The global Precision Diagnostics and Medicine Market size was estimated at USD 143,530 million in 2024 and is projected to reach USD 323,095.0 million in 2031 at a CAGR of 12.29 % during the forecast period 2025-2031.
Precision diagnostics and medicine is a rapidly evolving field that focuses on tailoring healthcare treatments and diagnostic procedures to the individual characteristics of each patient. It involves using advanced technologies such as genomics, proteomics, and biomarkers to provide more accurate, personalized healthcare solutions. This approach aims to enhance the effectiveness of treatments by considering genetic, environmental, and lifestyle factors that influence a patient's health. It contrasts with traditional medicine, which often uses a one-size-fits-all model of treatment based on general population data.
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The scope of precision diagnostics and medicine extends across a wide range of healthcare areas, including oncology, cardiology, neurology, and infectious diseases. In oncology, for example, precision medicine enables clinicians to target specific genetic mutations in cancer cells, leading to more effective treatments with fewer side effects. The scope also covers the development of advanced diagnostic tools that can predict diseases before symptoms appear, enabling earlier intervention and better management of chronic conditions.
Recent Developments
· In November 2024, Roche was granted the CE Mark for its VENTANA FOLR1 (FOLR1-2.1) RxDx Assay, designed to identify epithelial ovarian cancer (EOC) patients who are eligible for treatment with ELAHERE (mirvetuximab soravtansine) for FRα-positive platinum-resistant ovarian cancer.
· In September 2024, Foundation Medicine partnered with Syndax Pharmaceuticals to develop a companion diagnostic aimed at identifying acute myeloid leukemia (AML) patients carrying the NPM1 mutation.
Top Key Players
· F. HOFFMANN-LA ROCHE LTD (DIAGNOSTICS)
· ABBOTT
· AGILENT TECHNOLOGIES, INC.
· GUARDANT HEALTH
· EXACT SCIENCES CORPORATION
· QIAGEN
· MYRIAD GENETICS, INC.
· NATERA, INC.
· ILLUMINA, INC.
· THERMO FISHER SCIENTIFIC INC.
· DANAHER
· 23ANDME, INC.
· MERCK & CO., INC. and more.
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North America to Dominate the Market
· North America: North America, particularly the U.S., dominated the precision diagnostics market, driven by its advanced healthcare infrastructure and strong biotechnology research sectors. Continuous investments in these areas have resulted in innovations that enhance the efficiency and reliability of personalized diagnostics technologies.
· Europe: Europe’s precision diagnostics market has seen significant growth, fueled by technological advancements, rising healthcare expenditures, and an increasing focus on personalized medicine.
· Asia Pacific: The precision diagnostics market in the Asia Pacific region is expanding rapidly, particularly in countries like China and India, where improvements in healthcare infrastructure and government support for advanced healthcare technologies are enhancing market potential.
· Middle East & Africa: The Middle East & Africa region is witnessing rapid growth in the precision diagnostics market, with significant investments in healthcare infrastructure and advanced medical facilities. Rising chronic diseases such as diabetes, cardiovascular diseases, and cancer are driving the demand for early and accurate diagnostic solutions.
The Precision Diagnostics and Medicine Market Segmentation:
Based on Type
· Genetic Testing
· DTC Testing
· Other Types
Based on Indication
· Oncology
· Neurology
· Immunology
Based on End User
· Clinical Laboratories
· Hospitals
· Home Care Settings
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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