PRECISION DIAGNOSTICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The precision diagnostics market faces several challenges. Regulatory hurdles can delay the approval of new tests. The cost of developing and validating advanced diagnostic technologies is very high. There are also data management and analysis challenges involved in handling the huge volumes of data generated from techniques like genomic sequencing. Reimbursement policies sometimes do not adequately cover the cost of new precision diagnostic tests, reducing their uptake. Physician adoption can also be slow as they need extensive education on new technologies and tests.
Market Opportunities – Demand for personalized healthcare:
The growing need for personalized healthcare tailored to individual patient genotypes and disease subtypes is driving demand for precision diagnostics kits. Genomic sequencing and other advanced techniques are enabling new diagnosis and treatment strategies. Demand for non-invasive liquid biopsies using blood or other bodily fluids is increasing rapidly, thus creating lucrative growth opportunities for market growth over the forecasted period.
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