BURLINGAME, Calif.,
May 23, 2024 /PRNewswire/ -- The
global Precision Diagnostics Market size is projected to grow
from USD 84.54 billion in 2024 to
USD 196.45 billion by 2031, growing
at a compound annual growth rate (CAGR) of 12.8% from 2024 to
2031, according to a new report by Coherent Market Insights. The
precision diagnostics market is expected to grow owing to
advancements in molecular diagnostic technologies and emergence of
precision medicine approach. Next-generation sequencing (NGS) has
enabled identification of genetic variations associated with
diseases. NGS platforms facilitate whole genome sequencing which
allows early detection of genetic disorders as well as selection of
targeted therapies.
The Full Study is Readily Available | Get Sample Pages of this
Report: https://www.coherentmarketinsights.com/insight/request-sample/6749
Market Dynamics:
Rising prevalence of chronic and infectious diseases globally is
expected to drive growth of the precision diagnostics market during
the forecast period. According to WHO, chronic diseases accounted
for approximately 60% of the 57 million global deaths in 2008, and
chronic disease mortality is projected to rise by 15% globally
between 2010 and 2020. In addition, advancements in genomic
technologies have enabled development of precision diagnostics
tools to detect various genetic mutations responsible for complex
diseases. This is further expected to boost the precision
diagnostics market growth.
Precision Diagnostics Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$84.54 billion
|
Estimated Value by
2031
|
$196.45 billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 12.8%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Product, By
Technology, By Application,
By
Indication:
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
- Technological advancement
- Development of companion diagnostics
|
Restraints &
Challenges
|
- Stringent government regulations
- High cost of developing and validating
advanced diagnostic technologies
|
Market Trends:
Growing use of cloud-based technologies in healthcare and
increasing adoption of electronic health records by hospitals and
diagnostic laboratories are some of the key trends in the precision
diagnostics market. Cloud-based precision diagnostic solutions help
in securely storing and sharing patient health records across
different locations. This allows doctors to access accurate health
history of patients from remote locations. Furthermore,
incorporation of artificial intelligence and machine learning
capabilities in precision diagnostics tools is believed to
transform disease diagnosis and management. AI-powered algorithms
can help physicians analyze diagnostic data faster and aid in
disease detection at an early stage.
The kits and assays and consumables segment dominates the
precision diagnostics market, accounting for over 35% market share
in 2024. This is due to the widespread adoption of assay kits for
precision diagnostics procedures like next-generation sequencing
and polymerase chain reaction. assay kits offer standardized
reagents and consumables required for diagnostic procedures in a
ready-to-use format, simplifying the workflow for labs and
diagnostic centers. Key players are focusing on developing a wide
range of customized and disease-specific assay kits to expand their
diagnostic test menus and cater to unmet needs. The growing demand
for easy to use, cost-effective and standardized diagnostic
solutions will drive the growth of this segment during the forecast
period.
Immediate Delivery Available | Buy This Premium Research
Report:
https://www.coherentmarketinsights.com/insight/buy-now/6749
Next-generation sequencing technology is estimated to grow at a
robust CAGR of 15% till 2031. The factors responsible for the high
growth include the increasing application of NGS in precision
oncology for comprehensive genomic profiling of tumors, growing
popularity of NGS-based non-invasive prenatal tests, and declining
costs of sequencing. NGS allows comprehensive genomic and
transcriptomic analysis with far greater speed and precision than
traditional technologies. Market players are developing new
sequencing systems, kits, and bioinformatics solutions tailored for
precision diagnostic applications like liquid biopsy and infectious
disease testing. This will further support the adoption of NGS
technology in clinical diagnostics.
Recent Developments:
In November 2023, Roche announced
the launch of the LightCylinder PRO System, based on the
established gold standard technology of previous LightCycler
Systems.
In June 2023, Diatech
Pharmacogenetics, signed a collaborative agreement with Janseen
Pharmaceutical NV, to improve access to precision medicine for
patients with bladder cancer.
Key Market Takeaways:
The precision diagnostics market is anticipated to witness a
CAGR of 12.8% during the forecast period 2024-2031, owing to
growing demand for personalized medicine and companion
diagnostics.
On the basis of product, the kits and assays and consumables
segment is expected to hold a dominant position, accounting for
over 35% market share in 2024 due to widespread adoption. On the
basis of technology, next-generation sequencing segment is expected
to hold a dominant position over the forecast period, growing at a
robust CAGR of 15% owing to declining costs and wider applications
in precision oncology.
On the basis of application, accurate diagnosis segment
dominates due to need for precision tests for correct diagnosis and
disease management decisions. On the basis of indication, oncology
leads the market owing to increasing dependence on genomic
profiling for personalized cancer care.
Key players operating in the precision diagnostics market
include SomaLogic, Ezra Egnite, PercisionLife, HALO Percision
Diagnostics, Danaher Corporation, QuideOrtho Corporation, Precision
Diagnostics, Koninklijke Philips N.V., Swiss Precision Diagnostic
GmbH. These players are focusing on new product launches, global
expansion and mergers & acquisitions to gain market share.
Get 10% Customization on this Report:
https://www.coherentmarketinsights.com/insight/request-customization/6749
Market Segmentation:
By Product Type:
- Kits & Assays
- Consumables
By Technology Type:
- Next-Generation Sequencing
- Polymerase Chain Reaction
- Mass Spectrometry
- Others
By Application Type:
- Accurate Diagnosis
- Personalized Treatment
- Early Detection and Intervention
- Others
By Indication Type:
- Oncology
- Cardiovascular
- Immunology
- Neurology
- Infectious Diseases
- Others
By Regional Type:
- North America
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Key Players Insights:
- SomaLogic
- Ezra
- Egnite
- PrecisionLife
- HALO Precision Diagnostics
- Danaher Corporation
- QuidelOrtho Corporation
- Precision Diagnostics
- Koninklijke Philips N.V.,
- Swiss Precision Diagnostics GmbH
- Precision Diagnostic Laboratory
- Abbott
- Cepheid
- Hologic, Inc.
- Precision Medicine Group, LLC.
- Thermo Fisher Scientific
- Illumina, Inc.
Browse More Insights:
- Office-based Labs Market: Global office-based labs
market is estimated to be valued at USD
24.53 Bn in 2024 and is expected to reach USD 40.84 Bn by 2031, exhibiting a compound
annual growth rate (CAGR) of 7.5% from 2024 to 2031.
- DNA Test Kits Market: The DNA test kits market is
estimated to be valued at USD 1.86 Bn
in 2024 and is expected to reach USD 5.40
Bn by 2031, exhibiting a compound annual growth rate (CAGR)
of 16.4% from 2024 to 2031
- Hematology Analyzer Market: The hematology analyzer
market is estimated to be valued at USD 4.94
Bn in 2024 and is expected to reach USD 8.07 Bn by 2031, exhibiting a compound annual
growth rate (CAGR) of 7.3% from 2024 to 2031.
- Smart Pacifier Market: The smart pacifier market is
estimated to be valued at USD 442.3
Mn in 2024 and is expected to reach USD 640.2 Mn by 2031, exhibiting a compound
annual growth rate (CAGR) of 5.4% from 2024 to 2031.
About Us:
Coherent Market Insights is a global market intelligence and
consulting organization that provides syndicated research reports,
customized research reports, and consulting services. We are known
for our actionable insights and authentic reports in various
domains including aerospace and defense, agriculture, food and
beverages, automotive, chemicals and materials, and virtually all
domains and an exhaustive list of sub-domains under the sun. We
create value for clients through our highly reliable and accurate
reports. We are also committed in playing a leading role in
offering insights in various sectors post-COVID-19 and continue to
deliver measurable, sustainable results for our clients.
Contact Us:
Mr. Shah
Senior Client Partner – Business Development
Coherent Market Insights
Phone:
US: +1-206-701-6702
UK: +44-020-8133-4027
Japan: +81-050-5539-1737
India: +91-848-285-0837
Email: sales@coherentmarketinsights.com
Website: https://www.coherentmarketinsights.com
Follow Us: LinkedIn | Twitter
Logo:
https://mma.prnewswire.com/media/902389/Coherent_Market_Insights_Logo.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/precision-diagnostics-market-size-to-hit-usd-196-45-bn-by-2031-coherent-market-insights-302154217.html