Precision Diagnostics: A Leading Driver Behind Precision Diagnostics Market Thrives On The Surge In Chronic Disease Prevalence Market Expansion in 2025

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What Will the Precision Diagnostics Industry Market Size Be by 2025?
The market size for precision diagnostics has experienced swift expansion in recent years. Forecasts predict a rise from $98.14 billion in 2024 to $111.16 billion in 2025, amounting to a compound annual growth rate (CAGR) of 13.3%. The exceptional growth seen in the historical period is due to advancements in genomic research, the surge in personalized medicine, a climb in chronic disease incidence, the empowerment of patients and their informed decision-making, the healthcare system's shift towards care based on value, and government projects and funding.

What's the Long-Term Growth Forecast for the Precision Diagnostics Market Size Through 2029?
The market size of precision diagnostics is predicted to experience a significant escalation in the upcoming years, increasing to $192.06 billion in 2029 with a 14.7% Compound Annual Growth Rate (CAGR). This predicted surge during the forecast period can be linked to the broadening applications of liquid biopsy, the incorporation of artificial intelligence (AI), a rising need for companion diagnostics, the expansion of point-of-care testing, and initiatives in population health management. Chiefly, the forecast period will see trends such as technological innovations in sequencing, progress in multi-omics technologies, the emergence of digital pathology, the integration of real-world evidence, and partnerships in research and development.

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What Are the Key Growth Drivers Fueling the Precision Diagnostics Market Expansion?
The growth of the precision diagnostics market is anticipated to be fueled by the increasing incidence of chronic diseases. Chronic diseases, which are illnesses that persist for more than three months and may worsen over time, can be effectively managed with precision diagnostics. These diagnostics offer accurate diagnosis and meticulous healthcare management for patients battling chronic conditions like cancer and cardiovascular diseases. For example, the National Library of Medicine, a US-based institution, predicted in January 2023 that by 2050, the population of individuals in the US aged 50 and above with at least one chronic condition would surge to 142.66 million. Therefore, the rise in chronic diseases is a key factor propelling the precision diagnostics market's expansion.

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What Are the Key Trends Driving Precision Diagnostics Market Growth?
Leading firms in the precision diagnostics market are concentrating on groundbreaking therapeutic innovation. The introduction of AI-driven video analysis tools to bolster patient engagement and facilitate better comprehension of intricate medical data, thereby enabling individuals to actively manage their own health. An AI-driven video analysis tool deploys artificial intelligence to break down video information, streamlining complex health report details by emphasizing key health parameters, thus supplying lucid insights for improved comprehension and informed decision-making. For example, in August 2024, Healthians, a diagnostic company based in India, unveiled a pioneering AI-driven video analysis tool that makes complicated medical data easier to understand by stressing key health factors and elaborating their relevance, effectively directing users through their health reports. This novel feature enables users to get tailored insights within 15-30 minutes after filling out a small questionnaire on the Healthians app, thereby enhancing their capacity to make informed health decisions.

How Is the Precision Diagnostics Market Segmented?
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 Companies Are Leading the Charge in Precision Diagnostics Market Innovation?
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 dic*kinson 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.

Which Regions Are Leading the Global Precision Diagnostics Market in Revenue?
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.

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