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$ 168,405.71 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.

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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. 

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.

Leading companies operating in the precision diagnostics market have undertaken various organic and inorganic growth strategies. The precision diagnostics market majorly comprises of 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; among others. The companies have been implementing various strategies that have helped them in their growth and, in turn, brought about several breakthroughs and transitions in the industry. 

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