Precision Diagnostics Market is expected to reach US$ 168,405.71 Million by 2028

Genetic Test Segment to Lead Market from 2022 to 2028

According to our new research study on "Precision Diagnostics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and End User," the market is expected to grow from US$ 79,776.88 million in 2022 to US$ 168,405.71 million by 2028; it is anticipated to grow at a CAGR of 13.3% from 2022 to 2028.

Precision diagnostics help understand the patient’s condition in a detailed and precise manner. The diagnostics enable medical professionals to perform treatment procedures effectively. It is used to understand and cure diabetes, cancer, neurological, and other disorders using esoteric tests, genetic tests, and other diagnostics types.

The growing demand for personalized medicine and treatment procedures is surging the demand for the diagnostic product, as it allows medical professionals to diagnose health problem and solve it accurately. Personalized therapy is available to patients for better understanding of the molecular basis of diseases. Further, genetic testing and genome sequencing are essential to understand a disease molecular basis. In addition, many genetic disorders are screened in European countries, as early detection of these diseases prevents the onset of symptoms or reduces disease severity.

Based on type, the global precision diagnostics market is segmented into genetic tests, esoteric tests, and others. The genetic tests segment accounted for the largest share of the market in 2022. Further, it is anticipated to register the highest CAGR during the forecast period.  Genetic tests can diagnose a patient before symptoms appear, which helps reduce the severity of disease and improve the quality of life. Leading companies offer a huge range of products. In December 2020, Koninklijke Philips N.V. launched its modern advancements in digital pathology. Based on a powerful oncology clinical decision-making support portfolio, the company combines imaging, pathology, genomics, and longitudinal data with insights from artificial intelligence to give physicians predictable results for each patient.

Impact of COVID-19 Pandemic on Global Precision Diagnostics Market

The COVID-19 pandemic has significantly affected the global healthcare system. Governments imposed stringent policies in 2020 and 2021 to prevent and reduce the SAR-CoV-2 infection and mortality rates. Due to lockdown and travel restrictions, the global precision diagnostics market was adversely affected. The industry faced many challenges owing to suspension of nonurgent health services, and unavailability of essential medicines due to sudden lockdown and movement restrictions. There have been fewer outpatients, hospitalizations, and surgeries since the onset of the pandemic. The physicians started offering telehealth services. However, the COVID-19 pandemic has created a strong focus on diagnostics to ensure timely diagnosis and reduce healthcare costs. The healthcare systems have played a crucial role in protecting the people during the pandemic.

Quest Diagnostics Incorporated; Qiagen; Swiss Precision Diagnostics GMBH; Koninklijke Philips n.v Lantheus Medical Imaging, Inc.; Siemens Healthineers AG; Abbott; Novartis AG; Sanofi; and Bayer AG are among the leading companies operating in the global precision diagnostics market.

Global Precision Diagnostics Market, by Region, 2022 (%)

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Precision Diagnostics Market Growth Analysis | Report 2022-2028

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Precision Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Genetic Tests, Esoteric Tests, and Others), Application (Oncology, Cardiology, Respiratory Diseases, Immunology, and Others), and End User (Clinical Laboratories, Hospitals, Homecare, and Others)

The global precision diagnostics market is segmented on the basis of type, application, end users, and geography. Based on type, the market is segmented into genetic tests, esoteric tests, and others. By application, the global precision diagnostics market is segmented into oncology, cardiology, immunology, respiratory diseases, and others. The market, based on end users, is segmented into hospitals, clinical laboratories, homecare, and others. By geography, the precision diagnostics market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), APAC (China, India, Japan, Australia, South Korea, and the Rest of APAC), the MEA (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).