PRECISION DIAGNOSTICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America remains the dominant region in the global precision diagnostics market. The region is anticipated to account for 43.8% of the market share in 2024 due to a strong presence of leading diagnostics companies and advanced healthcare infrastructure. Major diagnostics players based in the U.S. have established widespread distribution network and sales channels within the country as well as globally. Furthermore, higher healthcare spending and adoption of advanced diagnostics tests are driving the market growth. For instance, in May 2023, HALO Precision Diagnostics, the pioneer in early disease diagnosis using precision diagnostics, announced a partnership with Agamon Health, the leader in Generative AI/NLP-powered automated patient workflow management solutions. HALO Precision Diagnostics is dedicated to saving and improving people's lives through early detection of the primary causes of mortality using precision diagnostics.

Meanwhile, the Asia Pacific region is identified as the fastest growing regional market for precision diagnostics. Rapid economic development, growing medical tourism industry, and rising healthcare expenditure are some key factors propelling the regional market growth. Countries like China, India, Japan, and South Korea have emerged as major importers of diagnostic products owing to their large population base and increasing access to advanced diagnostics services.

Growing incidences of lifestyle diseases and focus on early detection are prompting governments in Asia Pacific to invest more in the preventive healthcare infrastructure. This has led to the establishment of super-specialty hospitals as well as independent diagnostic centers that offer a comprehensive portfolio of precision diagnostics tests. Domestic diagnostics industries have also emerged in several APAC countries including India through the transfer of foreign technologies. They are engaged in manufacturing test kits and reagents at competitive prices.