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

The precision diagnostics market is estimated to be valued at USD 84.54 Bn in 2024 and is expected to reach USD 196.45 Bn by 2031, growing at a compound annual growth rate (CAGR) of 12.8% from 2024 to 2031.

Precision diagnostics refers to techniques that enable early and accurate disease detection, determination of disease prognosis, and selection of optimal therapy for patients. These methods utilize molecular analysis techniques, such as genomics, proteomics, and metabolomics, to analyze biological samples at a high resolution. Advancements in precision diagnostics are driven by growing applications of next-generation sequencing and the development of assays for comprehensive genomic profiling. The rising demand for personalized healthcare has accelerated the penetration of precision diagnostics technologies in clinical settings. With greater focus on prevention and early detection of disease, the precision diagnostics market is poised for significant growth.

Market Dynamics:

The precision diagnostics market is driven by the rising incidence of cancer and other chronic diseases, increasing demand for personalized medicine, and declining sequencing costs. Furthermore, growing applications of companion diagnostics for targeted cancer therapy and development of non-invasive prenatal testing modalities are expanding the scope of precision diagnostics. However, lack of skilled workforce and need for specialized infrastructure for molecular diagnostic techniques remain key challenges. On the positive side, ongoing R&D for novel multiplex assays, advancement of single-cell analysis, and collaboration between pharmaceutical companies and diagnostic vendors are opening promising opportunities.

Key Features of the Study:

• This report provides an in-depth analysis of the global precision diagnostics market, and provides market size (US$ Billion) and Compound Annual Growth Rate (CAGR %) for the forecast period (2024-2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global precision diagnostics market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
• The key companies covered as a part of this study include 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.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global precision diagnostics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global precision diagnostics market.

Detailed Segmentation:

• Product:
  • Kits & Assays
  • Consumables
• Technology:
  • Next-Generation Sequencing
  • Polymerase Chain Reaction
  • Mass Spectrometry
  • Others
• Application:
  • Accurate Diagnosis
  • Personalized Treatment
  • Early Detection and Intervention
  • Others
• Indication:
  • Oncology
  • Cardiovascular
  • Immunology
  • Neurology
  • Infectious Diseases
  • Others
• Region: 
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Company Profiles:
  • 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.