Westford, USA, July 14, 2022 (GLOBE NEWSWIRE) -- The burden of wrong disease diagnosis in value-based healthcare is significant. A recent study by the Institute of Medicine (IOM) found that, on average, Americans receive the right diagnosis only 50%–60% of the time. That means that millions of people are misdiagnosed each year, and many of them will never know it. The IOM study found that the most common type of error was a false positive, where a person is told they have a disease or condition they don’t actually have. False negatives were also common, where a person is told they don’t have a disease or condition when they actually do. Wherein, the global precision diagnostics market is gaining high demand to overcome these problems to save cost as well lives.
Misdiagnosis can lead to unnecessary treatment and needless suffering. It can also cause financial hardship, as patients incur costs for tests and treatments that aren’t needed. In some cases, misdiagnosis can be fatal.
The demand for precision diagnostics market is growing as the costs of health care continue to rise and patients become more informed about their treatment options. With the advent of new technology, such as whole genome sequencing, precision diagnostics are becoming more accurate and less expensive. This is good news for patients, who can now receive a diagnosis earlier and with greater accuracy. However, it is also creating a challenge for physicians, who must now choose between traditional diagnostic methods and newer, more precise ones.
There are many reasons why the demand for precision diagnostics market is growing. First, as health care costs continue to rise, patients are increasingly looking for ways to reduce their costs. One way to do this is to receive a diagnosis earlier in the course of their disease. Second, patients are becoming more informed about their treatment options and are therefore more likely to ask for a specific test or procedure. Third, new technology, such as whole genome sequencing, is making precision diagnostics more accurate and less expensive. As a result of these factors, physicians must now decide which diagnostic method to use: traditional or precision?
Precision diagnostics have the potential to save both money and lives. When used effectively, they can help to identify diseases and conditions early, when treatment is most likely to be successful. This can avoid the need for more costly and invasive treatments later on. In addition, precision diagnostics can help to target therapies more effectively, reducing the chances of side effects and ensuring that patients receive the most appropriate care. All of this can lead to better health outcomes and lower costs overall.
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Increased Prevalence of Cancer and Growing Need for Early Diagnosis to Boost Precision Diagnostics Market Growth
Cancer is one of the leading causes of death worldwide, with approximately 14 million new cases and 10 million cancer-related deaths in 2020 alone. The global burden of cancer is expected to grow to 27 million new cases and 12 million cancer-related deaths by 2030. As per WHO, the death rate can be reduced by almost 50% if the cancers are diagnosed in early stages. As the population ages, the incidence of cancer is expected to increase, and with it, the demand for precision diagnostics market.
Precision diagnostics are tests that can identify the specific genetic mutations that cause a person's tumor. This information can help doctors match a patient with the most effective treatment options and improve outcomes. Precision diagnostics market has gained immense popularity in the recent years as they already being used to guide treatment decisions for some types of cancer, such as lung cancer, breast cancer, and melanoma. However, this approach is not yet standard practice due to the lack of data on how well precision diagnostics work across all types of cancer
The increased prevalence of cancer and growing need for early diagnosis are driving demand for precision diagnostics. In addition, advances in technology are making precision diagnostics more accessible and affordable. As more data become available on the effectiveness of precision diagnostics, it is likely that this approach will become standard practice for all types of cancer patients.
Precision diagnostics market have become essential for early detection of cancer. They allow for more accurate identification of abnormal cells and help to guide treatment decisions. There are a variety of different types of precision diagnostics available, including next-generation sequencing (NGS), DNA methylation testing, biomarker identification, and circulating tumor cell (CTC) analysis. NGS is a powerful tool that can detect small changes in the DNA sequence that may indicate the presence of cancer. DNA methylation testing looks for changes in the way that genes are expressed, which can be an early sign of cancer development. CTC analysis involves capturing and analyzing tumor cells that have broken away from the primary tumor site and circulate in the blood stream.
Biomarker Identification and Genome Sequencing is Offering Opportunity to Participant in Precision Diagnostics Market
The term “precision medicine” is used to describe a new approach to disease treatment and prevention that takes into account an individual’s unique genetic make-up. As our understanding of the human genome expands, so too does our ability to develop targeted treatments for specific conditions.
One area of precision diagnostics market is seeing significant growth in market revenue is in the biomarker identification and genome sequencing for diagnostic purposes. By identifying specific mutations or changes in an individual’s DNA, doctors can more accurately diagnose and treat diseases. There are many reasons why the demand for these services is growing. First, as our understanding of genetics has grown, so too has our ability to identify potential biomarkers for diseases. Second, advances in technology have made it easier and less expensive to sequence genomes and detect mutations. Finally, as more insurance companies begin to cover these tests, they become more accessible to patients.
Biomarker identification and genome sequencing is offering opportunity to participant in precision diagnostics market. The demand for personalized medicines is increasing due to the presence of a large number of chronic diseases and the need for early diagnosis. The rapid growth in the field of genomics and proteomics is providing new insights into the pathogenesis of diseases, which is leading to the development of novel biomarkers and at the same time driving growth of precision diagnostics market.
The government support for genomic research and the increasing adoption of personalized medicine are some of the major drivers for the precision diagnostics market. In addition, the rising incidence of cancer and genetic disorders is expected to fuel the demand for precision diagnostics. However, lack of trained personnel and high cost associated with genomic tests are restraining factors for this market.
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Advances in Imaging technology and Growing Lab Digitization to Boost Growth of Precision Diagnostics Market
The adoption of advanced imaging technologies and the growing digitization of labs are expected to boost the growth of precision diagnostics market. Precision diagnostics is a rapidly growing field that uses sophisticated tools and techniques to accurately diagnose and treat diseases.
One of the key drivers of growth in precision diagnostics market is the increasing use of advanced imaging technologies. These technologies allow for more accurate diagnosis and treatment of diseases. For example, magnetic resonance imaging (MRI) can be used to create detailed images of the body's organs and tissues. This information can then be used to develop tailored treatment plans for patients.
Another driver of growth in precision diagnostics market is the increasing adoption of smart labs. This trend is making it easier for lab professionals to access data and results, which can help them make more informed decisions about patient care. Additionally, digital lab platforms are becoming increasingly popular with patients, as they offer a convenient way to receive test results and connect with their health care providers. For instance, LabCorp and Inova Health System have teamed up to create the Inova Schar Cancer Institute (ISCI) Molecular Tumor Board, a precision oncology program that will provide advanced cancer patients with access to the latest genomic testing and personalized treatment options. The partnership between LabCorp and Inova will help ensure that patients receive the most accurate diagnosis and best possible care.
The ISCI Molecular Tumor Board is a multi-disciplinary team of experts who will review each patient's case and recommend the most appropriate genomic tests and treatment options. The board includes oncologists, pathologists, genetic counselors, and other specialists who are experienced in precision oncology. ISCI will offer next-generation sequencing (NGS) testing services through LabCorp's state-of-the-art reference laboratory. This comprehensive approach to cancer care will help improve outcomes for patients by providing them with access to the latest advances in genomic medicine.
In addition to its work with ISCI, LabCorp is also collaborating with leading academic medical centers across the country to establish molecular tumor boards at their institutions. These boards bring together experts from different disciplines to review cases and make recommendations about precision oncology testing and treatment.
Machine Learning and AI is On the Verge to Revolutionize the Precision Diagnostics Market
The potential for machine learning (ML) and artificial intelligence (AI) in precision diagnostics is significant. In many cases, these technologies have the potential to improve diagnostic accuracy and efficiency while reducing costs.
There are a number of factors driving the growing adoption of ML and AI in precision diagnostics market. First, the growth of data-intensive applications such as genomic sequencing has generated a need for more sophisticated methods of data analysis. ML and AI techniques are well-suited to this task, as they can rapidly analyze large datasets to identify patterns and correlations that would be difficult or impossible to discern using traditional methods.
Second, the increasing availability of high-quality training data sets is another important factor driving the adoption of ML and AI in precision diagnostics. In particular, the use of electronic health records (EHRs) provides a rich source of data that can be used to train machine learning models. EHRs contain detailed information on patients’ demographics, clinical history, laboratory test results, and other important variables that can be used to develop accurate predictive models.
Third, advances in computing power and storage capacity have made it possible to apply ML and AI techniques to increasingly large and complex datasets.
The potential for machine learning (ML) and artificial intelligence (AI) in precision diagnostics market is growing. Here, we review the current state of AI/ML adoption in precision diagnostics, focusing on clinical decision support tools. We also identify key challenges and opportunities associated with wider uptake of these technologies.
Precision diagnostics is an emerging field that uses data-driven approaches to improve disease detection, prognosis, and treatment selection.1 AI/ML technologies have the potential to transform precision diagnostics by providing new ways to analyze complex data sets, identify patterns, and make predictions.
To date, there have been several hundred AI/ML-based clinical decision support tools developed for a range of diseases and conditions. While many of these tools are still in development or early stages of commercialization, a few have been approved by the US Food and Drug Administration (FDA) or other regulatory bodies and are being used in routine clinical practice.
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Top Players in Precision Diagnostics Market
- Quest Diagnostics (US)
- QIAGEN (Germany)
- Swiss Precision Diagnostics (Switzerland)
- Koninklijke Philips N.V (Netherlands)
- Lantheus Medical Imaging, Inc. (US)
- Bluebird Bio, Inc (US)
- F. Hoffmann-La Roche AG (Switzerland)
- Illumina, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Novartis AG (Switzerland)
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