DUBLIN--(BUSINESS WIRE)--The "Precision Diagnostics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Application, and End User" report has been added to ResearchAndMarkets.com's offering.
The global precision diagnostics market is expected to grow from US$ 79,776.88 million in 2022. to US$ 1,68,405.71 million by 2028.
Factors such as the increasing demand for precision diagnostics and rising application in oncology and other disorders drive the growth of the market.
However, the high investments in the R&D of precision medicine and diagnostic kits hamper the market growth. Precision diagnostics are disease diagnosis methods that help a medical professional to understand the patient's condition in a detailed and precise manner. It enables medical professionals to perform treatment procedures in an effective manner. It is used to cure diabetes, cancer, and other disorders using esoteric tests, genetic tests, and others tests.
Moreover, collaborations between governments and companies are expected to help the market grow during the forecast period. Neuberg Diagnostics Pvt. Ltd. established a new pathology laboratory in India in July 2021. Through this, the company expanded its international and domestic presence and set up incubation centers in the US and Europe.
The use of digital solutions is increasing as digitization continues to sweep the diagnostic arena. Precision diagnostics have grown rapidly as companies seek to develop diagnostics tailored to specific patient populations, and players in the digital pathology space are releasing new software. The increasing emphasis on digital solutions is driving the growth of the precision diagnostics market.
Roche launched two digital pathology image analysis algorithms (uPath HER2 (4B5) image analysis and uPath HER2 Dual ISH image analysis) for precision patient diagnosis in breast cancer to help determine the best treatment strategy for each patient in January 2021. Further, Philips launched its next-generation digital pathology solution, moving digital pathology into the heart of enterprise-wide healthcare informatics in October 2021.
The newly released Philips Digital Pathology Suite-IntelliSite includes a comprehensive, scalable suite of software tools and capabilities designed to help streamline imaging workflows, boost diagnostic confidence, integrate artificial intelligence (AI), and increase pathology lab efficiency. Thus, technological advancement in precision diagnosis that helps in product innovation will provide significant growth opportunities to the players operating in the market during the forecast period.
The advancement in artificial intelligence (AI) is increasing. Healthcare is expected to lead the way in AI investments between 2018 and 2022, with the Asia-Pacific region well-positioned to grow due to its fertile digital ecosystem. Diagnosis of complex diseases such as cancer can be a time-consuming and labor-intensive process because many factors are to be considered, such as disease type, physical exams, genomic and molecular data analysis, and the patient's medical history. Intelligently aggregating all this information is the hallmark of precision diagnosis.
As per the study by International Data Corporation (IDC), the amount of data in healthcare is growing by an estimated 48% every year, leaving less time for physicians to study it. In addition, the rising disease burden in the aging population would increase the data amount. By automating the mundane and speeding up workflows, AI can help alleviate overburdened physicians.
The ability of AI to shift through large amounts of data has the potential to make medical examinations more precise, reliable, and efficient. For instance, in CT-based lung cancer screening, Philips researchers have demonstrated that a deep learning algorithm can be helpful to radiologists as a decision support tool.
Moreover, in healthcare, machine learning (MI) can be beneficial in many areas, including biomedical data management, automation of diagnoses, and biomarker discovery. Biomarker discovery can be used to build better biomarkers to predict a patient's response to therapy. Therefore, the advantages of technology are expected to create numerous future opportunities for the precision diagnostics market to grow during the forecast period.
The oncology segment is estimated to account for the largest market share and register the highest CAGR during the forecast period. 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.
Furthermore, molecular-guided therapies in oncology represent a prophylactic, therapeutic approach that can reduce the time and cost of ineffective treatments, thereby improving patients' lifespan and quality of life. Thus, the launch of new and technologically advanced oncology genetic tests is propelling the segment growth.
Key Market Dynamics
Key Market Drivers
- Rising Demand for Personalized Medicine
- Rising Application in Oncology and Other Disorders
Market Restraints
- High Investments Involved in the R&D of Precision Medicine and Diagnostic Kits
Market Opportunities
- Growing Advancement In Digital Solutions
Future Trends
- Usage of Artificial Intelligence and Machine Learning in Precision Diagnostics
Companies Mentioned
- Quest Diagnostics Incorporated
- QIAGEN
- Swiss Precision Diagnostics GmbH
- Koninklijke Philips N.V.
- Lantheus Medical Imaging, Inc.
- Siemens Healthineers AG
- Abbott
- Novartis AG
- Sanofi
- Bayer AG
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