Report : North America Precision Diagnostics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Genetic Tests, Esoteric Tests, and Others), Application (Oncology, Cardiology, Respiratory Diseases, Immunology, and Others), and End User (Clinical Laboratories, Hospitals, Homecare, and Others)
At 13.5% CAGR, the North America Precision Diagnostics Market is speculated to be worth US$ 71,825.04 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America precision diagnostics market was valued at US$ 33,625.95 million in 2022 and is expected to reach US$ 71,825.04 million by 2028, registering an annual growth rate of 13.5% from 2022 to 2028. The rising demand for personalized medicine and rising application in oncology and other disorders are the critical factors attributed to the market expansion.
Healthcare is entering the era of personalized approaches, with treatment tailored to precise disease patterns. Advanced-stage disease diagnosis has lower survival rates, higher treatment morbidity, and higher healthcare costs. As the first step in personalized medicine, diagnosis aims to characterize diseases based on patient-specific information and detect and prevent diseases as early as possible. For example, the five-year survival rate for non-small cell lung cancer (NSCLC) will be increased to over 90% for patients diagnosed at the earliest stage, compared to only 10% at the metastatic stage. Precision diagnostics assists in providing a precise and timely explanation of a patient's health problem, allowing treatment to be provided promptly. There is a greater demand for personalized medicine due to advancements in genomics research and biomarkers due to the efficiency and target-specific nature of personalized medicine with better patient outcomes. The growing demand for personalized medicine and treatment procedures is surging the demand for the diagnostic product, as it allows medical professionals to diagnose patients and solve health problems accurately. Personalized therapy is available to patients with an understanding of the molecular basis of diseases. Further, it is gaining popularity, where genetic testing and genome sequencing are essential tools to understand disease molecular basis. Advances in new diagnostic tools that allow for even greater precision are advancing further. In addition, many genetic disorders are screened for in European countries, as early detection of these diseases prevents the onset of symptoms or reduces disease severity. For example, the sudden increase in COVID-19 pandemic cases facilitated demand for effective diagnostic procedures and products, resulting in increased demand for diagnostic solutions. Diagnostic testing was the backbone of the COVID-19 response, supporting containment efforts to reduce the cases, which accelerated the adoption of diagnosing solutions to provide patients with early treatment. Therefore, the increasing demand for the early diagnosis of diseases through precision diagnostic tests is driving market growth.
On the contrary, high investments involved in the R&D of precision medicine and diagnostic kits hurdles the growth of North America precision diagnostics market.
Based on type, the North America precision diagnostics market is segmented into genetic tests, esoteric tests, and others. The genetic tests segment held 43.7% market share in 2022, amassing US$ 14,706.80 million. It is projected to garner US$ 32,327.83 million by 2028 to expand at 14.0% CAGR during 2022–2028.
Based on application, the North America precision diagnostics market is fragmented into oncology, cardiology, immunology, respiratory diseases, and others. The oncology segment held 36.4% market share in 2022, amassing US$ 12,249.14 million. It is projected to garner US$ 26,925.00 million by 2028 to expand at 14.0% CAGR during 2022–2028.
By end user, the North America precision diagnostics market is fragmented into hospitals, clinical laboratories, home care, and others. With 34.6% share of the domain, the clinical laboratories segment dominated the market in 2022. It accrued US$ 11,622.80 million in 2022 and is estimated to generate US$ 25,518.97 million by 2028 to grow at a CAGR of 14.0% over the forecast period.
Based on country, the North America precision diagnostics market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 65.5% market share in 2022. It was assessed at US$ 22,025.00 million in 2022 and is likely to hit US$ 47,907.30 million by 2028, exhibiting a CAGR of 13.8% during the forecast period.
Key players dominating the North America precision diagnostics market are Abbott; Bayer AG; Koninklijke Philips N.V.; Lantheus Medical Imaging, Inc.; Novartis AG; QIAGEN; Quest Diagnostics Incorporated; Sanofi; Siemens Healthineers AG; and Swiss Precision Diagnostics GmbH among others.
- In Dec 2021, Acquisition of Labtech Diagnostics. Labtech Diagnostics is a clinical diagnostic laboratory provider serving physicians and patients in South and North Carolina, Georgia, and Florida. This acquisition broadens Quest access to diagnostic innovation and insights for wider communities.
- In Dec 2019, Acquisition of the Clinical Laboratory Services of Boston Clinical Laboratories in Massachusetts. Boston Clinical Laboratories, a Waltham-based regional provider of laboratory services which will have access to Quantum tools of Quest Diagnostics. This tool will provide access to healthcare information technologies and data analytics.
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