |
US$ 34.94 billion |
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CAGR |
12.3% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global precision diagnostics market was valued at US$ 12.3 billion in 2022 and is expected to register a revenue CAGR of 12.3% to reach US$ 34.94 billion by 2031.
Precision Diagnostics Market Fundamentals
Precision diagnostics refers to medical tests and procedures that identify the presence or absence of a disease or medical condition with high accuracy and reliability. Precision diagnostic tests often use advanced technologies and methods to detect and analyze specific biomarkers or other indicators of disease, such as genetic mutations, proteins, or other molecules. Precision diagnostics are often used in personalized medicine, which involves tailoring medical treatments to individual patients based on their specific genetic, environmental, and lifestyle factors. By accurately identifying the underlying causes of a patient’s illness, precision diagnostics can help healthcare providers select the most effective treatments and medications, minimizing side effects and optimizing outcomes. Precision diagnostics include genetic testing, molecular imaging, and liquid biopsy tests that detect cancer biomarkers in the blood or other bodily fluids. These tests are often used with other diagnostic tools, such as medical imaging or physical exams, to better understand a patient’s health status.
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Precision Diagnostics Market Dynamics
Precision diagnostics has grown enormously as companies develop diagnostics suited to certain patient populations and participants in the digital pathology industry roll out innovative technologies. The global precision diagnostics market is growing due to the rising importance of digital solutions. To help each patient receive the best possible care, Roche introduced two digital pathology image analysis algorithms (uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis) in January 2021. Philips introduced its next-generation digital pathology solution in October 2021, putting digital pathology at the core of corporate-wide healthcare informatics. A comprehensive, scalable suite of software tools and capabilities is included in the recently launched Philips Digital Pathology Suite- IntelliSite. These tools and capabilities are intended to streamline imaging workflows, boost diagnostic confidence, integrate artificial intelligence (AI), and enhance pathology lab productivity. Thus, throughout the projected period, the players operating in the market would have tremendous development opportunities due to technological advancement in precision diagnosis that aids in product innovation.
The rising frequency of neurological disorders and the increasing prevalence of cancer is expected to boost the need for precision medicine and propel the global precision diagnostics market revenue growth. For instance, the Neurological Alliance estimates that over 14.7 million neurological reports of incidents in 2019, and 1 in 6 people had at least one neurological ailment. For instance, Alzheimer’s disease is the most common form of dementia, accounting for around 60% – 70% of cases as of September 2020, according to the WHO.
Several organizations work together to produce medications specifically tailored to treat a certain patient population according to their unique needs. This collaboration raises the number of clinical studies, which raises the number of disease diagnoses. For instance, Personal Genomic Diagnostics Inc. and Massachusetts General Hospital formed a strategic partnership in June 2021 to accelerate the creation of efficient therapeutic services.
However, the high development cost could impede advancements in precision diagnostics, restraining the revenue growth of the global precision diagnostics market despite the enormous promise in numerous areas of contemporary healthcare. An accurate diagnosis is one of the top concerns for healthcare professionals. The market is still hampered by the short turnaround for results, increasing demand for test kits, and the tests’ ineffectiveness.
Precision Diagnostics Market Ecosystem
The global precision diagnostics market has been analyzed from three perspectives: type, application, and region.
Precision Diagnostics Market by Type
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Based on type, the global precision diagnostics market has been segmented into esoteric tests, genetic tests, and others.
The genetic tests segment accounts for the largest revenue share in the global precision diagnostics market. This is a result of increased awareness of disease early diagnosis. This test is useful in many fields of medicine and checks for DNA mutations or variations. For instance, genetic testing can provide information on the likelihood of acquiring cancer and the diagnosis of hereditary conditions, such as Fragile X syndrome or Huntington’s disease. The outcomes of these tests can be used to inform findings about an individual patient’s treatment, such as selecting the best drug or deciding on the best procedure for surgery or other medical procedures.
The esoteric tests segment is projected to register a higher revenue CAGR during the forecast period. Esoteric tests can be helpful in precision diagnostics as they offer more thorough and accurate details about a patient’s condition, allowing a more individualized and targeted approach to therapy. For instance, specialized testing, such as next-generation sequencing (NGS) in cancer diagnosis, can locate particular genetic abnormalities that can influence therapy choices. These tests are specialized laboratory procedures that doctors do not frequently request but which, in some circumstances, may be required for accurate diagnosis. These tests need specific tools and knowledge to conduct and interpret. They are frequently more expensive and complex than traditional laboratory testing. Esoteric testing includes, for instance, NGS, mass spectrometry, flow cytometry, and others.
Precision Diagnostics Market by Application
Based on application, the global precision diagnostics market has been segmented into cardiovascular, oncology, immunology, neurology, and others.
The oncology segment is estimated to account for the largest revenue share in the global precision diagnostics market. Precision oncology is the molecular profiling of cancers to find changes that can be targeted. Precision medicine analyzes the DNA from the patient’s tumor to find the mutations and other genetic alterations that lead to cancer. Then, doctors might be able to select a cancer treatment for a specific patient that best fits, or targets, the problematic mutations in the tumor DNA. The spectrum of oncology diagnosis and therapy has significantly changed in recent years due to precision medicine. With the development of large biological databases, computational tools for their analysis, and technological advancements that characterize the patient’s genome, proteomics, metabolomics, and cell profiles, clinicians can now specifically target the molecular alteration underlying each patient’s disease.
Molecular-guided medicines in oncology constitute a preventative, therapeutic strategy that can shorten the duration and expense of ineffective treatments, consequently extending patients’ life expectancy and quality of life. This drives the segment’s revenue growth as new, cutting-edge oncology genetic testing is introduced. For instance, in December 2020, Koninklijke Philips N.V. debuted its cutting-edge developments in digital pathology. Based on an effective oncology clinical decision-making support portfolio, the business combines the strength of imaging, pathology, genomes, and longitudinal data with insights from AI to provide doctors with predictable results for each patient.
Precision Diagnostics Market by Region
Based on region, the global precision diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and The Middle East & Africa.
North America accounts for the largest revenue share in the global precision diagnostics market. The market is driven by increasing demand for personalized medicine, the rising prevalence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders, and growing awareness about early disease detection and diagnosis. Technological advancements and the increasing focus on precision medicine are also contributing to the revenue growth of this market. Some major players operating in the North America precision diagnostics market include Abbott Laboratories, Danaher Corporation, Becton, Dickinson and Company, F. Hoffmann-La Roche AG, Siemens Healthineers AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., and Agilent Technologies Inc. These companies are constantly investing in research and development activities to introduce new and innovative products and gain a competitive edge.
Europe accounts for the second-largest revenue share in the global precision diagnostics market. The increase in COVID-19 infections and the subsequent rise in new technology adoption influences regional market revenue growth. For instance, in July 2021, Xyall BV, a leading MedTech company in the molecular pathology space, introduced the Tissector High Throughput system for more improved diagnostics. The technology is the world’s first molecular diagnostics lab that leverages its unique, automated tissue dissection technology.
Asia Pacific is projected to register a higher revenue CAGR in the market during the forecast period. The rising development of effective drugs for rare disorders and technological advancements in Asia Pacific is expected to surge product demand. Furthermore, extensive product adoption for treating diabetes and other disorders is expected to bolster market progress.
Latin America and the Middle East & Africa are expected to experience slower revenue growth during the forecast period due to a lack of knowledge about contemporary diagnostic technology. A significant factor holding down market revenue growth in these regions may be the absence of favorable reimbursement policies in many low-income countries.
Precision Diagnostics Market Competitive Landscape
The prominent players operating in the global precision diagnostics market are:
Precision Diagnostics Market Strategic Developments
The global precision diagnostics market is expected to grow at a revenue CAGR of 12.3% during the forecast period.
Bluebird Bio, Inc., Quest Diagnostics, Qiagen NV, Siemens Healthineers AG, and Abbott Laboratories are among the key players in the global precision diagnostics market.
The genetic tests segment accounts for the largest revenue share in the global precision diagnostics market.
Asia Pacific is expected to register the highest revenue growth in the global precision diagnostics market during the forecast period.
The high cost of research and development is one of the few challenges faced by the global precision diagnostics market.
*Insights on financial performance are subject to the availability of information in the public domain