Pune, Aug. 04, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Precision Diagnostics Market reached a valuation of USD 67.81 billion in 2022 and is projected to attain USD 172.75 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.4% during the forecast period from 2023 to 2030.”
Market Overview
Precision diagnostics represents a paradigm shift in healthcare, moving away from a one-size-fits-all approach to a personalized and data-driven model. By leveraging cutting-edge technologies to analyze an individual's biological data, precision diagnostics holds the promise of improving patient outcomes and ushering in a new era of truly personalized medicine.
Market Analysis
The precision diagnostics market is experiencing rapid growth due to the convergence of various factors, including technological advancements, increasing demand for personalized medicine, and rising awareness among patients and healthcare providers. As the field continues to evolve, precision diagnostics is expected to play a pivotal role in transforming healthcare practices and improving patient outcomes across a wide range of diseases.
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Major Players Included in this Report are:
- Quest diagnostics
- QIAGEN
- Swiss Precision Diagnostics
- Koninklijke Philips N.V
- Lantheus Medical Imaging
- Bluebird Bio and other players
Impact of Recession on Precision Diagnostics Market Growth
The Russia-Ukraine War's impact on the precision diagnostics market is multi-faceted and interconnected with broader geopolitical and economic dynamics. While certain challenges and disruptions are inevitable in conflict-affected regions, there may also be opportunities for other players in the global market. Adaptation, resilience, and strategic planning will be essential for precision diagnostics companies to navigate the changing landscape and continue contributing to improved healthcare outcomes worldwide.
Precision Diagnostics Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 67.81 Bn |
| Market Size by 2030 | US$ 172.75 Bn |
| CAGR | CAGR of 12.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Precision Diagnostics Market: Key Segmentation | • By Type (Genetic Tests, Esoteric Tests, Others) • By Application (Oncology, Cardiovascular, Immunology, Others) • By End User (Hospitals, Clinical Laboratories, Homecare) |
| 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) |
Impact of the Russia-Ukraine War
The Russia-Ukraine War has introduced significant challenges and uncertainties in the precision diagnostics market. Disrupted supply chains, investment uncertainty, shifts in regional demand, pricing fluctuations, and policy changes have the potential to impact the market's dynamics. However, it is essential to note that the precision diagnostics sector is inherently resilient, driven by the pressing need for accurate and personalized healthcare solutions.
Key Regional Developments
The precision diagnostics market is experiencing robust growth globally, driven by advancements in technology and an increasing focus on personalized healthcare. Different regions around the world are contributing to this growth, each facing unique opportunities and challenges. North America and Europe remain leaders in the field, while the Asia-Pacific region shows immense potential for further expansion. Latin America and the Middle East and Africa regions are also witnessing gradual growth and are expected to catch up in the coming years.
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Key Takeaway from Precision Diagnostics Market Study
- Within the precision diagnostics landscape, the oncology segment stands out as a beacon of hope for cancer patients worldwide. Oncology diagnostics leverage genetic profiling and molecular analysis to identify specific genetic mutations that drive tumor growth. This crucial information allows oncologists to design personalized treatment strategies, ensuring better patient outcomes and reduced adverse effects.
- Genetic tests have revolutionized the way we understand and approach health conditions. By analyzing an individual's DNA, genetic tests provide valuable insights into their predisposition to certain diseases, drug responses, and overall health risks.
Recent Developments Related to Precision Diagnostics Market
- NGeneBio, a leading biotechnology company in South Korea, has taken a significant stride in expanding its global presence by establishing its US subsidiary, NGeneBioAI. The new corporation aims to bring cutting-edge advancements in genetic healthcare and artificial intelligence (AI) to the United States, promising a new era of personalized medicine and diagnostic solutions.
- Diatech Pharmacogenetics, a leading biotechnology company specializing in personalized medicine and genomics, has secured a significant investment from TA Associates, a prominent global growth private equity firm. The investment marks a pivotal moment for Diatech, as it positions the company for accelerated growth and innovation in the field of pharmacogenetics.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Precision Diagnostics Market Segmentation By Type
9. Precision Diagnostics Market Segmentation By Application
10. Precision Diagnostics Market Segmentation By End User
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. Use cases and Best Practices
15. Conclusion
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Get an Excel-Data Sheet of the Precision Diagnostics Market with Detailed Analysis (Sheet Included Market Size & Share of Regions, Countries and Continents Data)
