USD 60.35 billion
Report ID: SQMIG35G2102 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 73 | Figures: 75
Global Precision Diagnostics Market size was valued at USD 60.35 billion in 2021 and is poised to grow from USD 68.07 billion in 2022 to USD 201.27 billion by 2030, growing at a CAGR of 12.6% in the forecast period (2023-2030).
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 2040, 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.
Global Market Size
USD 60.35 billion
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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.
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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.
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Precision Diagnostics Market Driver
Demand for Personalized Therapy to Boost Market Growth
Precision Diagnostics Market Restraint
Lack of Awareness and Significant Costs to Restrain the Market Growth
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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
Precision Diagnostics Market Recent Developments
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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.
|Market size value in 2021||USD 60.35 billion|
|Market size value in 2030||USD 68.07 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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