Oncology Segment to Lead Global Precision Diagnostics Market During 2022-2028

According to our new research study on "Precision Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and End User," the market is expected to grow from US$ 79,776.88 million in 2022 to US$ 1,68,405.71 million by 2028; it is anticipated to grow at a CAGR of 13.3% from 2022 to 2028.

Precision diagnostics help understand the patient's condition in a detailed and precise manner. The diagnostics enable medical professionals to perform treatment procedures effectively. It is used to understand and cure diabetes, cancer, neurological, and other disorders using esoteric tests, genetic tests, and other diagnostics types.

The growing demand for personalized medicine and treatment procedures is surging the demand for the diagnostic product, as it allows medical professionals to diagnose health problem and solve it accurately. Personalized therapy is available to patients for better understanding of the molecular basis of diseases. Further, genetic testing and genome sequencing are essential to understand a disease molecular basis. In addition, many genetic disorders are screened in European countries, as early detection of these diseases prevents the onset of symptoms or reduces disease severity.

Based on application, the global precision diagnostics market is segmented into oncology, cardiology, respiratory diseases, immunology, and others. The oncology segment holds the largest market share in 2022 and is expected to register the highest CAGR from 2022 to 2028. Precision oncology is defined as the molecular profiling of tumors to identify targetable alterations. In cancer, precision medicine examines the DNA from the patient's tumor to identify the mutations and other genetic changes that cause cancer. Physicians then may be able to choose a treatment for a particular patient's cancer that best matches, or targets, the culprit mutations in the tumor DNA. Precision medicine rapidly changed the scope of oncology diagnosis and treatment in recent years. With the technological advances that characterize the patient's genome, proteomics, metabolomics, and cell profiles, and the development of large biological databases with computational tools to analyze them, clinicians to tailor treatment strategies to precisely target the molecular alteration underlying individual patients' disease.

Impact of COVID-19 Pandemic on Global Precision Diagnostics Market

The COVID-19 pandemic has significantly affected the global healthcare system. Governments imposed stringent policies in 2020 and 2021 to prevent and reduce the SAR-CoV-2 infection and mortality rates. Due to lockdown and travel restrictions, the global precision diagnostics market was adversely affected. The industry faced many challenges owing to suspension of nonurgent health services, and unavailability of essential medicines due to sudden lockdown and movement restrictions. There have been fewer outpatients, hospitalizations, and surgeries since the onset of the pandemic. The physicians started offering telehealth services. However, the COVID-19 pandemic has created a strong focus on diagnostics to ensure timely diagnosis and reduce healthcare costs. The healthcare systems have played a crucial role in protecting the people during the pandemic.

Quest Diagnostics Incorporated; Qiagen; Swiss Precision Diagnostics GMBH; Koninklijke Philips n.v Lantheus Medical Imaging, Inc.; Siemens Healthineers AG; Abbott; Novartis AG; Sanofi; and Bayer AG are among the leading companies operating in the global precision diagnostics market.

The report segments the global Precision Diagnostics market as follows:

The global Precision Diagnostics market is segmented into type, application, end users, and geography. Based on type, the market is segmented into genetic tests, esoteric tests, and others. Based on application, the global Precision Diagnostics market is segmented into oncology, cardiology, immunology, respiratory diseases, and others. Based on end users the segment is classified into hospitals, clinical laboratories. Homecare, and others. By geography, the Precision Diagnostics market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), APAC (China, India, Japan, Australia, South Korea, and the Rest of APAC), the MEA (Saudi Arabia, UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).

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