![]() ![]() The market is also expected to be fueled by the expansion of personal healthcare equipment and devices, as well as the integration of smart technologies with various healthcare systems.ĭemand for Personalized Therapy to Boost Market Growth ![]() The market has benefited from rising levels of acceptance and positive results obtained through precision therapies in the treatment of various diseases among patients. The home care segment is expected to grow more during the forecast period. Clinical laboratories and hospitals currently account for the majority of precision diagnostics and medicines. ![]() The precision medicine diagnostics market is categorized into three parts based on end-use: home care, hospitals, and clinical laboratories. Precision Diagnostics Market Analysis by End User In the coming years, the market is expected to be driven by an increase in strategic collaborations, which will result in an increase in clinical trial activities, as well as increased government support and initiatives for the development of better and more efficient treatment options. Rising incidence of rare diseases, neurological diseases, and cancers, soaring demand for precision drug therapies, increasing pressure to reduce healthcare expenditure, and an aging population is expected to drive the market growth. For example, genetic testing could provide information about the risk of developing cancer as well as diagnose a genetic condition such as Fragile X syndrome or Huntington's disease. This test is useful in many areas of medicine because it looks for mutations or variants in the DNA. Precision Diagnostics Market Analysis by Applicationĭue to increased awareness of disease timely identification, the genetic tests segment dominated the market in 2022. Based on region it is categorized as North America, Europe, Asia-Pacific, South America, and MEA. Based on end-use precision diagnostics market is categorized into home care, hospitals and clinical laboratories. Based on application, the precision diagnostics market is categorized into: diagnostics, genetic tests, direct to consumer tests, esoteric tests, therapeutics, pharmaceuticals, oncology, respiratory diseases, skin diseases, CNS disorders, immunology, genetic diseases, medical devices. The global precision diagnostics market is segmented by application, end-use, and region. US Precision Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year. One of the primary benefits of precision diagnostics and medicines is that they can be tailored to specific needs and conditions, instead of fitting every individual into the framework of "one treatment fits all." These diseases, which are induced by mutations, are anticipated to contribute to revenue generation. There have also been substantial improvements in gene therapy and the development of precision therapies to treat diseases such as cancer, tuberculosis, and Alzheimer's. According to the National Cancer Institute, the number of new cancer cases is expected to rise by 29.5 million by 2040, with cancer-related deaths increasing by 16.4 million. The increasing prevalence of cancer and neurological disorders is expected to increase demand for precision medicine. It is primarily used in the treatment of diabetes and cancer, and it includes the use of genetic tests, esoteric tests, and others (direct-to-consumer tests). Precision diagnostics is a diagnostic method that provides a precise and timely explanation of a patient's health problem. Global Precision Diagnostics Market size was valued at USD 60.35 billion in 2021 and is poised to grow from USD 68.07 billion in 2022 to USD 201.27 billion by 2030, growing at a CAGR of 12.6% in the forecast period (2023-2030). ![]()
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