Pune, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Precision Diagnostics Market Size & Growth Analysis:
The Precision Diagnostics Market size was valued at USD 75.87 billion in 2023 and is projected to reach USD 224.53 billion by 2032, expanding at a compound annual growth rate (CAGR) of 13.50%, according to a new market report published by SNS Insider.
The occurrence of a rising number of chronic diseases all over the world, such as cancer, cardiovascular diseases, and diabetes, is a severe challenge for global health systems and provides a strong rationale for advanced diagnostic tools, such as precision diagnostics. Chronic diseases are diseases characterized by their prolonged duration and by their requirements for ongoing medical management. To treat health conditions related to this type of disease with success, it is necessary to obtain a precise and timely diagnosis. For instance, cancer is one of the most common reasons of death all over the world, and its presence includes a wide array of types and genetic mutations that affect the localization, speed of progress of the disease, and impact. Results of the latest estimates of the global burden of cancer, issued by the International Agency for Research on Cancer. In 2022, there were 20 million new cancer cases and 9.7 million deaths in the world.
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An estimated 5-year survival was 53.5 million people. Around 1 in 5 people develop cancer during their existence, and 1 in 9 men and 1 in 12 women die from the disease. The understanding of tumor genetic alterations and biomarkers allows clinicians to identify the molecular drivers that determine tumor response to specific treatments, improving the effectiveness of molecule therapies and immunotherapies and reducing adverse effects. Precision diagnostics, which typically rely on the use of approaches such as next-generation sequencing and liquid biopsy, provide information on the tumor genetic profile to help clinicians decide how to treat each of their patients accordingly and with the most effective approach. Similarly, cardiovascular diseases, such as coronary artery disease, hypertension, and heart failure, can benefit from a precision diagnostics approach that tests for genetic predisposition, biomarkers of inflammation, and metabolism of lipids. This approach can help identify patients at risk early on and monitor the evolution of disease with precision to tailor lifestyle changes, medication, and invasive treatments, such as stenting or cardiac surgery, and other therapeutic options to the needs of each patient.
Key Precision Diagnostics Market Players:
- 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
- Other players
Precision Diagnostics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 75.87 Billion |
| Market Size by 2032 | US$ 224.53 Billion |
| CAGR | CAGR of 13.50 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmental Insights
Based on end use, the clinical laboratories segment led the market with the largest revenue share of 48% in 2023. Clinical laboratories are playing a major role in the market mainly due to the high use of advanced diagnostic technology devices in these laboratories for accurate detection and monitoring of diseases. Precision diagnostics often requires the interpretation of complex data such as genetic mutations or levels of biomarkers in the patient, which is usually done by pathologists or geneticists at these laboratories. In addition to this, these laboratories offer a range of services starting from blood tests to genetic tests; therefore, a large patient population gets attracted to personalized diagnostic tests. Further, the rising collaborative approach from these end-user segments drives the demand for diagnostics tests.
Precision Diagnostics Market Key Segmentation:
By Type
- Genetic Tests
- Direct-to-Consumer Tests
- Esoteric Tests
- Others
By Application
- Oncology
- Respiratory Diseases
- Skin Diseases
- CNS Disorders
- Immunology
- Genetic Diseases
- Others
By End-Use
- Hospitals
- Clinical Laboratories
- Others
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Regional Insights
The precision diagnostic market in Europe is expected to be a lucrative region in the industry. Europe is witnessing a rapid increase in the market at a growth rate of 10.5% which is majorly due to rising advanced diagnostic technologies, increasing healthcare expenditure, rising incidence of chronic diseases, and growing importance of personalized medicines. Moreover, the regulatory landscape in the region is flexible and adapting to continuous advancements in the field of precision diagnostics by developing innovative ways to reduce the time associated with the approvals of novel diagnostics testing which includes molecular diagnostic tests, CTC tests, etc. In addition, growing research and development initiatives in contribution to diagnostic companies and healthcare service providers also help to add new diagnostic tests in the pipeline rapidly.
In 2023, the UK market for precision diagnostics held a significant revenue share. Personalized healthcare is getting a lot of emphasis in the UK; it is when the optimal treatment and diagnostics tests are chosen based on the genetic composition of the patient. UK government and healthcare systems support precision medicine. For instance, the UK government and the National Health Service are working on the advancement of precision diagnostics tests; and the NHS in the UK has initiated a 100,000 Genomes Project in addition to ongoing investment in genomic medicine which paves the way for the growth of precision diagnostics in the region.
Recent Developments
- In May 2024, Cincinnati Children’s announced the acquisition of a medical building with three operating rooms near Eden Park. The location of the building is 2001 Gilbert Ave., Walnut Hills. The facility, which will schedule surgeries in the second half of 2024, will help the increased demand for pediatric surgeries. The move will expand patient’s access to various elective surgical procedures.
- In November 2023, Rainbow Children’s Hospital, a chain of pediatric and maternity hospitals in India, revealed its plans to increase its capacity in the second half of the fiscal year 2024. The company will also open four new hospitals in Bengaluru Hyderabad and Chennai while adding to the infrastructure with 270 beds in total.
Key takeaways:
- The clinical laboratories segment dominated the precision diagnostics market, accounting for 48% of the revenue share in 2023.
- Their role in interpreting complex genetic and biomarker information adds to the development of the precision diagnostics segment.
- The European precision diagnostics market is rapidly expanding due to technological advancements, increasing healthcare spending, and a focus on personalized medicine.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume: Device usage volume
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. Precision Diagnostics Market Segmentation, by Type
8. Precision Diagnostics Market Segmentation, by Application
9. Precision Diagnostics Market Segmentation, by End-Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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