Precision Diagnostics & Medicine Market Size was valued at USD 138.4 Bn in 2024 and is predicted to reach USD 425.9 Bn by 2034 at a 12.3% CAGR during the forecast period for 2025-2034.
The rapidly developing discipline of precision diagnostics and medicine focuses on customising medical interventions and diagnostic processes to each patient's unique characteristics. It entails applying cutting-edge technologies, such as biomarkers, proteomics, and genomics, to deliver more precise and individualised healthcare treatments. By considering the environmental, genetic, and behavioural factors that influence a patient's health, this approach aims to enhance the effectiveness of treatments. The precision diagnostics and medicine market is expanding due to factors such as the continuous integration of cutting-edge technologies, including AI and machine learning, to improve precision diagnostics and medicine development. Additionally, the growing cooperation and investments made by significant pharmaceutical and diagnostics companies are creating better precision diagnostics and medicine solutions. Furthermore, the rising emphasis of these businesses on creating precision treatments and diagnostic tools for various illnesses, including autoimmune and neurodegenerative conditions, underscores the growing significance of precision diagnostics and medicine in healthcare.
In addition, wearable medical technology and direct-to-consumer precision diagnostic tests are gaining popularity due to patients' increasing health awareness, presenting potential opportunities for market participants. However, it is anticipated that the high expense of precision healthcare and the difficulties in integrating and managing large datasets in the healthcare industry will limit the expansion of the precision diagnostics and medicine market.
Competitive Landscape
Some of the Major Key Players in the Precision Diagnostics & Medicine Market are
- 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
Market Segmentation:
The precision diagnostics & medicine market is segmented based on type, product, indication, and end-user. Based on type, the market is segmented into genetic testing, DTC testing, and others. By product, the market is segmented into monoclonal antibodies, inhibitor drugs, cell & gene therapies, antiviral & anti- retroviral drugs, and others. By indication, the market is segmented into diagnostics (oncology, neurology, immunology, others) and medicine (oncology, rare diseases, infectious diseases, hematological disorders, others). By end-user, the market is segmented into clinical laboratories, hospitals, home care settings, and others.
Based on the Product, the Monoclonal Antibodies Segment is Accounted as a Major Contributor to the Precision Diagnostics & Medicine Market
The monoclonal antibodies segment is expected to hold a major global market share in 2024. The expansion of this market is attributed to factors such as the increasing number of partnerships to develop sophisticated monoclonal antibodies and advancements in antibody engineering technologies. The use of these drug modalities for the treatment of infectious, autoimmune, and cancerous diseases is also growing as a result of their many benefits over conventional medications, including high specificity, low toxicity, and longer-lasting effects.
Diagnostic Laboratories Segment to Witness Growth at a Rapid Rate
During the projection period, the diagnostic laboratories segment grew at the fastest rate. Advancements in molecular diagnostic technologies, such as next-generation sequencing and biomarker analysis, enable more accurate and personalized testing, increasing demand for specialized lab services. The expansion of this market is also aided by the growing partnerships between pharmaceutical and diagnostic firms and hospitals to create customized treatments and diagnostic procedures.
In the Region, the North American Precision Diagnostics & Medicine Market Holds a Significant Revenue Share
The North American precision diagnostics & medicine market is expected to register the highest market share in revenue in the near future propelled by its robust biotechnology research areas and sophisticated healthcare infrastructure. Innovations that improve the effectiveness and dependability of individualized diagnostics technologies are the consequence of ongoing investments in these fields. The industry has grown as a result of government efforts to enhance healthcare accessibility and quality as well as significant investment in R&D. In addition, Asia Pacific is projected to grow rapidly in the global precision diagnostics & medicine market, especially in nations like China and India, where government funding for cutting-edge medical technology and upgrades to healthcare infrastructure are expanding market potential. The market has grown as a result of the growing incidence of chronic illnesses including diabetes and cancer, as well as growing knowledge of individualized therapies.
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.
Precision Diagnostics & Medicine Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2024 |
USD 138.4 Bn |
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Revenue Forecast In 2034 |
USD 425.9 Bn |
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Growth Rate CAGR |
CAGR of 12.3% from 2025 to 2034 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2025 to 2034 |
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Historic Year |
2021 to 2024 |
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Forecast Year |
2025-2034 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, By Indication, By Product, By End-user |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
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, and other organizations. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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