Pune, India, Jan. 31, 2022 (GLOBE NEWSWIRE) -- The global precision diagnostics market size was USD 54.05 billion in 2020. The market is expected to grow from USD 60.35 billion in 2021 to USD 138.85 billion in 2028, exhibiting a CAGR of 12.6% during the forecast period. The rising prevalence of cancer and neurological disorders and increasing effective treatment procedures are expected to foster market development. Fortune Business Insights™ presents this information in its report titled “Precision Diagnostics Market, 2021-2028.”
Precision diagnostics are disease diagnosis methods that explain the patient’s condition in a detailed and precise manner. It enables medical professionals to carry out treatment procedures in an effective manner. It is used to cure diabetes, cancer, and other disorders using esoteric tests, genetic tests, and others.
Industry Development
- May 2021: Philips launched its novel Spectral Computed Tomography 7500 system to offer spectral data for all patients.
Request a Sample Copy of the Research Report
Drivers and Restraints
Rising Demand for Personalized Medicine to Augment Market Development
The rising demand for personalized medicine and treatment procedures is expected to surge the demand for the product. It enables medical professionals to diagnose patients in detail and solve health issues effectively. The sudden rise in COVID-19 infections has facilitated the demand for effective procedures globally. Furthermore, the rising demand for the treatment procedure in oncology and other disorders is expected to boost the treatment procedure’s adoption. For example, as per the information provided by the Neurological Alliance, approximately 14.7 million neurological cases were registered in 2019, and 1 among 6 people suffered from neurological disorders.
Moreover, manufacturers collaborate to manufacture and provide effective treatment procedures and services. For example, Personal Genome Diagnostics Inc. and Massachusetts General Hospital collaborated in 2021 to develop advanced treatment services. These factors are predicted to drive the precision diagnostics market growth.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit:
https://www.fortunebusinessinsights.com/industry-reports/precision-diagnostics-market-100357
Presence of a Well-established Healthcare Sector to Boost Industry Growth in North America
North America is expected to dominate the global precision diagnostics market share due to a well-established healthcare sector. The market in North America stood at USD 20.84 billion in 2020 and is expected to gain the largest portion of the market share in the coming years. Further, collaborations between government and manufacturers are expected to bolster market development. For example, Neuberg Diagnostics Private Limited set up a new pathology laboratory in Telangana, India, in July 2021. Through this set up, the company shall expand its international and domestic presence and set up incubation centers in the U.S. and Europe. These factors are expected to boost the industry growth.
In Europe, the sudden spike in COVID infections is expected to boost the demand for effective diagnostic procedures. Furthermore, rapid technological advancements and the incorporation of effective treatment procedures are expected to propel market development.
In Asia Pacific, the rising development of effective drugs for rare disorders and technological disorders is expected to surge the product demand. Furthermore, extensive adoption of the product for the treatment of diabetes and other disorders is expected to bolster market progress.
Quick Buy
https://www.fortunebusinessinsights.com/checkout-page/100357
Competitive Landscape
Prominent Companies Launch Novel Products to Boost Brand Image
The prominent players operating in the market launched novel products to improve their market position. For example, Trivitron Healthcare announced its novel HbA1c and Hb variant detection products in June 2021. This strategy may enable the company to develop precise treatment procedures and a global brand image. Furthermore, research and development may enable market players to develop effective medical solutions and capture consumers’ attention. This strategy may help companies improve product offerings and boost their annual revenues.
Ask for Customization
https://www.fortunebusinessinsights.com/enquiry/customization/precision-diagnostics-market-100357
List of Key Players Profiled in the Report
- Quest Diagnostics (New Jersey, U.S.)
- QIAGEN (Hilden, Germany)
- Swiss Precision Diagnostics (Geneva, Switzerland)
- Koninklijke Philips N.V (Amsterdam, Netherlands)
- Lantheus Medical Imaging, Inc. (Massachusetts, U.S.)
- Bluebird Bio, Inc (Massachusetts, U.S.)
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email:sales@fortunebusinessinsights.com
