Precision Diagnostics Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

What industry-specific factors are fueling the growth of the precision diagnostics market?
The surge in long-term illnesses is anticipated to drive the expansion of the precision diagnostics market. Chronic diseases, those that persist for three months or more and have the potential to worsen over time, are increasingly benefitting from precision diagnostics. By delivering accurate results and effectively managing a patient's health plan, precision diagnostics aid patients with chronic conditions like cancer and cardiovascular ailments. For instance, the National Library of Medicine, a US agency, forecasted in January 2023 that the number of Americans aged 50 or older with at least one chronic condition would rise to 142.66 million by 2050. As such, the escalating prevalence of chronic diseases is fuelling the growth of the precision diagnostics market.

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What Is the projected market size and growth rate for the precision diagnostics market?
In the past few years, the size of the precision diagnostics market has seen a significant expansion. It is projected to burgeon from $98.14 billion in 2024 to $111.16 billion in 2025, with a compound annual growth rate (CAGR) of 13.3%. Key factors driving the growth during this historical period include advancements in genomic research, emergence of personalized medicine, the escalating prevalence of chronic diseases, more knowledgeable and empowered patients, a shift in the healthcare system towards value-based care, along with government initiatives and funding.

Expectations are high for the precision diagnostics market size, with projections of a rapid surge in growth over the coming years. The market is predicted to reach $192.06 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 14.7%. Factors contributing to growth during the forecast period include the broadening of liquid biopsy applications, the incorporation of artificial intelligence (AI), burgeoning demand for companion diagnostics, growth in point-of-care testing, and initiatives aimed at population health management. Other key trends expected during the forecast period encompass technological strides made in sequencing, advances in multi-omics technologies, the emergence of digital pathology, the integration of real-world evidence, and collaborations in research and development.

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What are the emerging trends shaping the future of the precision diagnostics market?
Key players in the precision diagnostics field are concentrating on developing inventive treatments. They are incorporating technologies like AI-powered video analysis tools to increase patient involvement and provide clarity on intricate medical data, thereby enabling individuals to manage their own health. An AI-powered video analysis tool uses artificial intelligence to break down video content, making intricate healthcare reports understandable by spotlighting essential parameters. This provides clear insights for better comprehension and educated decision making. For example, Healthians, a diagnostic company based in India, launched an industry-first AI-powered video analysis tool in August 2024. This tool facilitates the understanding of intricate medical information by focusing on key health parameters and clarifying their importance. It can guide users through their health reports, enabling them to receive personalized insights within 15-30 minutes of completing a short survey on the Healthians app. This unique feature enhances their capacity to make well-informed decisions about their health.

What major market segments define the scope and growth of the precision diagnostics market?
The precision diagnostics market covered in this report is segmented -

1) By Type: Genetic Tests, Esoteric tests, Other Types
2) By Technology: Next Generation Sequencing (NGS), Polymerase Chain Reaction (PCR), In Situ Hybridization (ISH), Mass Spectrometry, Immunohistochemistry (IHC), Other Technologies
3) By Application: Oncology, Infectious Diseases, Cardiovascular, Neurology, Genetic Disorders, Other Applications
4) By End-User: Hospitals And Clinics, Diagnostic Laboratories, Research Institutes, Pharmaceutical And Biotechnology Companies, Other End-Users

Subsegments:
1) By Genetic Tests: Next-Generation Sequencing (NGS), Polymerase Chain Reaction (PCR) Tests, Whole Exome Sequencing (WES), Single Nucleotide Polymorphism (SNP) Testing
2) By Esoteric Tests: Proteomics, Metabolomics, Specialized Infectious Disease Testing, Rare Disease Testing
3) By Other Types: Biomarker Testing, Liquid Biopsies, Companion Diagnostics, Pharmacogenomic Testing

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Which region dominates the precision diagnostics market?
North America was the largest region in the precision diagnostics market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the precision diagnostics industry growth?
Major companies operating in the precision diagnostics market include Pfizer Inc., F. Hoffmann-La Roche Ltd., Bayer AG, Novartis AG, Abbott Laboratories, Danaher Corporation, Amgen Inc., Koninklijke Philips N.V., Becton Dickinson and Company (BD), Thermo Fisher Scientific Inc., Quest Diagnostics Inc., Siemens Healthineers AG, Agilent Technologies Inc., PerkinElmer Inc., Beckman Coulter Inc., Charles River Laboratories International Inc., Sysmex America Inc., Waters Corporation, Bio-Rad Laboratories Inc., Bruker Corporation, Qiagen N.V., Bio-Techne Corporation, Illumina Inc., Lantheus Medical Imaging Inc., Luminex Corporation, BioFire Diagnostics LLC, Genomic Health Inc., Swiss Precision Diagnostics GmbH, Bluebird Bio Inc.

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What Is Covered In The Precision Diagnostics Global Market Report?

• Market Size Forecast: Examine the precision diagnostics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the precision diagnostics market for a structured understanding.
• Key Players Overview: Analyze major players in the precision diagnostics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the precision diagnostics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the precision diagnostics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the precision diagnostics market.
• Industry Challenges: Identify potential risks and obstacles affecting the precision diagnostics market.
• Competitive Landscape: Review strategic developments in the precision diagnostics market, including expansions, agreements, and new product launches.

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