Request a Free sample to learn more about this report. Therefore, the pandemic has given impetus for companies to accelerate the adoption of effective diagnostic procedures. Countries are battling to slow down the spread of the diseases by executing necessary measures and increasing sample testing. Therefore, it has increased the demand for precision diagnostic for effective treatment procedures and rise in R&D activities for the development of disease diagnostics such as genetic tests and point-of-care tests. recorded the highest COVID-19 cases globally, accounting for about 96.2% in the North American region. According to Worldometer, in May 2021, the U.S. It has become a stimulus for change and starts at the beginning of the patient pathway, with precision diagnosis, the compass for effective treatment. Strong Demand for Diagnostics during COVID-19 Pandemic has Affirmative Impact on Market GrowthĬOVID-19 pandemic has created an intense focus on diagnostics, emphasizing the significance of precision and timely diagnosis to increase the quality of care and reduce healthcare and community-related costs. For example, according to National Cancer Institute, it is projected that the number of new cancer cases will rise by 29.5 million and cancer-related deaths to 16.4 million per year by 2040. The increased prevalence of cancer and rise in neurological disorders are anticipated to boost the demand for precision medicine, thereby driving the industry growth. It is majorly used for diabetes and cancer treatment and includes the use of genetic tests, esoteric tests, and others (direct-to-consumer tests). Precision diagnostics is a method of disease diagnosis with a precise and & timely explanation of a patient's health problem. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. Based on our analysis, the precision diagnostics market analysis exhibited a stellar growth of 23.3% in 2020 as compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a positive demand shock across all regions amid the pandemic. The market is projected to grow from USD 60.35 billion in 2021 to USD 138.85 billion in 2028 at a CAGR of 12.6% over 2021-2028. It does not store any personal data.The global precision diagnostics market size was USD 54.05 billion in 2020. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
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