June 16, 2024
Precision Diagnostics Market

Precision Diagnostics Market is Estimated to Witness High Growth Owing to Rising Prevalence of Chronic Diseases

Market Overview

The precision diagnostics market involves diagnosis of diseases with high levels of precision and specificity. Precision diagnostics utilizes advanced molecular techniques such as next generation sequencing (NGS), polymerase chain reaction (PCR), and immunoassays for accurate diagnosis. These techniques allow diagnosis of diseases at molecular level and facilitate early detection. Precision diagnostics deliver rapid and accurate test results enabling timely clinical intervention and management of diseases. The advantages of precision diagnostics over conventional diagnostics include precise diagnosis, early detection, personalized treatment, and prevention of disease progression. Growing prevalence of chronic diseases and rising focus on precision medicine are augmenting the demand for precision diagnostics.

Global Precision Diagnostics Market is estimated to be valued at US$ 84.54 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period from 2024 to 2031.

Key Takeaways

Key players: Key players operating in the Precision Diagnostics Market Growth are SomaLogic, Ezra, Egnite, PrecisionLife, HALO Precision Diagnostics, Danaher Corporation, QuidelOrtho Corporation, and Precision Diagnostics.

Key opportunities: Rising healthcare expenditure and government support for precision medicine in developed countries present significant opportunities for market players. Growing awareness about advantages of precision diagnostics for early disease detection also provides growth prospects. Furthermore, untapped opportunities in developing markets will contribute to the expansion of the precision diagnostics market in the upcoming years.

Global expansion: Major players in the precision diagnostics market are focused on expanding their footprint globally through acquisitions and partnerships with regional players. Asia Pacific region offers immense growth opportunities owing to rising healthcare needs of large patient population. Additionally, improving healthcare infrastructure and increasing disposable income in the emerging economies will drive the adoption of precision diagnostic techniques.

Market Drivers

Rising prevalence of chronic diseases is a major factor fueling the growth of precision diagnostics market. Chronic diseases such as cancer, diabetes, cardiovascular diseases pose a major healthcare burden. According to WHO, chronic diseases accounted for over 70% of all deaths globally in 2020. Precision diagnostic tools enable timely and accurate diagnosis which is critical for effective management of chronic diseases. Therefore, increasing prevalence of chronic diseases drives the demand for precision diagnostics. Furthermore, growing focus on precision medicine is augmenting the adoption of precision diagnostic tools. Precision diagnostics facilitate customized treatment approaches and help improve health outcomes. Hence, rising focus on precision medicine approach positively impacts the market growth.

PEST Analysis

Political: Regulations related to healthcare require precision diagnostics to adhere to strict quality standards, ensuring patient safety. Government funding supports R&D in this area.

Economic: Growth in disposable incomes increases accessibility to advanced healthcare technologies. Governments allocate higher healthcare budgets to develop diagnostic infrastructure.

Social: Aging population and rising lifestyle diseases drive demand for early and accurate diagnosis. Increased health awareness makes people open to new diagnostic methods.

Technological: AI, machine learning and digital platforms enhance data analytics capabilities. Technologies like next-gen sequencing and molecular testing improve diagnosis at genetic/molecular level.

Geographical concentration of market in terms of value

North America accounts for the largest share of the precision diagnostics market value, owing to strong funding for clinical research and early technology adoption. The region has an established pharmaceutical industry and healthcare infrastructure supportive of advanced clinical testing methods.

Fastest growing region

Asia Pacific is expected to grow at the fastest rate over the forecast period. Factors such as rising aging population, increasing healthcare spending, growing penetration of health insurance, and strengthening medical technologies industry will drive market growth in Asia Pacific countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it