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.com/news-releases/precision-diagnostics-market-size-to-hit-usd-196-45-bn-by-2031-coherent-market-insights-302154214.html
SOURCE Coherent Market Insights