With 12.6 % CAGR, Precision Diagnostics Market Size worth USD 138.85 billion by 2028 Industry Trends & Forecast Report by Fortune Business Insights
According to Fortune Business Insights, the global Precision Diagnostics Market size is projected to reach USD 138.85 billion by 2028, at CAGR of 12.6% during forecast period; Rising Prevalence of Cancer and Neurological Disorders to Propel Market Development
Pune, India, July 05, 2022 (GLOBE NEWSWIRE) — The global precision diagnostics market size was USD 54.05 billion in 2020. The market is expected to grow from USD 60.35 billion in 2021 to USD 138.85 billion in 2028, exhibiting a CAGR of 12.6% during the forecast period. The rising prevalence of cancer and neurological disorders and increasing effective treatment procedures are expected to foster market development. Fortune Business Insights™ presents this information in its report titled “Precision Diagnostics Market, 2021-2028.”
Precision diagnostics are disease diagnosis methods that explain the patient’s condition in a detailed and precise manner. It enables medical professionals to carry out treatment procedures in an effective manner. It is used to cure diabetes, cancer, and other disorders using esoteric tests, genetic tests, and others. The rising prevalence of cancer and neurological disorders is expected to surge the product demand. Further, increased spending on healthcare and medical services is expected to spike the adoption of effective treatment procedures. These factors are expected to boost the industry growth.
Industry Development
- May 2021: Philips launched its novel Spectral Computed Tomography 7500 system to offer spectral data for all patients.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.6% |
| 2028 Value Projection | USD 138.85 Billion |
| Base Year | 2020 |
| Precision Diagnostics Market Size in 2021 | USD 60.35 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Key Market Players | Quest Diagnostics (New Jersey, U.S.), QIAGEN (Hilden, Germany), Swiss Precision Diagnostics (Geneva, Switzerland), Koninklijke Philips N.V (Amsterdam, Netherlands), Lantheus Medical Imaging, Inc. (Massachusetts, U.S.), Bluebird Bio, Inc (Massachusetts, U.S.) |
| Precision Diagnostics Market Growth Drivers | Rising Demand for Personalized Medicine to Augment Market Development |
| Presence of a Well-established Healthcare Sector to Boost Industry Growth in North America | |
| Prominent Companies Launch Novel Products to Boost Brand Image |
Drivers and Restraints
Rising Demand for Personalized Medicine to Augment Market Development
The rising demand for personalized medicine and treatment procedures is expected to surge the demand for the product. It enables medical professionals to diagnose patients in detail and solve health issues effectively. The sudden rise in COVID-19 infections has facilitated the demand for effective procedures globally. Furthermore, the rising demand for the treatment procedure in oncology and other disorders is expected to boost the treatment procedure’s adoption. For example, as per the information provided by the Neurological Alliance, approximately 14.7 million neurological cases were registered in 2019, and 1 among 6 people suffered from neurological disorders.
Moreover, manufacturers collaborate to manufacture and provide effective treatment procedures and services. For example, Personal Genome Diagnostics Inc. and Massachusetts General Hospital collaborated in 2021 to develop advanced treatment services. These factors are predicted to drive the precision diagnostics market growth.
However, high capital investments in the research and development of precision diagnostics and medicines may hinder the market development.
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Segments
By type, the market is segmented into esoteric tests, genetic tests, and others. Based on application, it is classified into immunology, cardiovascular, oncology, and others. As per end-user, it is categorized into homecare, clinical laboratories, and hospitals. Geographically, it is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
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Regional Insights
Presence of a Well-established Healthcare Sector to Boost Industry Growth in North America
North America is expected to dominate the global precision diagnostics market share due to a well-established healthcare sector. The market in North America stood at USD 20.84 billion in 2020 and is expected to gain the largest portion of the market share in the coming years. Further, collaborations between government and manufacturers are expected to bolster market development. For example, Neuberg Diagnostics Private Limited set up a new pathology laboratory in Telangana, India, in July 2021. Through this set up, the company shall expand its international and domestic presence and set up incubation centers in the U.S. and Europe. These factors are expected to boost the industry growth.
In Europe, the sudden spike in COVID infections is expected to boost the demand for effective diagnostic procedures. Furthermore, rapid technological advancements and the incorporation of effective treatment procedures are expected to propel market development.
In Asia Pacific, the rising development of effective drugs for rare disorders and technological disorders is expected to surge the product demand. Furthermore, extensive adoption of the product for the treatment of diabetes and other disorders is expected to bolster market progress.
Competitive Landscape
Prominent Companies Launch Novel Products to Boost Brand Image
The prominent players operating in the market launched novel products to improve their market position. For example, Trivitron Healthcare announced its novel HbA1c and Hb variant detection products in June 2021. This strategy may enable the company to develop precise treatment procedures and a global brand image. Furthermore, research and development may enable market players to develop effective medical solutions and capture consumers’ attention. This strategy may help companies improve product offerings and boost their annual revenues.
Precision Diagnostics Market Segmentations:
| Segmentation | By Type
|
By Application
| |
By End User
| |
By Geography
|
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Leading companies operating in the precision diagnostics market trends have undertaken various organic and inorganic growth strategies. The companies have been implementing various strategies that have helped them in their growth and, in turn, brought about several breakthroughs and transitions in the industry. The companies have utilized organic strategies such as launches, and product approvals.
Moreover, the market players have also deployed several utilized inorganic strategies, including mergers & acquisitions, partnerships, and collaborations.
List of Key Players Profiled in the Report
- Quest Diagnostics
- QIAGEN
- Swiss Precision Diagnostics
- Koninklijke Philips N.V
- Lantheus Medical Imaging, Inc.
- Bluebird Bio, Inc
Table Of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Conditions (Cancer, Diabetes etc.) – Key Countries
- Recent Industry Developments – Mergers, Acquisitions & Partnerships
- New Product Launches
- Impact of COVID-19 on the Market
- Global Precision Diagnostics Market, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Genetic Tests
- Esoteric Tests
- Others (Direct to Consumer Tests)
- Market Analysis, Insights and Forecast – By Application
- Oncology
- Cardiovascular
- Immunology
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Clinical Laboratories
- Homecare
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
ToC Continue…!
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