Mass technological transformation of the global healthcare industry has left key market participants struggling to traverse the complexities of medical and life sciences. Given the shifting dynamics of the global healthcare sector, pharma and biotech companies are taking measured efforts to improve patient outcomes in an effective manner, while keeping a careful watch on the bottom line.
For the area of medical diagnosis, accuracy and precision are inevitable. This has triggered healthcare companies to resort to predictive diagnostic tools that can amplify the precision as well as reliability of diagnostics, and help healthcare providers to improve their patient care and medical outcomes.
The global sales of predictive diagnostics are expected to reach the valuation of over US$ 3 billion by 2031, finds a recent study published by Fact.MR. The study opines that the convergence of healthcare practices and next-generation technologies will take an upsurge in the coming years, and this will make predictive diagnostics the ‘New Normal’ in the healthcare industry in the coming future.
Predictive diagnostics is one of the most prominent applications of Artificial Intelligence and advanced data technologies in the healthcare domain. Predictive diagnostics also play an important role in identifying the patients’ reaction to different treatments, which can ultimately help healthcare providers to dramatically improve medical outcomes. Constant advancements in the technologies will further strengthen the demand for predictive diagnostics, reiterating the positive growth potential for stakeholders in the market, opines the Fact.MR study.
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“Personalized treatments and precision medicines are among the top, fast-growing trends in the healthcare industry, and these are the salient factors that are contributing to the growth of the predictive diagnostics market. Doctors, physicians, pathologists among all the other healthcare service providers are making a move towards diagnostic tools that can offer maximum reliability to incur positive medical outcomes at a lower cost. This fortifies the role of technology and innovation in the predictive diagnostics market. In the coming years, Manufacturers in the predictive diagnostics market must benefit from this trend by increasing awareness in the healthcare domains of developing economies,” says a lead analyst at Fact.MR.
- Growing adoption of advanced technologies in the healthcare industry indicates the potential for growth in the predictive diagnostics market. By 2031, the global market for predictive diagnostics is expected to surpass the valuation of US$ 3 billion, creating new opportunities for diagnostic tools with high accuracy and precision in the coming decade.
- The predictive diagnostics market is expected to grow at a CAGR of around 10% between 2021 and 2031. Manufacturers are expected to innovate around the adoption of technologies to predict the risks of various diseases such as cancer, neurological disorders, etc.
- Based on test types, the adoption of predictive diagnostics based on polymerase chain reaction (PCR) tests is expected to remain high, which manufacturers are slowly moving towards next-generation sequencing (NGS) platforms by integrating advanced technologies in their tools.
- With the growing demand for predictive diagnostic tools for identifying the risks of various types of cancer, manufacturers in the predictive diagnostics market are upscaling the production and research & development effort to discover accurate predictive tests for cancer.
- The demand for predictive diagnostics is expected to remain significantly high in developed regions, especially in North America. Growing presence of market leaders and increasing healthcare spending in the United States makes the region a profitable market for manufacturers and other stakeholders.
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Key players in the global predictive diagnostics market are Abbott Laboratories, Therawis, F.Hoffmann-La Roche Ltd., BIOMÉRIEUX SA, Agilent Technologies, Illumina, Inc., Thermo Fisher Scientific, Inc., Bio-Rad, Myriad Genetics, Inc., Genesis Genetics, Centogene N.V., BGI, 23andMe, Inc., Predictive Oncology, Counsyl, Inc., Bio-Rad Laboratories Inc., Mylab Discovery Solutions Pvt. Ltd., and ARUP Laboratories.
Predictive Diagnostics for Breast and Ovarian Cancer – A Key Trend
The incidence of genetically transferred cancer types such as breast cancer and ovarian cancer has increased dramatically in the past few years. According to the World Cancer Research Fund, over 2 million new cases of breast cancer and more than 300,000 new cases of ovarian cancer were recorded across the world in 2018.
Also, cancer is one of the leading causes of death, which makes it important for healthcare providers to use high-tech predictive diagnostics to identify risks of cancer in individuals. This is one of the key factors that are likely to trigger this trend in the predictive diagnostics market.
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More Valuable Insights on the Predictive Diagnostics Market
The recent study published by Fact.MR provides detailed insights into how the global market for predictive diagnostics is likely to develop during the period of 2021 to 2031. The report also offers actionable insights for manufacturers and other stakeholders to devise appropriate strategies to win in the global predictive diagnostics market in the coming years.
Fact.MR’s report categorizes the insights on the predictive diagnostics market based on tests (PCR based and NSG (Sequencing) based), indication (cancer, metabolic disorders, neurological disorders, musculoskeletal disorders, and others), end users (diagnostics, genetic laboratories and clinics, and research and academic institutes) and seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
Key Questions Answered
- Predictive diagnostics for which indications will witness high adoption across the world?
- What are the key challenges encountered by the new entrants in the global predictive diagnostics market?
- Which factors may hinder the growth of the global predictive diagnostics market in the coming decade?
- What are the upcoming trends in the predictive diagnostics market that redefine its growth?
- Which strategies will help manufacturers to consolidate a strong position in the market for predictive diagnostics in North America?
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