The Precision Diagnostics Market size was valued at USD 67.81 billion in 2022 and is expected to reach at USD 172.75 billion by 2030 and grow at a CAGR of 12.4% over the forecast period of 2023-2030
The use of cutting-edge medical technologies and techniques to precisely identify a range of illnesses and ailments is referred to as precision diagnostics. It includes a variety of diagnostic instruments, such as molecular diagnostics, genetic testing, imaging methods, and laboratory tests. Precision diagnostics objective is to give medical practitioners precise and in-depth knowledge about a patient's health status, empowering them to make correct diagnoses and create individualised treatment programmes. Precision diagnostics can pinpoint certain biomarkers, genetic mutations, or molecular signatures linked to particular diseases or ailments by using sophisticated testing techniques. The development of precision diagnostics has transformed healthcare by enabling earlier disease identification, more focused treatments, and better patient outcomes. It is essential in a number of disciplines, including cancer, infectious disorders, and cardiovascular.
Get more information on Precision Diagnostics Market - Request Free Sample Report
With the use of machine learning and artificial intelligence (AI), the field of precision diagnostics is still developing. These tools can help with sophisticated data analysis, increase diagnostic precision, and forecast patient outcomes based on unique traits.
Although precision diagnostics has a lot of potential, it is frequently combined with clinical judgement and other diagnostic techniques to produce a thorough diagnosis and treatment strategy. To provide individualised patient care, healthcare personnel are essential in interpreting and putting to use the data generated by precision diagnostic technologies.
Drivers :
Demand for Early Detection and Prevention is Growing.
To improve patient outcomes and lower healthcare costs, there is an increasing focus on disease early detection and prevention. With the help of precision diagnostics, diseases can be detected early on, even before symptoms appear, allowing for prompt intervention and preventative actions.
Restrain :
The high cost of the precision diagnostics
Certain patient populations or healthcare systems with low resources may find it more difficult to obtain certain precision diagnostic tests and technologies due to their cost. Precision diagnostics may not be widely used due to the expensive cost of tools, reagents, and data analysis, particularly in places with limited resources.
Opportunity
Therapeutic Advancements
The development of focused therapeutics and precision medicine are strongly related to precision diagnostics. Precision diagnostics aids in choosing the best therapy options and tracking treatment response by locating particular molecular targets or genetic changes linked to diseases.
Challenge
The lack of highly skilled health professionals.
Because precision diagnostics is an area that is continually growing, healthcare practitioners must get ongoing education and training to stay abreast of new developments and industry best practises. For supporting informed decision-making and promoting the implementation of precision diagnostics, it is essential to increase knowledge among healthcare professionals, patients, and the general public about the advantages and restrictions of this technology.
Healthcare infrastructure, such as hospitals, laboratories, and diagnostic centres, may sustain damage or be completely destroyed in places where the violence is present. Precision diagnostic services may become significantly less accessible and available as a result. For precision diagnostics, specialised tools, reagents, and skilled personnel are frequently needed. Access to such resources may be restricted in conflict-affected areas as a result of supply chain interruptions, unstable economies, or infrastructural damage. This may make it more difficult for these places to adopt and use modern diagnostic tools.
Impact of Recession
Healthcare spending may decline during a recession as a result of financial hardships experienced by both individuals and governments. As a result, funding for healthcare systems may be cut, which could affect expenditures on precision diagnostics-related equipment, technology, and research. The adoption and development of new diagnostic techniques may be slowed by a lack of funding.
Individuals frequently experience job loss and financial difficulties during recessions. A decrease in health insurance coverage or higher out-of-pocket expenses for diagnostic tests may result from this. Due to these obstacles, some people may experience delayed or missing diagnoses when attempting to use precision diagnostic services.
By Type
Genetic Tests
Esoteric Tests
Others
By Application
Oncology
Cardiovascular
Immunology
Others
By End User
Hospitals
Clinical Laboratories
Homecare
Need any customization research on Precision Diagnostics Market - Enquiry Now
North America region will be the most dominant region for this particular market. With a strong healthcare infrastructure and large investments in R&D, North America, and notably the United States, have been at the forefront of precision diagnostics. The region has a well-established regulatory framework for diagnostics, including the CLIA rules governing laboratory testing and the FDA's supervision of diagnostic procedures. Precision diagnostics are increasingly being advanced by academic and research organisations, private businesses, and fields including genomics, molecular diagnostics, and imaging.
Europe will be the region with the second largest share because of the Precision diagnostics adoption in European countries has advanced significantly as a result of improvements in genomics, molecular testing, and imaging technologies. The European Union includes programmes like the European Reference Networks (ERNs) that encourage teamwork and knowledge exchange in the identification of uncommon and complicated diseases. Precision diagnostic services are easier to get in a number of European countries thanks to well-established healthcare systems with universal healthcare coverage.
The major key players are Quest diagnostics, QIAGEN, Swiss Precision Diagnostics, Koninklijke Philips N.V, Lantheus Medical Imaging, Bluebird Bio and other players.
Quest Diagnostics: The completion of Haystack Oncology acquisition the objective of this acquisition was to add Sensitive MRD Liquid Biopsy Technology.
QIAGEN : The company has been selected for the variant interpretation in oncology genome sequencing by Danish National Genome Centre (DNGC).
Swiss Precision Diagnostics: The official announcement from Lantheus and Point Biopharma regarding the approval which they received from FDA for Lu-PNT2002 which will be used for the treatment of Metastatic Castration Resistant Prostate Cancer.
| 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 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Genetic Tests, Esoteric Tests, Others) • By Application (Oncology, Cardiovascular, Immunology, Others) • By End User (Hospitals, Clinical Laboratories, Homecare) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Quest diagnostics, QIAGEN, Swiss Precision Diagnostics, Koninklijke Philips N.V, Lantheus Medical Imaging, Bluebird Bio and others |
| Key Drivers | • Demand for Early Detection and Prevention is Growing. |
| Market Opportunities | • Therapeutic Advancements |
Ans: The Precision Diagnostics Market size was valued at US$ 67.81 billion in 2022.
Ans: The Precision Diagnostics Market is to grow at a CAGR of 12.4% over the forecast period 2023-2030.
Ans: Market is divided in three segments by Type, by Application and by End User.
Ans: APAC is said to be the region which will have the highest CAGR growth rate during the forecasted period because of the technological advancement in the healthcare industry in these regions.
Ans: Budget restrictions during a recession may cause cutting back on their investment in research and development (R&D).
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Precision Diagnostics Market Segmentation By Type
8.1 Genetic Tests
8.2 Esoteric Tests
8.3 Others
9. Precision Diagnostics Market Segmentation By Application
9.1 Oncology
9.2 Cardiovascular
9.3 Immunology
9.4 Others
10. Precision Diagnostics Market Segmentation By End User
10.1 Hospitals
10.2 Clinical Laboratories
10.3 Homecare
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Precision Diagnostics Market by country
11.2.2North America Precision Diagnostics Market by Type
11.2.3 North America Precision Diagnostics Market by Application
11.2.4 North America Precision Diagnostics Market by End User
11.2.5 USA
11.2.5.1 USA Precision Diagnostics Market by Type
11.2.5.3 USA Precision Diagnostics Market by Application
11.2.5.4 USA Precision Diagnostics Market by End User
11.2.6 Canada
11.2.6.1 Canada Precision Diagnostics Market by Type
11.2.6.3 Canada Precision Diagnostics Market by Application
11.2.6.4 Canada Precision Diagnostics Market by End User
11.2.7 Mexico
11.2.7.1 Mexico Precision Diagnostics Market by Type
11.2.7.3 Mexico Precision Diagnostics Market by Application
11.2.7.4 Mexico Precision Diagnostics Market by End User
11.3 Europe
11.3.1 Europe Precision Diagnostics Market by country
1.3.3.2 Europe Precision Diagnostics Market by Type
11.3.3 Europe Precision Diagnostics Market by Application
11.3.4 Europe Precision Diagnostics Market by End User
11.3.5 Germany
11.3.5.1 Germany Precision Diagnostics Market by Type
11.3.5.2 Germany Precision Diagnostics Market by Application
11.3.5.3 Germany Precision Diagnostics Market by End User
11.3.6 UK
11.3.6.1 UK Precision Diagnostics Market by Type
11.3.6.2 UK Precision Diagnostics Market by Application
11.3.6.3 UK Precision Diagnostics Market by End User
11.3.7 France
11.3.7.1 France Precision Diagnostics Market by Type
11.3.7.2 France Precision Diagnostics Market by Application
11.3.7.3 France Precision Diagnostics Market by End User
11.3.8 Italy
11.3.8.1 Italy Precision Diagnostics Market by Type
11.3.8.2 Italy Precision Diagnostics Market by Application
11.3.8.3 Italy Precision Diagnostics Market by End User
11.3.9 Spain
11.3.9.1 Spain Precision Diagnostics Market by Type
11.3.9.2 Spain Precision Diagnostics Market by Application
11.3.9.3 Spain Precision Diagnostics Market by End User
11.3.10 The Netherlands
11.3.10.1 Netherlands Precision Diagnostics Market by Type
11.3.10.2 Netherlands Precision Diagnostics Market by Application
11.3.10.3 Netherlands Precision Diagnostics Market by End User
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Precision Diagnostics Market by Type
11.3.11.2 Rest of Europe Precision Diagnostics Market by Application
11.3.11.3 Rest of Europe Precision Diagnostics Market by End User
11.4 Asia-Pacific
11.4.1 Asia Pacific Precision Diagnostics Market by country
11.4.2 Asia Pacific Precision Diagnostics Market by Type
11.4.3 Asia Pacific Precision Diagnostics Market by Application
11.4.4 Asia Pacific Precision Diagnostics Market by End User
11.4.5 Japan
11.4.5.1 Japan Precision Diagnostics Market by Type
11.4.5.2 Japan Precision Diagnostics Market by Application
11.4.5.3 Japan Precision Diagnostics Market by End User
11.4.6 South Korea
11.4.6.1 South Korea Precision Diagnostics Market by Type
11.4.6.2 South Korea Precision Diagnostics Market by Application
11.4.6.3 South Korea Precision Diagnostics Market by End User
11.4.7 China
11.4.7.1 China Precision Diagnostics Market by Type
11.4.7.2 China Precision Diagnostics Market by Application
11.4.7.3 China Precision Diagnostics Market by End User
11.4.8 India
11.4.8.1 India Precision Diagnostics Market by Type
11.4.8.2 India Precision Diagnostics Market by Application
11.4.8.3 India Precision Diagnostics Market by End User
11.4.9 Australia
11.4.9.1 Australia Precision Diagnostics Market by Type
11.4.9.2 Australia Precision Diagnostics Market by Application
11.4.9.3 Australia Precision Diagnostics Market by End User
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Precision Diagnostics Market by Type
11.4.10.2 APAC Precision Diagnostics Market by Application
11.4.10.3 APAC Precision Diagnostics Market by End User
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Precision Diagnostics Market by country
11.5.2 The Middle East & Africa Precision Diagnostics Market by Type
11.5.3 The Middle East & Africa Precision Diagnostics Market by Application
11.5.4 The Middle East & Africa Precision Diagnostics Market by End User
11.5.6 Israel
11.5.6.1 Israel Precision Diagnostics Market by Type
11.5.6.2 Israel Precision Diagnostics Market by Application
11.5.6.3 Israel Precision Diagnostics Market by End User
11.5.6 UAE
11.5.6.1 UAE Precision Diagnostics Market by Type
11.5.6.2 UAE Precision Diagnostics Market by Application
11.5.6.3 UAE Precision Diagnostics Market by End User
11.5.7 South Africa
11.5.7.1 South Africa Precision Diagnostics Market by Type
Type
11.5.7.2 South Africa Precision Diagnostics Market by Application
11.5.7.3 South Africa Precision Diagnostics Market by End User
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Precision Diagnostics Market by Type
11.5.8.2 Rest of Middle East & Asia Precision Diagnostics Market Phase
11.5.8.3 Rest of Middle East & Asia Precision Diagnostics Market by End User
11.6 Latin America
11.6.1 Latin America Precision Diagnostics Market by country
11.6.2 Latin America Precision Diagnostics Market by Type
11.6.3 Latin America Precision Diagnostics Market by Application
11.6.4 Latin America Precision Diagnostics Market by End User
11.6.5 Brazil
11.6.5.1 Brazil Precision Diagnostics Market by Type
11.6.5.2 Brazil Precision Diagnostics Market by Application
11.6.2.3 Brazil Precision Diagnostics Market by End User
11.6.6 Argentina
11.6.6.1 Argentina Precision Diagnostics Market by Type
11.6.6.2 Argentina Precision Diagnostics Market by Application
11.6.6.3 Argentina Precision Diagnostics Market by End User
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Precision Diagnostics Market by Type
11.6.7.2 Rest of Latin America Precision Diagnostics Market by Application
11.6.7.3 Rest of Latin America Precision Diagnostics Market by End User
12. Company Profile
12.1 Quest diagnostics
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 QIAGEN
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Swiss Precision Diagnostics
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Koninklijke Philips N.V
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Lantheus Medical Imaging
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Bluebird Bio
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Others
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Use cases and Best Practices
15. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Electronic Health Records [EHR] Market size was esteemed at US$ 29.15 billion in 2023 and is projected to reach US$ 39.89 billion by 2031, enlisting a CAGR of 4% from 2024 to 2031.
The Orthobiologics Market size was valued at USD 8.56 billion in 2022 and is expected to reach USD 12.92 billion By 2030 and grow at a CAGR of 5.6% over the forecast period of 2023-2030.
The Surgical Procedures Market size was estimated USD 10,827 thousands in 2022 and is expected to reach USD 14257.09 thousands by 2030 at a CAGR of 3.5% during the forecast period of 2023-2030.
The Recombinant Vaccines Market size was USD 9.18 Billion in 2022 and is expected to Reach USD 21.46 Billion by 2030 and grow at a CAGR of 11.2% over the forecast period of 2023-2030.
The eHealth Market Size was valued at USD 245.24 billion in 2023, and is expected to reach USD 871.25 billion by 2031 and grow at a CAGR of 17.4% over the forecast period 2024-2031.
The Pharmaceutical Gelatin Market Size was valued at USD 1.15 billion in 2022, and expected to reach USD 1.76 billion by 2030, and grow at a CAGR of 5.4% over the forecast period 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
