Precision Diagnostics Market Projected to Grow at a CAGR of 13.3% by 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.

Leading companies operating in the precision diagnostics market have undertaken various organic and inorganic growth strategies. The precision diagnostics market majorly comprises of 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; among others. The companies have been implementing various strategies that have helped them in their growth and, in turn, brought about several breakthroughs and transitions in the industry. The companies have utilized organic strategies such as launches, and product approvals. Moreover, the market players have also deployed several utilized inorganic strategies, including mergers & acquisitions, partnerships, and collaborations.

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Below are the major growth strategies undertaken by the players operating in the global precision diagnostics market:

May-2022: The USFDA cleared Abbott's next generation FreeStyle Libre 3 system for use by people four years and older living with diabetes. Patients will be able to monitor their health every minute with the world's smallest and thinnest sensor and most accurate 14-day continuous glucose monitoring system

Mar- 2022: Bayer planned to strengthen their Pharmaceutical's production network globally by investing around 2 billion Euro for their manufacturing and supply chain capabilities

Dec-2021: The liquid biopsy-based Target Selector NGS Lung Panel test developed by Biocept, Inc. aids genomic profiling in patients with advanced non-small cell lung cancer (NSCLC), which help physicians to identify potential targeted therapies and monitor the potential targeted therapies and monitor the effectiveness of treatment. This test can be ordered directly from Quest Diagnostics.

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.

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The report segments the global Precision Diagnostics market as follows:

The global Precision Diagnostics market is segmented into type, application, end users, and geography.

Based on type, the market is segmented into genetic tests, esoteric tests, and others. Based on application, the global Precision Diagnostics market is segmented into oncology, cardiology, immunology, respiratory diseases, and others.

Based on end users the segment is classified 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, UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).

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This release was published on openPR.