Precision Diagnostics Market Size Projected To Reach $192.06 Billion By 2034 With A Cagr Of 14.7%

The Precision Diagnostics Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Precision Diagnostics Market?
The market size for precision diagnostics has seen a swift expansion in the past few years. It's forecasted to rise from $98.14 billion in 2024 to $111.16 billion in 2025 with a compound annual growth rate (CAGR) of 13.3%. The unprecedented growth in the historic period has been fueled by advancements in genomic research, the emergence of personalized medicine, a growing incidence of chronic illnesses, increased patient autonomy and informed decision-making, a shift in the healthcare system towards value-based care, alongside government initiatives and funding.

The market size of precision diagnostics is predicted to experience swift expansion in the coming years, reaching $192.06 billion in 2029 with a 14.7% compound annual growth rate (CAGR). The anticipated growth during the forecast period can be credited to the broadening applications of liquid biopsy, the incorporation of artificial intelligence (AI), the increasing need for companion diagnostics, the growth of point-of-care testing, and efforts towards managing population health. Key trends for the forecast period include cutting-edge developments in sequencing, progress in multi-omics technologies, the emergence of digital pathology, the inclusion of real-world evidence, and partnerships in research and development.

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What Are the Different Precision Diagnostics Market Segments?
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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What Are the Primary Drivers Shaping the Precision Diagnostics Market?
The surge in chronic illnesses is anticipated to fuel the expansion of the precision diagnostics industry in the near future. Chronic illnesses are those that persist for three months or more and may worsen over time. Precision diagnostics offer effective aid to patients battling chronic conditions like cancer and cardiovascular illness, by accurately diagnosing the disease and strategically managing the patient's healthcare. For example, the National Library of Medicine, an agency based in the USA, stated in January 2023, that by 2050, the number of Americans aged 50 or above living with at least one chronic disease will rise to 142.66 million. Consequently, the escalating instances of chronic illnesses are stimulating the growth of the precision diagnostics market.

Which Companies Are Leading in the Precision Diagnostics Market?
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.

What Are the Major Trends Shaping the Precision Diagnostics Market?
Major firms in the precision diagnostics market are emphasizing on novel therapeutic approaches. Innovations like AI-enabled video analysis tools are being developed to bolster patient interaction and facilitate a better comprehension of intricate medical data, thereby enabling people to be more proactive about their health. AI-powered video analysis tools deploy artificial intelligence to dissect video content, making complex information such as health reports more comprehensible by emphasizing important parameters and offering clear insights for improved understanding and informed decision-making. An example of this cutting-edge technology is Healthians, a diagnostic company based in India, which launched an unprecedented AI-enhanced video analysis tool in August 2024. The tool deciphers complex medical data by emphasizing vital health parameters and explaining their importance, effectively helping users understand their health reports. This innovative feature enables users to gain personalized insights in 15-30 minutes after finishing a short questionnaire on the Healthians app, thus improving their capacity to make well-informed decisions regarding their health.

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What Are the Top Revenue-Generating Geographies in 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Precision Diagnostics Market?
2. What is the CAGR expected in the Precision Diagnostics Market?
3. What Are the Key Innovations Transforming the Precision Diagnostics Industry?
4. Which Region Is Leading the Precision Diagnostics Market?

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