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Precision Diagnostics Market is expected to reach US$ 168,405.71 Million by 2028

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Precision Diagnostics Market is expected to reach US$ 168,405.71 Million by 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$ 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. 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.

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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 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 the suspension of nonurgent health services, and the unavailability of essential medicines due to sudden lockdowns 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 people during the pandemic.

Precision diagnostics are disease diagnosis methods that help to understand 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 help patients suffering from diabetes, cancer, and other disorders using esoteric tests, genetic tests, and others.

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Leading companies operating in the precision diagnostics market have undertaken various organic and inorganic growth strategies. The precision diagnostics market majorly comprises 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 grow and, in turn, brought about several breakthroughs and transitions in the industry. The companies have utilized organic strategies such as launches, and product approvals. Moreover, the market players have also deployed several utilized inorganic strategies, including mergers & acquisitions, partnerships, and collaborations.

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Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

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