Precision Diagnostics Market To Reach $50.27 Billion By 2030

Precision Diagnostics Market Growth & Trends

The global precision diagnostics market size is anticipated to reach USD 50.27 billion by 2030 and is projected to grow at a CAGR of 18.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. There has been a worldwide increase in chronic diseases cases such as cancer, diabetes, and cardiovascular diseases. Rapid advancements in genomic sequencing technologies, bioinformatics, and big data analytics and rising healthcare expenditures is likely to contribute to the market growth.

Rising government investment significantly drives the market growth by providing the necessary financial support for research and development, which is crucial for the advancement of precision diagnostics technologies. Government funding supports research initiatives in universities, public research institutions, and private companies. This financial backing is essential for the development of new diagnostic tools and technologies that can identify diseases with greater accuracy and specificity based on an individual's genetic makeup. For instance, in March 2022, the UK government announced an investment of USD 347 million to enhance research and development and the production of novel devices and diagnostics.

The COVID-19 pandemic has significantly impacted the market growth. The pandemic led to a remarkable surge in demand for diagnostic tests, including PCR tests, antigen tests, and antibody tests. This demand accelerated the development and approval of new testing technologies and methodologies, showcasing the critical role of diagnostics in managing public health emergencies. The pandemic highlighted the importance of point-of-care and home-based testing to prevent healthcare system overload and reduce exposure risk. This shift towards decentralized diagnostics has the potential to persist post-pandemic, driving further innovation and adoption of precision diagnostic solutions that can be used outside of traditional laboratory settings. The pandemic accelerated the integration of digital health technologies with diagnostic solutions, such as the use of apps for test scheduling, results delivery, and data tracking. This trend towards digitization and connectivity in diagnostics is expected to continue growing, enhancing the ability to gather and analyze data for more precise, personalized healthcare.

Advances in technology have improved the sensitivity and specificity of diagnostic tests. High-throughput sequencing, microfluidics, and nanotechnology enable the detection of diseases at much earlier stages and with greater accuracy. This precision is vital for effective treatment and management, particularly in conditions where early intervention can significantly alter outcomes. The growth of precision diagnostics is closely linked to the rise of personalized medicine, where treatments are tailored to the individual characteristics of each patient. Technological advancements in genomics and proteomics have been pivotal in identifying biomarkers and genetic mutations that guide the customization of therapeutic approaches, improving patient outcomes.

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Precision Diagnostics Market Report Highlights

• Based on type, the genetic test segment led the market with the largest revenue share of 54.6% in 2023. The growth is attributed to the rising prevalence of infectious diseases

• The direct-to-consumer tests segment is expected to grow at the fastest CAGR from 2024 to 2030

• Based on application, the oncology segment led the market with the largest revenue share of 24.7% in 2023 and the genetic diseases segment is anticipated to grow at the fastest CAGR during the forecast period

• Based on end-use, the clinical laboratories segment led the market with the largest revenue share of 47.3% in 2023

• North America dominated the market with the revenue share of 48.01% in 2023, owing to factors such as the high purchasing power parity, government support for quality healthcare, and availability of reimbursement

Precision Diagnostics Market Segmentation

Grand View Research has segmented the global precision diagnostics market report based on type, application, end-use, and region:

Precision Diagnostics Type Outlook (Revenue, USD Million, 2018 - 2030)

• Genetic Tests

• Direct to Consumer Tests

• Esoteric Tests

• Others

Precision Diagnostics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Oncology

• Respiratory Diseases

• Skin Diseases

• CNS Disorders

• Immunology

• Genetic Diseases

• Others

Precision Diagnostics End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Clinical Laboratories

• Others

Precision Diagnostics Region Outlook (Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Thailand

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Precision Diagnostics Market

• Abbott Laboratories

• F. Hoffmann-La Roche Ltd.

• Siemens Healthineers AG

• Thermo Fisher Scientific Inc.

• bioMérieux SA

• Becton, Dickinson and Company

• Danaher Corporation

• QIAGEN N.V.

• Hologic Inc.

• Agilent Technologies Inc.