The Precision Diagnostics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Precision Diagnostics Global Market Report 2024, The precision diagnostics market size has grown rapidly in recent years. It will grow from $85.73 billion in 2023 to $97.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to genomic research advances, rise of personalized medicine, increasing prevalence of chronic diseases, patient empowerment and informed decision-making, healthcare system transition towards value-based care, government initiatives and funding.
The precision diagnostics market size is expected to see rapid growth in the next few years. It will grow to $163.88 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to expansion of liquid biopsy applications, integration of artificial intelligence (ai), growing demand for companion diagnostics, expansion of point-of-care testing, population health management initiatives. Major trends in the forecast period include technological innovations in sequencing, advancements in multi-omics technologies, rise of digital pathology, real-world evidence integration, collaborations in research and development.
The rising prevalence of chronic diseases is expected to propel the growth of the precision diagnostics market going forward. A chronic disease is a form of illness that lasts three months or more and can deteriorate with time. Precision diagnostics help patients suffering from chronic diseases such as cancer and cardiovascular diseases by precisely managing a patient’s healthcare model and diagnosing the disease with accurate results. For instance, in January 2023, according to the National Library of Medicine, a US-based agency, the number of people in the US aged 50 and older who have at least one chronic condition would increase to 142.66 million by 2050. Therefore, the rising prevalence of chronic diseases is driving the growth of the precision diagnostics market.
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The precision diagnostics market covered in this report is segmented –
1) By Type: Genetic Tests, Esoteric tests, Other Types
2) By Technology: Next Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Mass Spectrometry, Immunohistochemistry (IHC), Other Technologies
3) By Application: Oncology, Infectious diseases, Cardiovascular, Neurology, Genetic disorders, Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Research Institutes, Pharmaceutical and biotechnology Companies, Other End-Users
The introduction of innovative therapy is a key trend gaining popularity in the personalized medicine market. Major companies operating in the precision diagnostics market are adopting new technologies to sustain their position in the market. For instance, in July 2021, Xyall BV, a Netherlands-based automated tissue dissection solution company, launched Automated High Throughput (HT) system for greater precision diagnostics. This is a first in the world, allowing high-volume molecular diagnostic laboratories to commercialize the company’s unique, automated tissue dissection technology.
The precision diagnostics market report table of contents includes:
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