Global Precision Diagnostics Market Insights
The global precision diagnostics market was valued at USD 54,051.36 Million in 2020, and it is expected to reach a value of USD 127,366.82 Million by 2027, at a CAGR of 13.03% over the forecast period (2020 – 2027).
Precision diagnostics is a diagnostic method that provides a precise and timely explanation of a patient’s health problem. It is primarily used in the treatment of diabetes and cancer, and it includes the use of genetic tests, esoteric tests, and others (direct-to-consumer tests). The increasing prevalence of cancer and neurological disorders is expected to increase demand for precision medicine, According to the National Cancer Institute, the number of new cancer cases is expected to rise by 29.5 million by 2040, with cancer-related deaths increasing by 16.4 million.
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Global Precision Diagnostics Market Segmental Analysis
The Global Precision diagnostics Market is segmented by application, end-use, and region. Based on application market is categorized into: diagnostics, genetic tests, direct to consumer tests, esoteric tests, therapeutics, pharmaceuticals, oncology, respiratory diseases, skin diseases, cns disorders, immunology, genetic diseases, medical devices. Based on End-Use market is categorized into: home care, hospitalsa and clinical laboratories. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Top Players Company Profiles
- Quest Diagnostics (US)
- QIAGEN (Germany)
- Swiss Precision Diagnostics (Switzerland)
- Koninklijke Philips N.V (Netherlands)
- Lantheus Medical Imaging, Inc. (US)
- Bluebird Bio, Inc (US)
- F. Hoffmann-La Roche AG (Switzerland)
- Illumina, Inc. (US)
- Thermo Fisher Scientific Inc. (US)
- Novartis AG (Switzerland)
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- In June 2021, Medical devices company, Trivitron Healthcare, intruduced two new innovation-driven products for HbA1c and Hb variant detection. These products will be used for monitoring diabetes, hemoglobin variants, and thalassemia. The new product includes NANO H5 & NANO H110, high-performance liquid chromatography analyzers, and is fully automated.
- In October 2020, Diaceutics PLC announced the launch of DXRX – The Diagnostic Network designed to increase the end-to-end development of precision medicine diagnostics by decreasing the time to peak biomarker test adoption for cancer testing from years to months.