Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The global Precision Diagnostics Market size was valued at USD 54.05 billion in 2020 and is expected to be worth USD 60.35 billion in 2021 and it is projected to reach USD 138.85 billion by 2028, recording a CAGR of 12.6% during the forecast period. The increasing incidence of cancer and neurological disorders is anticipated to drive up product demand. Additionally, the higher expenditure on healthcare and medical services is projected to lead to a rise in the adoption of effective treatment procedures. These factors are expected to contribute to the growth of the industry. Fortune Business Insights™ displays this information in a report titled, "Precision Diagnostics Market, 2021-2028."
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Key Industry Development:
May 2021: Philips launched its novel Spectral Computed Tomography 7500 system to offer spectral data for all patients.
Key Takeaways:
- As per the National Cancer Institute, it is estimated that by 2040, there will be an increase in the number of new cancer cases to 29.5 million and cancer-related deaths to 16.4 million per year.
- In January 2021, Roche unveiled the introduction of its digital pathology algorithms aimed at providing precise patient diagnoses for breast cancer.
- The market is categorized into genetic tests, esoteric tests, and other segments based on type.
- During the period of 2021-2028, North America is expected to secure the global market share.
Discover the Leading Players Featured in the Report:
Quest Diagnostics (New Jersey, U.S.), QIAGEN (Hilden, Germany), Swiss Precision Diagnostics (Geneva, Switzerland), Koninklijke Philips N.V (Amsterdam, Netherlands), Lantheus Medical Imaging, Inc. (Massachusetts, U.S.), Bluebird Bio, Inc (Massachusetts, U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.6% |
| 2028 Value Projection | USD 138.85 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 60.35 billion |
| Historical Data | 2017-2019 |
| No. of Pages | 140 |
| Segments Covered | Type, Application, End User, and Geography |
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Segmentation:
The market is divided by type into esoteric tests, genetic tests, and others. It is classified by application into immunology, cardiovascular, oncology, and others. In terms of end-users, it is categorized as homecare, clinical laboratories, and hospitals. Geographically, it is analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Type
- Genetic Tests
- Esoteric Tests
- Others (Direct to Consumer Tests)
By Application
- Oncology
- Cardiovascular
- Immunology
- Others
By End User
- Hospitals
- Clinical Laboratories
- Homecare
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Driving factor:
The increasing demand for personalized medicine and treatment approaches is expected to lead to a rise in product demand. This enables healthcare professionals to conduct thorough patient diagnoses and effectively address health issues. The sudden increase in COVID-19 cases has driven the global demand for effective procedures. Additionally, the growing need for treatment procedures in areas like oncology and other disorders is anticipated to promote the adoption of these procedures. For instance, according to data from the Neurological Alliance, approximately 14.7 million neurological cases were reported in 2019, with one in six people experiencing neurological disorders.
Furthermore, manufacturers are collaborating to develop and offer advanced treatment procedures and services. In 2021, for instance, Personal Genome Diagnostics Inc. and Massachusetts General Hospital joined forces to advance treatment services. These factors are expected to propel the growth of the precision diagnostics market.
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Regional insights:
North America is anticipated to maintain its dominance in the global precision diagnostics market, primarily due to its well-established healthcare sector. The North American market was valued at USD 20.84 billion in 2020 and is projected to continue holding the largest market share in the upcoming years. Additionally, collaborations between governments and manufacturers are expected to contribute to market growth. For instance, in July 2021, Neuberg Diagnostics Private Limited established a new pathology laboratory in Telangana, India, which will facilitate the company's international and domestic expansion and the creation of incubation centers in the U.S. and Europe. These factors are poised to drive industry growth.
In Europe, the sudden surge in COVID-19 infections is expected to increase the demand for effective diagnostic procedures. Moreover, the rapid advancements in technology and the integration of effective treatment procedures are likely to propel market development.
In the Asia Pacific region, the increasing development of effective drugs for rare and technological disorders is projected to boost product demand. Furthermore, the widespread adoption of the product for treating diabetes and other disorders is expected to enhance market progress.
Competitive Landscape
Key market players have introduced innovative products as part of their efforts to enhance their market standing. For instance, in June 2021, Trivitron Healthcare unveiled new products for HbA1c and Hb variant detection. This approach has the potential to assist the company in advancing precise treatment procedures and establishing a strong global brand presence. Additionally, research and development initiatives can empower market participants to create effective medical solutions that capture consumers' interest. This strategy has the potential to enhance product offerings and increase annual revenues for these companies.
FAQs
How big is the Precision Diagnostics Market?
Precision Diagnostics Market size was USD 60.35 billion in 2021.
How fast is the Precision Diagnostics Market growing?
The Precision Diagnostics Market will exhibit a CAGR of 12.6% during the forecast period, 2021-2028
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Related Links:
In-Vitro Diagnostics (IVD) Market Size, Share, Growth Industry Report.
Point-Of-Care Diagnostics Market Share, Size, Demand, and Forecast.
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