The global precision diagnostics market size was estimated to be USD 55.46 billion in 2023 and is expected to reach at USD 208.2 billion by 2033 with a CAGR of 12.78% during the forecast period 2023-2033. Rising prevalence of cancer & neurological disorders, increasing adoption of precision diagnostics, growing demand for personalized medicine, surge in collaborations within market players, rising technological advancements, increasing number of clinical trials, and surge in introduction of digital diagnostics systems by market players are some of the key factors boosting the market growth.
Surge in introduction of digital diagnostics systems by market players is predicted to boost the market growth during the forecast period. For instance, in July 2021, Xyall BV, a prominent company in the field of molecular pathology, has unveiled the Tissector High Throughput (HT) platform aimed at enhancing diagnostic capabilities. This innovation represents the global pioneer in molecular diagnostic laboratories, utilizing an innovative automated tissue dissection method.
By Type, Genetic tests was the highest revenue-grossing segment in the global precision diagnostics market in 2022 owing to the growing awareness & demand for early diagnosis of disease, increasing prevalence of genetic disorders such as Fragile X syndrome or Huntington’s disease, rising Additionally, Esoteric tests is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of infectious & chronic diseases, growing advancements in precision medicines & early diagnosis, and increasing collaborations within market players. For instance, in February 2021, Quest Diagnostics partnered with GRAIL to provide assistance for an unprecedented blood test known as Galleri, which aims to detect multiple types of cancer at an early stage.
By Application, Oncology was the highest revenue-grossing segment in the global precision diagnostics market in 2022 owing to the increasing research & development activities for the development of precision medicine, rising prevalence of cancer, and growing launch of advanced products by major market players. For instance, in January 2021, Roche has introduced a pair of digital pathology image analysis algorithms (uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis) designed to enhance accurate patient diagnosis in breast cancer. These algorithms assist in identifying the most suitable treatment approach for individual patients, contributing to precision healthcare. Additionally, Cardiovascular is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of cardiovascular diseases, increasing demand for early diagnosis & medications for the treatment, and rising technological developments.
By End-user, Hospitals was the highest revenue-grossing segment in the global precision diagnostics market in 2022 owing to the rising focus on the development of innovative technology, increasing healthcare expenditure, and growing prevalence of chronic diseases. Additionally, Clinical laboratories is predicted to grow at fastest CAGR during the forecast period owing to the surge in need for better accessibility of diagnostic care and rising research & development activities, and growing launch of new products. For instance, in October 2020, Diaceutics Plc has unveiled DXRX, a diagnostic network created to expedite the entire process of developing and marketing precision medicine diagnostics. This platform aims to reduce the time taken for cancer testing to reach its highest level of biomarker test adoption.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing collaborations within private & government bodies, growing healthcare infrastructure, rising prevalence of cancer, surge in technological advancements, and increasing launch of advanced products. For instance, in October 2021, Philips has introduced an advanced digital pathology solution, positioning digital pathology at the core of comprehensive healthcare informatics across the enterprise. The recently unveiled Philips Digital Pathology Suite- IntelliSite encompasses a wide-ranging and adaptable collection of software tools and features intended to simplify imaging processes, enhance diagnostic certainty, incorporate artificial intelligence (AI), and elevate the effectiveness of pathology laboratories. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of chronic & lifestyle diseases, growing focus on development of drugs for rare diseases, surge in advancements in next-generation sequencing & companion diagnostics in the genomics spaces, and increasing initiatives by market players. For instance, in July 2023, NGeneBio Co., a medical diagnostic company based in South Korea, has revealed the establishment of a precision diagnostic company named 'NGeneBioAI' in the United States, focusing on artificial intelligence (AI) technology.
Surge in introduction of digital diagnostics systems by market players is predicted to boost the market growth during the forecast period. For instance, in July 2021, Xyall BV, a prominent company in the field of molecular pathology, has unveiled the Tissector High Throughput (HT) platform aimed at enhancing diagnostic capabilities. This innovation represents the global pioneer in molecular diagnostic laboratories, utilizing an innovative automated tissue dissection method.
By Type, Genetic tests was the highest revenue-grossing segment in the global precision diagnostics market in 2022 owing to the growing awareness & demand for early diagnosis of disease, increasing prevalence of genetic disorders such as Fragile X syndrome or Huntington’s disease, rising Additionally, Esoteric tests is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of infectious & chronic diseases, growing advancements in precision medicines & early diagnosis, and increasing collaborations within market players. For instance, in February 2021, Quest Diagnostics partnered with GRAIL to provide assistance for an unprecedented blood test known as Galleri, which aims to detect multiple types of cancer at an early stage.
By Application, Oncology was the highest revenue-grossing segment in the global precision diagnostics market in 2022 owing to the increasing research & development activities for the development of precision medicine, rising prevalence of cancer, and growing launch of advanced products by major market players. For instance, in January 2021, Roche has introduced a pair of digital pathology image analysis algorithms (uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis) designed to enhance accurate patient diagnosis in breast cancer. These algorithms assist in identifying the most suitable treatment approach for individual patients, contributing to precision healthcare. Additionally, Cardiovascular is predicted to grow at fastest CAGR during the forecast period owing to the growing prevalence of cardiovascular diseases, increasing demand for early diagnosis & medications for the treatment, and rising technological developments.
By End-user, Hospitals was the highest revenue-grossing segment in the global precision diagnostics market in 2022 owing to the rising focus on the development of innovative technology, increasing healthcare expenditure, and growing prevalence of chronic diseases. Additionally, Clinical laboratories is predicted to grow at fastest CAGR during the forecast period owing to the surge in need for better accessibility of diagnostic care and rising research & development activities, and growing launch of new products. For instance, in October 2020, Diaceutics Plc has unveiled DXRX, a diagnostic network created to expedite the entire process of developing and marketing precision medicine diagnostics. This platform aims to reduce the time taken for cancer testing to reach its highest level of biomarker test adoption.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing collaborations within private & government bodies, growing healthcare infrastructure, rising prevalence of cancer, surge in technological advancements, and increasing launch of advanced products. For instance, in October 2021, Philips has introduced an advanced digital pathology solution, positioning digital pathology at the core of comprehensive healthcare informatics across the enterprise. The recently unveiled Philips Digital Pathology Suite- IntelliSite encompasses a wide-ranging and adaptable collection of software tools and features intended to simplify imaging processes, enhance diagnostic certainty, incorporate artificial intelligence (AI), and elevate the effectiveness of pathology laboratories. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of chronic & lifestyle diseases, growing focus on development of drugs for rare diseases, surge in advancements in next-generation sequencing & companion diagnostics in the genomics spaces, and increasing initiatives by market players. For instance, in July 2023, NGeneBio Co., a medical diagnostic company based in South Korea, has revealed the establishment of a precision diagnostic company named 'NGeneBioAI' in the United States, focusing on artificial intelligence (AI) technology.
Segmentation: Precision Diagnostics Market Report 2022 - 2033
Precision Diagnostics Market Analysis & Forecast by Type 2022 - 2033 (Revenue USD Bn)
- Genetic Tests
- Esoteric Tests
- Others (Direct to Consumer Tests)
Precision Diagnostics Market Analysis & Forecast by Application 2022 - 2033 (Revenue USD Bn)
- Immunology
- Oncology
- Cardiovascular
- Neurology
- Others
Precision Diagnostics Market Analysis & Forecast by End-user 2022 - 2033 (Revenue USD Bn)
- Clinical Laboratories
- Hospitals
- Homecare
Precision Diagnostics Market Analysis & Forecast by Region 2022 - 2033 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Precision Diagnostics Market: Type Estimates & Trend Analysis
8. Precision Diagnostics Market: Application Estimates & Trend Analysis
9. Precision Diagnostics Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Precision Diagnostics Market
12. Europe Global Precision Diagnostics Market
13. Asia Pacific Global Precision Diagnostics Market
14. Latin America Global Precision Diagnostics Market
15. MEA Global Precision Diagnostics Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Xyall BV
- Quest diagnostics
- Roche
- QIAGEN
- Diaceutics Plc
- Swiss Precision Diagnostics
- NGeneBio Co.
- Koninklijke Philips N.V
- Bluebird Bio
- Lantheus Medical Imaging
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 55.46 Billion |
| Forecasted Market Value ( USD | $ 208.2 Billion |
| Compound Annual Growth Rate | 12.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
