Precision Diagnostics and Medicine Market Innovation Strengthened by Investments in Emerging Markets

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Precision Diagnostics & Medicine Market- (By Type (Genetic, DTC and Others), By Indication (Diagnostic and Medicine), By End-user, By Product, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2034."

According to the latest research by InsightAce Analytic, the Global Precision Diagnostics & Medicine Market is valued at USD 138.4 Bn in 2024 , and it is expected to reach USD 425.9 Bn by 2034 , with a CAGR of 12.3% during the forecast period of 2025-2034.

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Precision diagnostics and medicine represent a rapidly advancing segment of healthcare that emphasizes the customization of medical treatments and diagnostic approaches based on the unique biological, genetic, environmental, and behavioral characteristics of individual patients. This paradigm shift relies heavily on advanced technologies such as genomics, proteomics, and biomarker profiling to enable highly targeted and effective therapeutic interventions.

The market for precision diagnostics and medicine is experiencing substantial growth, driven by several key factors. These include the integration of artificial intelligence (AI) and machine learning (ML) to enhance diagnostic accuracy and accelerate therapy development, as well as the increasing collaboration between pharmaceutical companies and diagnostic developers to advance precision healthcare solutions. Additionally, the growing adoption of direct-to-consumer testing and the widespread use of wearable devices for real-time health monitoring are contributing to market expansion.

Further opportunities are emerging as precision medicine extends into a broader range of therapeutic areas beyond oncology, including cardiology, neurology, and rare genetic disorders. In an effort to strengthen their global presence and optimize cost-efficiency, leading market participants are also investing in the establishment of research and manufacturing facilities across emerging markets. These strategic initiatives are expected to drive continued innovation and scalability within the sector.

List of Prominent Players in the Precision Diagnostics & Medicine Market:

·      F. Hoffmann-La Roche Ltd

·      Eli Lilly and Company

·      Pfizer Inc.

·      GSK plc.

·      Sanofi

·      Johnson & Johnson Services, Inc.

·      Vertex Pharmaceuticals Incorporated

·      Agilent Technologies, Inc.

·      Thermo Fisher Scientific Inc.

·      Myriad Genetics, Inc.

·      Guardant Health

·      Abbott

·      AstraZeneca

·      AbbVie Inc.

·      Amgen Inc.

·      Merck KgaA

·      Sarepta Therapeutics, Inc.

·      Merck & Co., Inc.

·      Natera, Inc.

·      ARUP Laboratories

·      Devyser

·      Diasorin S.P.A.

·      Tempus

·      Illumina, Inc.

·      Danaher

·      Exact Sciences Corporation

·      Qiagen

·      23andME, INC.

·      Trinity Biotech Plc.

·      Amoy Diagnostics Co., Ltd.

·      Novartis AG

·      Bristol-Myers Squibb Company

·      Gilead Sciences, Inc

·      Pillar Biosciences Inc.

·      Invivoscribe, Inc.

·      NeuroCode

·      C2N Diagnostics

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Market Dynamics

Drivers:

The precision diagnostics and medicine market is being propelled by significant advancements in genetic research, including the declining cost of sequencing technologies and increased funding for innovative healthcare practices. As comprehensive genetic data becomes more accessible, precision medicine is poised to revolutionize healthcare delivery. The ongoing transition toward value-based care models, which prioritize improved patient outcomes and cost-efficiency, is further supporting the adoption of precision diagnostics. In addition, regulatory support—such as approvals for targeted therapies by health authorities—and rising patient awareness of personalized treatment options are key contributors to market growth.

Challenges:

Despite its potential, the widespread adoption of precision diagnostics and medicine faces several challenges, foremost among them being the high cost associated with precision healthcare solutions. Precision therapies often require sophisticated genetic testing to identify specific drug-response biomarkers, resulting in significantly higher research and development expenses compared to conventional treatments. The need to gather non-clinical and real-world evidence further compounds these costs. For instance, CAR-T therapies such as Novartis AG’s Kymriah involve extensive R&D investment, making them cost-prohibitive for many patients. Moreover, the infrastructure required for genomic testing and large-scale data collection presents additional financial and logistical hurdles.

Regional Trends:

North America is expected to hold a dominant share of the global precision diagnostics and medicine market, driven by its advanced healthcare infrastructure and robust biotechnology research ecosystem. Substantial investments in R&D, combined with supportive government initiatives aimed at improving healthcare quality and access, have fostered continued innovation in the region. Conversely, the Asia-Pacific market is projected to witness the fastest growth over the forecast period, fueled by the increasing prevalence of cancer, genetic disorders, and chronic diseases. Countries such as China, India, and Japan are investing heavily in healthcare infrastructure, thereby enhancing access to next-generation diagnostic tools and supporting broader market development across the region.

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Recent Development:

·      November 2024: The CE Mark was awarded to Roche for its VENTANA FOLR1 (FOLR1-2.1) RxDx Assay, which is intended to determine which patients with epithelial ovarian cancer (EOC) are suitable for ELAHERE (mirvetuximab soravtansine) treatment for FRα-positive platinum-resistant ovarian cancer.

·      August 2024: The first AI-driven video analysis tool in the market was unveiled by Healthians, a diagnostic firm located in India. It helps customers navigate their health reports by highlighting important health characteristics and elucidating their relevance. After completing a quick survey on the Healthians app, users can obtain individualized insights within 15 to 30 minutes thanks to this cutting-edge function, which improves their capacity to make health-related decisions.

Segmentation of Precision Diagnostics & Medicine Market-

Precision Diagnostics & Medicine Market-By Type

·      Genetic Testing

·      DTC Testing

·      Others

Precision Diagnostics & Medicine Market-By Product

·      Monoclonal Antibodies

·      Inhibitor Drugs

·      Cell & Gene Therapies

·      Antiviral & Anti- Retroviral Drugs

·      Others

Precision Diagnostics & Medicine Market-By Indication

·      Diagnostics

o  Oncology

o  Neurology

o  Immunology

o  Others

·      Medicine

o  Oncology

o  Rare Diseases

o  Infectious Diseases

o  Hematological Disorders

o  Others

Precision Diagnostics & Medicine Market-By End-User

·      Clinical Laboratories

·      Hospitals

·      Home Care Settings

Precision Diagnostics & Medicine Market-By Region

North America-

·      The US

·      Canada

Europe-

·      Germany

·      The UK

·      France

·      Italy

·      Spain

·      Rest of Europe

Asia-Pacific-

·      China

·      Japan

·      India

·      South Korea

·      South East Asia

·      Rest of Asia Pacific

Latin America-

·      Brazil

·      Mexico

·      Rest of Latin America

 Middle East & Africa-

·      GCC Countries

·      South Africa

·      Rest of the Middle East and Africa

About Us:

InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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