New York, June 20, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Precision Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Genetic Tests, Esoteric Tests, and Others), Application (Oncology, Cardiology, Respiratory Diseases, Immunology, and Others), and End User (Clinical Laboratories, Hospitals, Homecare, and Others)”, the global precision diagnostics market size is projected to reach $168.40 billion by 2028 from $79.77 billion in 2022; it is expected to grow at a CAGR of 13.3% from 2022 to 2028.
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Precision Diagnostics Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 79.77 Billion in 2022 |
| Market Size Value by | US$ 168.40 Billion by 2028 |
| Growth rate | CAGR of 13.3% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| No. Tables | 84 |
| No. of Charts & Figures | 66 |
| Historical data available | Yes |
| Segments covered | Type, Application, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Precision Diagnostics Market: Competitive Landscape and Key Developments
Quest Diagnostics Incorporated; QIAGEN; Swiss Precision Diagnostics GmbH; Koninklijke Philips N.V.; Lantheus Medical Imaging, Inc.; Siemens Healthineers AG; Abbott; Novartis AG; Sanofi; and Bayer AG are among the leading companies in the precision diagnostics market. The market is anticipated to flourish with the development of new innovative products by market players.
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In December 2021, Biocept, Inc. announced that its liquid biopsy-based Target Selector NGS Lung Panel test aided genomic profiling in patients with advanced non-small cell lung cancer (NSCLC), which can help physicians identify potential targeted therapies and monitor potential targeted therapies and treatment effectiveness. This test can be ordered directly from Quest Diagnostics.
In May 2020, QIAGEN launched QIAseq Targeted Methyl panels. The panels are the MGS-based products for targeted methylation analysis with the increased analytical sensitivity and sequence-targeting capabilities for a full range of cancer applications.
Precision Diagnostics Market: Key Insights
The precision diagnostics market growth driven by the rising demand for personalized medicines and increasing application in oncology and other disorders. However, the high investments in the R&D of precision medicine and diagnostic kits hinder the growth of the precision diagnostics market.
North America is the largest market for precision diagnostics, with the US holding the largest share of the regional market, followed by Canada and Mexico. The precision diagnostics market in the US is expected to grow in the coming years owing to the rising collaborations between governments and private organizations, a well-established infrastructure of healthcare, and the subsequently increasing adoption of new technology.
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In the US, regulatory agencies in multiple states have different jurisdictions. Since the Food and Drug Administration published draft guidance to regulate laboratory-developed trials, several draft regulations have been submitted. Therefore, the current state of laboratory regulations for precision diagnostics in the country is complex, and there is always an impending possibility that the current paradigm will change after 2014.
In short, clinical laboratories in the US are subject to the 1988 Clinical Laboratory Improvement Amendments to the Public Health Services Act, which is managed by the Medicare and Medicaid Service Centers (CMS). These regulations were introduced to improve the quality of the clinical testing process, which allows CMS-certified organizations to inspect laboratories as an envisioned entity. Furthermore, in January 2015, President Obama announced the Precision Health Initiative (PMI), a key program to develop the national infrastructure needed to implement precision health care in the US. Therefore, the above-mentioned factors are likely to support the precision diagnostics market growth in the US during the forecast period.
Rising Demand for Personalized Medicine Fueling Precision Diagnostics Market Growth:
The growing demand for personalized medicine and treatment procedures is surging the need for the diagnostic product, as it allows medical professionals to diagnose health problems and solve them accurately. Further, genetic testing and genome sequencing are essential to understand a disease molecular basis. Thus, personalized medicine is gaining popularity. Advances in new diagnostic tools that allow greater precision are advancing further. In addition, many genetic disorders are screened in European countries, as early detection of these diseases prevents the onset of symptoms or reduces disease severity. For example, the sudden increase in COVID-19 cases facilitated global need for effective diagnostic procedures and products, resulting in increased demand for diagnostic solutions.
According to Our World in Data, 17,45,530 new COVID-19 cases were diagnosed worldwide in December 2021. Thus, diagnostic testing was the backbone of the COVID-19 response, supporting containment efforts to reduce the cases, which accelerated the adoption of diagnosing solutions to provide patients with early treatment. Therefore, the increasing demand for the early diagnosis of diseases through precision diagnostic tests is driving market growth.
Precision Diagnostics Market: Segmental Overview
Type-Based Insights:
Based on type, the precision diagnostics market is segmented into genetic testing, esoteric testing, and others. In 2022, the genetic testing segment holds the largest share of the market. Moreover, the same segment is expected to register the highest CAGR from 2021 to 2028.
Application-Based Insights:
Based on application, the precision diagnostics market is segmented into oncology, cardiology, respiratory diseases, immunology, and others. The oncology segment holds the largest share of the market in 2022. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period.
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End User-Based Insights:
Based on end user, the precision diagnostics market is segmented into clinical laboratories, hospitals, homecare, and others. The clinical laboratories segment holds the largest share of the market in 2022. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period.
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Esoteric Testing Market to 2025 - Global Analysis and Forecasts by Technology (Chemiluminescence Immunoassay, Real-Time PCR, Flow Cytometry, Mass Spectrometry, Enzyme-Linked Immunosorbent Assay and Others), Test Type (Infectious Diseases Testing, Oncology Testing, Genetic Testing, Neurology Testing, Endocrinology Testing, Toxicology Testing and Others), End User (Hospital Laboratories, and Independent & Reference Laboratories) and Geography
Clinical Laboratory Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Test Type (Clinical chemistry tests, Human and tumor genetics tests, Medical microbiology and cytology tests, Other esoteric tests); Service Provider (Hospital-based laboratories, Stand-alone laboratories, Clinic-based laboratories) and Geography
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