New York, United States , July 05, 2024 (GLOBE NEWSWIRE) -- The Global Precision Diagnostics Market Size is to Grow from USD 74.98 Billion in 2023 to USD 254.48 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13% during the projected period.
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Precision medicine diagnostics, also known as personalized diagnostics or precision diagnostics, is a branch of medicine that uses state-of-the-art diagnostic instruments and methods to tailor treatments, medical interventions, and treatment choices for individual patients. It is mostly used to treat cancer, diabetes and use a range of assays, including esoteric and genetic testing. A variety of diagnostic methods, such as genetic testing, molecular profiling, imaging, and other contemporary diagnostic modalities, are utilized since it is crucial to gather thorough information on each patient's unique genetic makeup, molecular features, and state of health. As chronic diseases like cancer, heart issues, and infectious infections become more prevalent, accurate and prompt diagnostic testing are growing increasingly important. The higher sensitivity and specificity of precision diagnostics provide better early detection and disease management. However, expensive research and development (R&D) costs will prevent the advancement of precision diagnostics, with their great potential in numerous domains in modern medicine, accordingly limiting the growth of the market.
Browse key industry insights spread across 265 pages with 110 Market data tables and figures & charts from the report on the "Global Precision Diagnostics Market Size, Share, and COVID-19 Impact Analysis, By Type (Genetic Tests, Esoteric Tests, and Others), By Application (Oncology, Cardiovascular, Immunology, Neurology, and Others), By End User (Hospitals, Clinical Laboratories, and Homecare), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The genetic tests segment is anticipated to hold the greatest share of the global precision diagnostics market during the projected timeframe.
On the basis of type, the global precision diagnostics market is divided into genetic tests, esoteric tests, and others. Among these, the genetic tests segment is anticipated to hold the greatest share of the global precision diagnostics market during the projected timeframe. The market segment for genetic tests dominated when more people realized how important it was to diagnose diseases early. Since it looks for changes or mutations in DNA, this test is helpful in many areas of medicine.
The oncology segment is anticipated to grow at the fastest pace in the global precision diagnostics market during the projected timeframe.
On the basis of application, the global precision diagnostics market is divided into oncology, cardiovascular, immunology, neurology, and others. Among these, the oncology segment is anticipated to grow at the fastest pace in the global precision diagnostics market during the projected timeframe. Precision medicine has led to a dramatic shift in the available alternatives for oncology diagnosis and therapy in recent years. Many precision medicine organizations are focused on cancer for various reasons.
The clinical laboratories segment is predicted to grow at the highest pace in the precision diagnostics market during the estimated period.
On the basis of end user, the global precision diagnostics market is divided into hospitals, clinical laboratories, and homecare. Among these, the clinical laboratories segment is predicted to grow at the highest pace in the precision diagnostics market during the estimated period. Clinical laboratories have access to extremely modern equipment compared to hospitals and home care, which present advantageous growth potential for this particular market.
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North America is Expected to hold the largest share of the global precision diagnostics market over the forecast period.
North America is expected to hold the largest share of the global precision diagnostics market over the forecast period. North America is anticipated to capture the majority of the worldwide market share. In 2023, the market was projected to be worth USD 28.34 billion in the region. The rise in public-private partnerships is the reason for this dominance. The United States of America, renowned for both its expansive biotechnology research businesses and state-of-the-art healthcare system. Through continued research and development in these regions, personalized diagnostics technologies have been enhanced, becoming more dependable and effective.
Asia Pacific is predicted to grow at the fastest pace in the global precision diagnostics market during the projected timeframe. Precision diagnostics are becoming more widely recognized and accepted by patients and healthcare professionals, which has contributed to their rapid expansion. Government initiatives aimed at implementing new medical technology and improving healthcare infrastructure, particularly in developing countries like China and India, also contribute to the market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global precision diagnostics market include Abbott Laboratories, F. Hoffmann-La Roche Ltd., Siemens Healthineers AG, Thermo Fisher Scientific Inc., bioMérieux SA, Becton, Dickinson and Company, Danaher Corporation, Quest Diagnostics, Diatech Pharmacogenetics, Swiss Precision Diagnostics, Koninklijke Philips N.V,Lantheus Medical Imaging, Inc., HALO Precision Diagnostics, Inc., Agilent Technologies Inc., and others.
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Recent Developments
- In May 2023, HALO Precision Diagnostics, Inc., announced a partnership with Agamon Health. The partnership focuses on improving the patient experience and the effectiveness of HALO Precision Diagnostics' treatments.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global precision diagnostics market based on the below-mentioned segments:
Global Precision Diagnostics Market, By Type
- Genetic Tests
- Esoteric Tests
- Others
Global Precision Diagnostics Market, By Application
- Oncology
- Cardiovascular
- Immunology
- Neurology
- Others
Global Precision Diagnostics Market, By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Others
Global Precision Diagnostics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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