How Has The Precision Diagnostics Market Size Evolved In Recent Years?
The precision diagnostics market has seen considerable growth due to a variety of factors.
•In recent years, the precision diagnostics market has experienced significant expansion. The market size is projected to increase from $98.14 billion in 2024 to $111.16 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.3%.
The historic period's expansion can be credited to advancements in genomic research, the emergence of personalized medicine, a surge in chronic diseases prevalence, increased patient empowerment and informed medical decisions, a shift in healthcare towards value-based care, and also government-led initiatives and funding.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Precision Diagnostics Market?
The precision diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of precision diagnostics is projected to exhibit a steep acceleration in growth in the coming years, reaching $192.06 billion by 2029 with a compound annual growth rate (CAGR) of 14.7%.
The anticipated growth during the forecast period could be attributed to the rise in liquid biopsy applications, implementation of artificial intelligence (AI), increased need for companion diagnostics, wider implementation of point-of-care testing, and initiatives on population health management. Notable trends for the forecast period encompass technological breakthroughs in sequencing, progress in multi-omics technologies, the growth of digital pathology, the incorporation of real-world evidence, and partnerships in research and development.
Which Drivers Are Accelerating Growth In The Precision Diagnostics Market?
The increase in chronic diseases is anticipated to drive the precision diagnostics market's expansion in the future. Chronic illnesses are those that persist for a minimum of three months and can deteriorate over time. Precision diagnostics assist patients with chronic illnesses like cancer and cardiovascular diseases, facilitating precise management of the patient's healthcare model and delivering accurate disease diagnoses. In January 2023, the National Library of Medicine, a US-based organization, predicted that the number of individuals in the US aged 50 and older with at least one chronic condition would rise to 142.66 million by 2050. As a result, the increasing incidence of chronic diseases is propelling the growth of the precision diagnostics market.
What Are The Core Segments Of The Global Precision Diagnostics Market?
The precision diagnostics market covered in this report is segmented –
1) By Type: Genetic Tests, Esoteric tests, Other Types
2) By Technology: Next Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Mass Spectrometry, Immunohistochemistry (IHC), Other Technologies
3) By Application: Oncology, Infectious Diseases, Cardiovascular, Neurology, Genetic Disorders, Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Research Institutes, Pharmaceutical And Biotechnology Companies, Other End-Users
Subsegments:
1) By Genetic Tests: Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR) Tests, Whole Exome Sequencing (WES), Single Nucleotide Polymorphism (SNP) Testing
2) By Esoteric Tests: Proteomics, Metabolomics, Specialized Infectious Disease Testing, Rare Disease Testing
3) By Other Types: Biomarker Testing, Liquid Biopsies, Companion Diagnostics, Pharmacogenomic Testing
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Which Emerging Trends Are Reshaping The Precision Diagnostics Market Size?
Pioneering firms in the precision diagnostics market are placing a premium on inventive therapy methods. The adoption of artificial intelligence -driven video analysis tools is a prime example, which seeks to boost patient participation and amplify the comprehension of intricate medical data - thereby encouraging people to be proactive with their health maintenance. Such a tool utilises artificial intelligence to decode video content, condense complex information like health histories by spotlighting crucial elements, thus presenting lucid perspectives for optimal comprehension and informed decision-making. As an illustration, in August 2024, Healthians, an Indian diagnostics firm, led the way by launching an AI-driven video analysis tool that facilitates a simpler understanding of elaborate medical data. It does so by underlining pivotal health variables and delineating their relevance, hence successfully leading users through their medical reports. This inventive function allows users to obtain customised insights within a span of 15-30 minutes after filling a short questionnaire on the Healthians app - this invariably heightens their capacity to make learned health decisions.
Who Are the Key Players in the Precision Diagnostics Market?
Major companies operating in the precision diagnostics market include:
• Pfizer Inc.
• F. Hoffmann-La Roche Ltd.
• Bayer AG
• Novartis AG
• Abbott Laboratories
• Danaher Corporation
• Amgen Inc.
• Koninklijke Philips N.V.
• Becton Dickinson and Company (BD)
• Thermo Fisher Scientific Inc.
• Quest Diagnostics Inc.
• Siemens Healthineers AG
• Agilent Technologies Inc.
• PerkinElmer Inc.
• Beckman Coulter Inc.
• Charles River Laboratories International Inc.
• Sysmex America Inc.
• Waters Corporation
• Bio-Rad Laboratories Inc.
• Bruker Corporation
• Qiagen N.V.
• Bio-Techne Corporation
• Illumina Inc.
• Lantheus Medical Imaging Inc.
• Luminex Corporation
• BioFire Diagnostics LLC
• Genomic Health Inc.
• Swiss Precision Diagnostics GmbH
• Bluebird Bio Inc.
What are the Regional Insights into the Precision Diagnostics Market?
North America was the largest region in the precision diagnostics market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
