Precision Diagnostics Market Size to Hit USD 196.45 Bn by 2031: Coherent Market Insights

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May 23, 2024, 10:01 ET

BURLINGAME, Calif., May 23, 2024 /PRNewswire/ -- The global Precision Diagnostics Market size is projected to grow from USD 84.54 billion in 2024 to USD 196.45 billion by 2031, growing at a compound annual growth rate (CAGR) of 12.8% from 2024 to 2031, according to a new report by Coherent Market Insights. The precision diagnostics market is expected to grow owing to advancements in molecular diagnostic technologies and emergence of precision medicine approach. Next-generation sequencing (NGS) has enabled identification of genetic variations associated with diseases. NGS platforms facilitate whole genome sequencing which allows early detection of genetic disorders as well as selection of targeted therapies.

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Market Dynamics:

Rising prevalence of chronic and infectious diseases globally is expected to drive growth of the precision diagnostics market during the forecast period. According to WHO, chronic diseases accounted for approximately 60% of the 57 million global deaths in 2008, and chronic disease mortality is projected to rise by 15% globally between 2010 and 2020. In addition, advancements in genomic technologies have enabled development of precision diagnostics tools to detect various genetic mutations responsible for complex diseases. This is further expected to boost the precision diagnostics market growth.

Precision Diagnostics Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$84.54 billion
Estimated Value by 2031	$196.45 billion
Growth Rate	Poised to grow at a CAGR of 12.8%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, By Technology, By Application, By Indication:
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	Technological advancement Development of companion diagnostics
Restraints & Challenges	Stringent government regulations High cost of developing and validating advanced diagnostic technologies

Market Trends:

Growing use of cloud-based technologies in healthcare and increasing adoption of electronic health records by hospitals and diagnostic laboratories are some of the key trends in the precision diagnostics market. Cloud-based precision diagnostic solutions help in securely storing and sharing patient health records across different locations. This allows doctors to access accurate health history of patients from remote locations. Furthermore, incorporation of artificial intelligence and machine learning capabilities in precision diagnostics tools is believed to transform disease diagnosis and management. AI-powered algorithms can help physicians analyze diagnostic data faster and aid in disease detection at an early stage.

The kits and assays and consumables segment dominates the precision diagnostics market, accounting for over 35% market share in 2024. This is due to the widespread adoption of assay kits for precision diagnostics procedures like next-generation sequencing and polymerase chain reaction. assay kits offer standardized reagents and consumables required for diagnostic procedures in a ready-to-use format, simplifying the workflow for labs and diagnostic centers. Key players are focusing on developing a wide range of customized and disease-specific assay kits to expand their diagnostic test menus and cater to unmet needs. The growing demand for easy to use, cost-effective and standardized diagnostic solutions will drive the growth of this segment during the forecast period.

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Next-generation sequencing technology is estimated to grow at a robust CAGR of 15% till 2031. The factors responsible for the high growth include the increasing application of NGS in precision oncology for comprehensive genomic profiling of tumors, growing popularity of NGS-based non-invasive prenatal tests, and declining costs of sequencing. NGS allows comprehensive genomic and transcriptomic analysis with far greater speed and precision than traditional technologies. Market players are developing new sequencing systems, kits, and bioinformatics solutions tailored for precision diagnostic applications like liquid biopsy and infectious disease testing. This will further support the adoption of NGS technology in clinical diagnostics.

Recent Developments:

In November 2023, Roche announced the launch of the LightCylinder PRO System, based on the established gold standard technology of previous LightCycler Systems.

In June 2023, Diatech Pharmacogenetics, signed a collaborative agreement with Janseen Pharmaceutical NV, to improve access to precision medicine for patients with bladder cancer.

Key Market Takeaways:

The precision diagnostics market is anticipated to witness a CAGR of 12.8% during the forecast period 2024-2031, owing to growing demand for personalized medicine and companion diagnostics.

On the basis of product, the kits and assays and consumables segment is expected to hold a dominant position, accounting for over 35% market share in 2024 due to widespread adoption. On the basis of technology, next-generation sequencing segment is expected to hold a dominant position over the forecast period, growing at a robust CAGR of 15% owing to declining costs and wider applications in precision oncology.

On the basis of application, accurate diagnosis segment dominates due to need for precision tests for correct diagnosis and disease management decisions. On the basis of indication, oncology leads the market owing to increasing dependence on genomic profiling for personalized cancer care.

Key players operating in the precision diagnostics market include SomaLogic, Ezra Egnite, PercisionLife, HALO Percision Diagnostics, Danaher Corporation, QuideOrtho Corporation, Precision Diagnostics, Koninklijke Philips N.V., Swiss Precision Diagnostic GmbH. These players are focusing on new product launches, global expansion and mergers & acquisitions to gain market share.

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Market Segmentation:

By Product Type:

Kits & Assays
Consumables

By Technology Type:

Next-Generation Sequencing
Polymerase Chain Reaction
Mass Spectrometry
Others

By Application Type:

Accurate Diagnosis
Personalized Treatment
Early Detection and Intervention
Others

By Indication Type:

Oncology
Cardiovascular
Immunology
Neurology
Infectious Diseases
Others

By Regional Type:

North America
- U.S.
- Canada
Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East
- GCC Countries
- Israel
- Rest of Middle East
Africa
- South Africa
- North Africa
- Central Africa

Key Players Insights:

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.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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