June 22, 2024
Precision Diagnostics Market

Precision Diagnostics Market is Growing Rapidly by Technological Advancements

The precision diagnostics market plays a pivotal role in the continuous monitoring of health conditions and delivering targeted treatment plans with increased accuracy. Precision diagnostics provides advanced diagnostic tests to better understand diseases and enables early detection through next-generation sequencing, proteomics, and molecular diagnostics.

The 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 2024 to 2031.

Key Takeaways

Key players operating in the Precision Diagnostics Market Demand are 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, and Illumina, Inc. Key players are focusing on developing advanced tests and technologies to expand their product portfolio.

The growing demand for personalized medicine is fueling the precision diagnostics market. Precision diagnostics aid in disease diagnosis, prognosis, and customizing treatment as per individual patient’s genetic makeup. This has led to improved clinical outcomes and more efficient treatment strategies.

The global precision diagnostics market is witnessing significant expansion with growing adoption in developed markets such as North America and Europe. Meanwhile, emerging countries of Asia Pacific and Latin America are expected to offer lucrative growth opportunities owing to rising healthcare expenditure and increasing awareness.

Market Key Trends

Technological advancements are a key trend shaping the precision diagnostics market. Next-generation sequencing, bioinformatics, molecular diagnostics, and artificial intelligence are transforming diagnostic procedures. Precision diagnostics uses advanced technologies to deliver accurate test results in a shorter duration. This enables timely clinical decision making and clinical intervention. Additionally, cloud computing and big data analytics are further enhancing the precision and accuracy of diagnostic tests. These technological innovations are expected to drive market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Precision diagnostics requires huge investments in R&D for biomarker discovery and assay development. This makes entry difficult for new players.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players offering precision diagnostic tests. However, customized tests limit substitutability.

Bargaining power of suppliers: Suppliers of tools, technologies and raw materials have low bargaining power due to availability of alternatives in the market.

Threat of new substitutes: Diagnostic modalities like imaging and pathology offer substitutes. But precision diagnostics provides more accurate disease profiling and monitoring of treatment response.

Competitive rivalry: Fierce competition due to focus on biomarker/assay development and companion diagnostic approvals.

Geographical Regions

North America accounts for the largest share of the precision diagnostics market due to favorable reimbursement policies, rising adoption of personalized medicine and increasing demand for early disease diagnosis.

Asia Pacific is poised to be the fastest growing regional market owing to rising healthcare spending, growing private and public research funding, increasing patient pool and improving healthcare infrastructure in countries like China and India.

The United States dominates the precision diagnostics market in terms of value due to advanced healthcare infrastructure, availability of private and public funding for biomarker/assay development and growing focus on preventive healthcare.

China is expected to witness rapid growth during the forecast period attributed to rising geriatric population, increasing healthcare expenditure, improving regulatory guidelines and focus of regional players on precision diagnostics.

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