Precision Diagnostics Market

Global Precision Diagnostics Market Size, Share & Trends Analysis Report By End-use, By Type, By Application (Oncology, Respiratory Diseases, CNS Disorders, Immunology, Skin Diseases, Genetic Diseases, and Others), By Regional Outlook and Forecast, 2024 - 2031

Report Id: KBV-23751 Publication Date: July-2024 Number of Pages: 280
2023
USD 14.9 Billion
2031
USD 55.03 Billion
CAGR
18%
Historical Data
2020 to 2022

“Global Precision Diagnostics Market to reach a market value of USD 55.03 Billion by 2031 growing at a CAGR of 18%”

Analysis of Market Size & Trends

The Global Precision Diagnostics Market size is expected to reach $55.3 billion by 2031, rising at a market growth of 18% CAGR during the forecast period.

Precision diagnostics play a crucial role in early detection of cancer by identifying genetic predispositions and biomarkers associated with different cancer types. Early diagnosis allows for timely intervention, potentially improving patient outcomes through earlier initiation of treatment and monitoring of disease progression. The rising rates of cancer are increasing the demand for precision diagnostics in oncology. For instance, as per the New York State, each year, nearly 115,000 New Yorkers are diagnosed with cancer. Thus, the oncology segment acquired 23% revenue share in the market 2023.

Precision Diagnostics Market Size - Global Opportunities and Trends Analysis Report 2020-2031

The major strategies followed by the market participants is Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In February, 2024, F. Hoffmann-La Roche Ltd. and PathAI entered an exclusive agreement to develop AI-enabled digital pathology algorithms for companion diagnostics. This collaboration aims to accelerate innovations in personalized healthcare and enhance digital pathology integration for improved diagnostics and precision therapeutics. Additionally, In May, 2024, bioMérieux partnered with AnaBioTec to enhance Mycoplasma testing in biopharmaceutical and Cell & Gene Therapy industries in Europe. Their collaboration aims to streamline testing with BIOFIRE® Mycoplasma, offering rapid, automated PCR detection to improve manufacturing efficiency and regulatory compliance.

KBV Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the KBV Cardinal matrix; F. Hoffmann-La Roche Ltd. is the forerunners in the Precision Diagnostics Market. Companies such as Thermo Fisher Scientific, Inc., Abbott Laboratories, and Danaher Corporation are some of the key innovators in Precision Diagnostics Market. In March, 2024, Thermo Fisher Scientific and Bayer AG have entered into a partnership to develop next-generation sequencing-based companion diagnostic assays for Bayer’s precision cancer therapies. This partnership aims to improve patient access through decentralized genomic testing, utilizing Thermo Fisher’s Ion Torrent Genexus Dx System with rapid turnaround times.

Precision Diagnostics Market - Competitive Landscape and Trends by Forecast 2031

COVID-19 Impact Analysis

Economic uncertainties caused by the pandemic led to budget constraints in healthcare systems and reduced spending on non-essential healthcare services, including precision diagnostics. Clinical trials for new diagnostic technologies and products were delayed or halted due to restrictions on non-essential research activities and challenges in patient recruitment during the pandemic. Thus, the COVID-19 pandemic had a negative impact on the market.

Market Growth Factors

Precision diagnostics enable healthcare providers to tailor treatment strategies based on individual genetic profiles, biomarker patterns, and disease characteristics. This shift towards personalized medicine improves treatment efficacy, minimizes adverse effects, and optimizes healthcare resource allocation. Also, as the global population ages, the incidence of chronic diseases increases. Hence, the rising prevalence of chronic diseases worldwide is driving the growth of the market.

As healthcare infrastructure expands, more facilities are equipped with state-of-the-art diagnostic technologies. This increases the accessibility of precision diagnostics to a larger population, including those in rural and underserved areas.

Market Restraining Factors

Developing precision diagnostic technologies involves substantial R&D expenditures to innovate and refine technologies such as genomic sequencing, digital imaging, and molecular diagnostics. Prototyping and testing phases require specialized equipment and expertise, contributing to high upfront costs. Therefore, high initial investment and operational costs hinder the market's growth.

Driving and Restraining Factors
Precision Diagnostics Market
  • Rising demand for non-invasive diagnostics
  • Expansion of healthcare infrastructure
  • Rising prevalence of chronic diseases worldwide
  • High initial investment and operational costs
  • Limited reimbursement and uncertain payment models
  • Increasing government initiatives and funding
  • Rising patient-centric healthcare trends
  • Insufficient clinical validation and evidence
  • Privacy concerns and ethical issues

End Use Outlook

By end-use, the market is categorized into hospitals, clinical laboratories, and others. In 2023, the clinical laboratories segment registered 46% revenue share in the market. Clinical laboratories possess the infrastructure, equipment, and expertise required to perform a wide range of diagnostic tests, including molecular testing, genetic analysis, biochemical assays, and imaging studies.

Type Outlook

Based on type, the market is divided into genetic tests, direct to consumer tests, esoteric tests, and others. In 2023 the DTC segment acquired 12% revenue share in the market 2023. DTC tests offer convenience by allowing consumers to order diagnostic tests online or through retail outlets without needing a healthcare provider's referral.

Precision Diagnostics Market Share and Industry Analysis Report 2023

Application Outlook

On the basis of application, the market is segmented into oncology, respiratory diseases, skin diseases, CNS disorders, immunology, genetic diseases, and others. The skin diseases segment attained 8% revenue share in the market in 2023.

Free Valuable Insights: Global Precision Diagnostics Market size to reach USD 55.03 Billion by 2031

By Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region generated 23% revenue share in the market. Rising incidences of chronic diseases such as diabetes, cardiovascular diseases, and cancer are prevalent in the Asia-Pacific region.

Market Competition and Attributes

Precision Diagnostics Market Competition and Attributes

The Precision Diagnostic Treatment market is highly competitive, driven by rapid technological advancements in AI, molecular diagnostics, and genomics. Key players focus on enhancing diagnostic accuracy and personalized medicine, optimizing treatments based on individual genetic profiles. Attributes such as high precision, early disease detection, and rapid treatment adjustments are paramount. The market sees significant investments in R&D, with collaborations between biotech firms, healthcare providers, and tech companies to innovate and improve patient outcomes in a fast-evolving landscape.

Precision Diagnostics Market Report Coverage
Report Attribute Details
Market size value in 2023 USD 14.9 Billion
Market size forecast in 2031 USD 55.03 Billion
Base Year 2023
Historical Period 2020 to 2022
Forecast Period 2024 to 2031
Revenue Growth Rate CAGR of 18.0% from 2024 to 2031
Number of Pages 280
Number of Tables 403
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives
Segments covered End-use, Type, Application, Region
Country scope
  • North America (US, Canada, Mexico, and Rest of North America)
  • Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific)
  • LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
Companies Included Abbott Laboratories, F. Hoffmann-La Roche Ltd., Siemens Healthineers AG (Siemens AG), Thermo Fisher Scientific, Inc., Danaher Corporation, Agilent Technologies, Inc., BioMerieux S.A., Becton, Dickinson and Company, Qiagen N.V, and Hologic, Inc.
Need a report that reflects how COVID-19 has impacted this market and its growth? Download Free Sample Now

Recent Strategies Deployed in the Market

  • May-2024: bioMérieux partnered with AnaBioTec to enhance Mycoplasma testing in biopharmaceutical and Cell & Gene Therapy industries in Europe. Their collaboration aims to streamline testing with BIOFIRE® Mycoplasma, offering rapid, automated PCR detection to improve manufacturing efficiency and regulatory compliance.
  • May-2024: QIAGEN N.V announces the launch of the QIAseq Multimodal DNA/RNA Library Kit, facilitating efficient preparation of DNA and RNA libraries for multiomic studies and Comprehensive Genomic Profiling. This advancement enhances precision medicine by providing flexible and sensitive sequencing solutions from a single sample.
  • Apr-2024: Agilent Technologies and Transcenta Holding Limited have announced a collaboration to develop Claudin18.2 IHC 14G11 pharmDx, a companion diagnostic for Osemitamab's Phase III trial in gastric/gastroesophageal junction (GEJ) adenocarcinoma. This initiative is intended to optimize patient selection and enhance treatment outcomes, utilizing Agilent's proficiency in precision oncology diagnostics.
  • Mar-2024: Thermo Fisher Scientific and Bayer AG have entered a partnership to develop next-generation sequencing-based companion diagnostic assays for Bayer’s precision cancer therapies. This partnership aims to improve patient access through decentralized genomic testing, utilizing Thermo Fisher’s Ion Torrent Genexus Dx System with rapid turnaround times.
  • Feb-2024: Roche and PathAI have entered an exclusive agreement to develop AI-enabled digital pathology algorithms for companion diagnostics. This collaboration aims to accelerate innovations in personalized healthcare and enhance digital pathology integration for improved diagnostics and precision therapeutics.

List of Key Companies Profiled

  • Abbott Laboratories
  • F.Hoffmann-La Roche Ltd.
  • Siemens Healthineers AG (Siemens AG)
  • Thermo Fisher Scientific, Inc.
  • Danaher Corporation
  • Agilent Technologies, Inc.
  • BioMerieux S.A.
  • Becton, Dickinson and Company
  • Qiagen N.V
  • Hologic, Inc.

Precision Diagnostics Market Report Segmentation

By End-use

  • Clinical Laboratories
  • Hospitals
  • Others

By Type

  • Genetic Tests
  • Esoteric Tests
  • Direct to Consumer Tests
  • Others

By Application

  • Oncology
  • Respiratory Diseases
  • CNS Disorders
  • Immunology
  • Skin Diseases
  • Genetic Diseases
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Frequently Asked Questions About This Report

This Market size is expected to reach $55.3 billion by 2031.

Rising demand for non-invasive diagnostics are driving the Market in coming years, however, High initial investment and operational costs restraints the growth of the Market.

Abbott Laboratories, F. Hoffmann-La Roche Ltd., Siemens Healthineers AG (Siemens AG), Thermo Fisher Scientific, Inc., Danaher Corporation, Agilent Technologies, Inc., BioMerieux S.A., Becton, Dickinson and Company, Qiagen N.V, and Hologic, Inc.

The expected CAGR of this Market is 18% from 2024 to 2031.

The Genetic Tests segment is leading the Market by Type in 2023; thereby, achieving a market value of $26.9 billion by 2031.

The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $22.7 billion by 2031.

HAVE A QUESTION?

HAVE A QUESTION?

Call: +1(646) 600-5072

SPECIAL PRICING & DISCOUNTS


  • Buy Sections of This Report
  • Buy Country Level Reports
  • Request for Historical Data
  • Discounts Available for Start-Ups & Universities

Unique Offerings Unique Offerings


  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Support with 10% customization free after sale

Trusted by over
5000+ clients

Our team of dedicated experts can provide you with attractive expansion opportunities for your business.

Client Logo