Precision Diagnostics Market

Precision Diagnostics Market Size, Share, Growth Analysis, By Application(Diagnostics, Genetic Tests), By End-use(Home Care, Hospitals) - 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.

Market snapshot - 2024-2031

Global Market Size

USD 60.35 billion

Largest Segment

Hospitals

Fastest Growth

Hospitals

Growth Rate

12.6% CAGR

Global Precision Diagnostics Market ($ Bn)
Country Share for North America Region (%)
Global Precision Diagnostics Market By End User ($ Bn)
Global Precision Diagnostics Market By End User (%)

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Precision Diagnostics Market Segmental Analysis

The global precision diagnostics market is segmented by application, end-use, and region. Based on application, the precision diagnostics market is categorized into: diagnostics, genetic tests, direct to consumer tests, esoteric tests, therapeutics, pharmaceuticals, oncology, respiratory diseases, skin diseases, CNS disorders, immunology, genetic diseases, medical devices. Based on end-use precision diagnostics market is categorized into home care, hospitals and clinical laboratories. Based on region it is categorized as North America, Europe, Asia-Pacific, South America, and MEA.

Precision Diagnostics Market Analysis by Application

Due to increased awareness of disease timely identification, the genetic tests segment dominated the market in 2022. This test is useful in many areas of medicine because it looks for mutations or variants in the DNA. For example, genetic testing could provide information about the risk of developing cancer as well as diagnose a genetic condition such as Fragile X syndrome or Huntington's disease. Rising incidence of rare diseases, neurological diseases, and cancers, soaring demand for precision drug therapies, increasing pressure to reduce healthcare expenditure, and an aging population is expected to drive the market growth. In the coming years, the market is expected to be driven by an increase in strategic collaborations, which will result in an increase in clinical trial activities, as well as increased government support and initiatives for the development of better and more efficient treatment options.

Precision Diagnostics Market Analysis by End User

The precision medicine diagnostics market is categorized into three parts based on end-use: home care, hospitals, and clinical laboratories. Clinical laboratories and hospitals currently account for the majority of precision diagnostics and medicines. The home care segment is expected to grow more during the forecast period. The market has benefited from rising levels of acceptance and positive results obtained through precision therapies in the treatment of various diseases among patients. The market is also expected to be fueled by the expansion of personal healthcare equipment and devices, as well as the integration of smart technologies with various healthcare systems.

Global Precision Diagnostics Market By End User, 2023 (%)

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Precision Diagnostics Market Regional Insights

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 global 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.

Global Precision Diagnostics Market By Region, 2024-2031
  • Largest
  • Fastest

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Precision Diagnostics Market Dynamics


Precision Diagnostics Market Driver

Demand for Personalized Therapy to Boost Market Growth

  • 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.
  • The backbone of the coronavirus disease 2020 response is diagnostic testing, which supports containment efforts to reduce the outbreak. Several pharmaceutical and biotechnology companies have registered preclinical and clinical tests for novel therapies against toxic viruses. Plasma therapy and immunotherapy trials are currently in the works. During the forecast period, this trend is likely to accelerate the potential market.

Precision Diagnostics Market Restraint

Lack of Awareness and Significant Costs to Restrain the Market Growth

  • Despite the immense potential in various areas of modern healthcare, high R&D costs could hinder developments in the field of precision diagnostics restricting the market growth. 
  • One of the top priorities for healthcare providers is an accurate diagnosis. Nonetheless, the faster turnaround time for results, rising demand for test kits, and inefficiency of the tests themselves are affecting market development. Aside from these factors, a strict regulatory environment for the development of new test kits in most countries acts as a major growth restraining factor.

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Precision Diagnostics Market Competitive Landscape

New product launches, partnerships and investing in research & development have been a key business strategy for market. The global precision diagnostics market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue.

Precision Diagnostics Market Top Players Company Profiles

  • 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)

Precision Diagnostics Market Recent Developments

  • In June 2021, Medical devices company, Trivitron Healthcare, introduced two new innovation-driven products for HbA1c and Hb variant detection. These products will be used for monitoring diabetes, hemoglobin variants, and thalassemia. The new product includes NANO H5 & NANO H110, high-performance liquid chromatography analyzers, and is fully automated.
  • In October 2020, Diaceutics PLC announced the launch of DXRX – The Diagnostic Network designed to increase the end-to-end development of precision medicine diagnostics by decreasing the time to peak biomarker test adoption for cancer testing from years to months.

 

Precision Diagnostics Key Market Trends

  • 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.
  • Technological Advancements: Clinical practitioners will be able to determine whether tests are necessary and how to apply genetic data to the results using precision medicine decision-making tools. Precision medicine will also assist the patient in avoiding care denials and delays. This will also impact the types of tests requested in the next five years. Broad panel tests that look at a specific area of the gene will become more common over the next five years as opposed to regular tests that only look at a small number of genes.

Precision Diagnostics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
 
According to the global precision diagnostics market report analysis, continuous use of online collaborative forums by physicians, biologists, patient groups, and the government, in conjunction with a learning and networking environment, will propel business growth. The use of online marketing opportunities that allow for the reach of a global audience should provide even more lucrative growth opportunities. Furthermore, the FDA has developed precision FDA, a cloud-based community R&D portal that allows users from all over the world to share tools and data in order to test, pilot, and validate new and existing bioinformatics approaches to NGS processing. As a result, such factors will boost precision medicine business growth during the forecast period.

Report Metric Details
Market size value in 2023 USD 60.35 billion
Market size value in 2031 USD 201.27 billion
Growth Rate 12.6%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Diagnostics, Genetic Tests, Direct To Consumer Tests, Esoteric Tests, Therapeutics, Pharmaceuticals, Oncology, Respiratory Diseases, Skin Diseases, Cns Disorders, Immunology, Genetic Diseases, Medical Devices
  • End-use
    • Home Care, Hospitals, Clinical Laboratories
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Precision Diagnostics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Precision Diagnostics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Precision Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Precision Diagnostics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Precision Diagnostics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Precision Diagnostics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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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