Product Code: GVR-4-68040-306-2
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.
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
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.2.1. Type
- 1.2.2. Application
- 1.2.3. End-use
- 1.3. Information analysis
- 1.4. Market formulation & data visualization
- 1.5. Data validation & publishing
- 1.6. Information Procurement
- 1.7. Information or Data Analysis
- 1.8. Market Formulation & Validation
- 1.9. Market Model
- 1.10. Objectives
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent Market Outlook
- 3.1.2. Related/Ancillary Market Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.1.1. Increasing prevalence of chronic diseases and cancer
- 3.2.1.2. Growing demand for personalized medicine
- 3.2.1.3. Supportive government initiatives and funding
- 3.2.2. Market Restraint Analysis
- 3.2.2.1. High cost of precision diagnostic tests
- 3.2.2.2. Complexity in integration into clinical practice
- 3.3. Industry Analysis Tools
- 3.3.1. Porter's Five Forces Analysis
- 3.3.2. PESTEL Analysis
- 3.3.3. COVID-19 Impact Analysis
Chapter 4. Precision Diagnostics Market: Type Business Analysis
- 4.1. Segment Dashboard
- 4.2. Global Precision Diagnostics Market Type Movement Analysis
- 4.3. Global Precision Diagnostics Market Size & Trend Analysis, by Type, 2018 to 2030 (USD Million)
- 4.4. Genetic Tests
- 4.4.1. Global Genetic Tests Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.5. Direct to Consumer Tests
- 4.5.1. Global Direct to Consumer Tests Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.6. Esoteric Tests
- 4.6.1. Global Esoteric Tests Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.7. Others
- 4.7.1. Global Others Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Precision Diagnostics Market: Application Business Analysis
- 5.1. Segment Dashboard
- 5.2. Global Precision Diagnostics Market Application, Movement Analysis
- 5.3. Global Precision Diagnostics Market Size & Trend Analysis, by Application, 2018 to 2030 (USD Million)
- 5.4. Oncology
- 5.4.1. Global Oncology Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.5. Respiratory Diseases
- 5.5.1. Global Respiratory Diseases Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.6. Skin Diseases
- 5.6.1. Global Skin Diseases Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.7. CNS Disorders
- 5.7.1. Global CNS Disorders Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.8. Immunology
- 5.8.1. Global Immunology Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.9. Genetic Diseases
- 5.9.1. Global Genetic Diseases Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.10. Others
- 5.10.1. Others Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Precision Diagnostics Market: End-use Business Analysis
- 6.1. Segment Dashboard
- 6.2. Global Precision Diagnostics Market End-use Movement Analysis
- 6.3. Global Precision Diagnostics Market Size & Trend Analysis, by End-use, 2018 to 2030 (USD Million)
- 6.4. Hospitals
- 6.4.1. Global Hospitals Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5. Clinical Laboratories
- 6.5.1. Global Clinical Laboratories Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6. Others
- 6.6.1. Global Others Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Precision Diagnostics Market: Regional Estimates & Trend Analysis by Type, Application, & End-use
- 7.1. Regional Dashboard
- 7.2. Market Size & Forecasts and Trend Analysis, 2018 to 2030
- 7.3. North America
- 7.3.1. North America Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.2. U.S.
- 7.3.2.1. Key Country Dynamics
- 7.3.2.2. Competitive Scenario
- 7.3.2.3. Regulatory Framework
- 7.3.2.4. U.S. Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.3. Canada
- 7.3.3.1. Key Country Dynamics
- 7.3.3.2. Competitive Scenario
- 7.3.3.3. Regulatory Framework
- 7.3.3.4. Canada Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.4. Mexico
- 7.3.4.1. Key Country Dynamics
- 7.3.4.2. Competitive Scenario
- 7.3.4.3. Regulatory Framework
- 7.3.4.4. Mexico Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4. Europe
- 7.4.1. Europe Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.2. UK
- 7.4.2.1. Key Country Dynamics
- 7.4.2.2. Competitive Scenario
- 7.4.2.3. Regulatory Framework
- 7.4.2.4. UK Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.3. Germany
- 7.4.3.1. Key Country Dynamics
- 7.4.3.2. Competitive Scenario
- 7.4.3.3. Regulatory Framework
- 7.4.3.4. Germany Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.4. France
- 7.4.4.1. Key Country Dynamics
- 7.4.4.2. Competitive Scenario
- 7.4.4.3. Regulatory Framework
- 7.4.4.4. France Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.5. Italy
- 7.4.5.1. Key Country Dynamics
- 7.4.5.2. Competitive Scenario
- 7.4.5.3. Regulatory Framework
- 7.4.5.4. Italy Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.6. Spain
- 7.4.6.1. Key Country Dynamics
- 7.4.6.2. Competitive Scenario
- 7.4.6.3. Regulatory Framework
- 7.4.6.4. Spain Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.7. Denmark
- 7.4.7.1. Key Country Dynamics
- 7.4.7.2. Competitive Scenario
- 7.4.7.3. Regulatory Framework
- 7.4.7.4. Denmark Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.8. Sweden
- 7.4.8.1. Key Country Dynamics
- 7.4.8.2. Competitive Scenario
- 7.4.8.3. Regulatory Framework
- 7.4.8.4. Sweden Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.9. Norway
- 7.4.9.1. Key Country Dynamics
- 7.4.9.2. Competitive Scenario
- 7.4.9.3. Regulatory Framework
- 7.4.9.4. Norway Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5. Asia Pacific
- 7.5.1. Asia Pacific Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Japan
- 7.5.2.1. Key Country Dynamics
- 7.5.2.2. Competitive Scenario
- 7.5.2.3. Regulatory Framework
- 7.5.2.4. Japan Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.3. China
- 7.5.3.1. Key Country Dynamics
- 7.5.3.2. Competitive Scenario
- 7.5.3.3. Regulatory Framework
- 7.5.3.4. China Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.4. India
- 7.5.4.1. Key Country Dynamics
- 7.5.4.2. Competitive Scenario
- 7.5.4.3. Regulatory Framework
- 7.5.4.4. India Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.5. Australia
- 7.5.5.1. Key Country Dynamics
- 7.5.5.2. Competitive Scenario
- 7.5.5.3. Regulatory Framework
- 7.5.5.4. Australia Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.6. Thailand
- 7.5.6.1. Key Country Dynamics
- 7.5.6.2. Competitive Scenario
- 7.5.6.3. Regulatory Framework
- 7.5.6.4. Thailand Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.7. South Korea
- 7.5.7.1. Key Country Dynamics
- 7.5.7.2. Competitive Scenario
- 7.5.7.3. Regulatory Framework
- 7.5.7.4. South Korea Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6. Latin America
- 7.6.1. Latin America Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.2. Brazil
- 7.6.2.1. Key Country Dynamics
- 7.6.2.2. Competitive Scenario
- 7.6.2.3. Regulatory Framework
- 7.6.2.4. Brazil Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.3. Argentina
- 7.6.3.1. Key Country Dynamics
- 7.6.3.2. Competitive Scenario
- 7.6.3.3. Regulatory Framework
- 7.6.3.4. Argentina Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7. MEA
- 7.7.1. MEA Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7.2. South Africa
- 7.7.2.1. Key Country Dynamics
- 7.7.2.2. Competitive Scenario
- 7.7.2.3. Regulatory Framework
- 7.7.2.4. South Africa Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7.3. Saudi Arabia
- 7.7.3.1. Key Country Dynamics
- 7.7.3.2. Competitive Scenario
- 7.7.3.3. Regulatory Framework
- 7.7.3.4. Saudi Arabia Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7.4. UAE
- 7.7.4.1. Key Country Dynamics
- 7.7.4.2. Competitive Scenario
- 7.7.4.3. Regulatory Framework
- 7.7.4.4. UAE Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.7.5. Kuwait
- 7.7.5.1. Key Country Dynamics
- 7.7.5.2. Competitive Scenario
- 7.7.5.3. Regulatory Framework
- 7.7.5.4. Kuwait Precision Diagnostics Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Participant Categorization
- 8.2. Strategy Mapping
- 8.3. Company Market Position Analysis, 2023
- 8.4. Participant's Overview
- 8.4.1. Abbott Laboratories
- 8.4.1.1. Overview
- 8.4.1.2. Financial Performance
- 8.4.1.3. Product Benchmarking
- 8.4.1.4. Strategic Initiatives
- 8.4.2. F. Hoffmann-La Roche Ltd.
- 8.4.2.1. Overview
- 8.4.2.2. Financial Performance
- 8.4.2.3. Product Benchmarking
- 8.4.2.4. Strategic Initiatives
- 8.4.3. Siemens Healthineers AG
- 8.4.3.1. Overview
- 8.4.3.2. Financial Performance
- 8.4.3.3. Product Benchmarking
- 8.4.3.4. Strategic Initiatives
- 8.4.4. Thermo Fisher Scientific Inc.
- 8.4.4.1. Overview
- 8.4.4.2. Financial Performance
- 8.4.4.3. Product Benchmarking
- 8.4.4.4. Strategic Initiatives
- 8.4.5. bioMerieux SA
- 8.4.5.1. Overview
- 8.4.5.2. Financial Performance
- 8.4.5.3. Product Benchmarking
- 8.4.5.4. Strategic Initiatives
- 8.4.6. Becton, Dickinson and Company
- 8.4.6.1. Overview
- 8.4.6.2. Financial Performance
- 8.4.6.3. Product Benchmarking
- 8.4.6.4. Strategic Initiatives
- 8.4.7. Danaher Corporation
- 8.4.7.1. Overview
- 8.4.7.2. Financial Performance
- 8.4.7.3. Product Benchmarking
- 8.4.7.4. Strategic Initiatives
- 8.4.8. QIAGEN N.V.
- 8.4.8.1. Overview
- 8.4.8.2. Financial Performance
- 8.4.8.3. Product Benchmarking
- 8.4.8.4. Strategic Initiatives
- 8.4.9. Hologic Inc.
- 8.4.9.1. Overview
- 8.4.9.2. Financial Performance
- 8.4.9.3. Product Benchmarking
- 8.4.9.4. Strategic Initiatives
- 8.4.10. Agilent Technologies Inc.
- 8.4.10.1. Overview
- 8.4.10.2. Financial Performance
- 8.4.10.3. Product Benchmarking
- 8.4.10.4. Strategic Initiatives