Global Predictive Diagnostics Market - 2024-2031

Global Predictive Diagnostics Market - 2024-2031

Global Predictive Diagnostics market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

Predictive diagnostics employs customized data and a suite of diagnostic devices to deliver precise, real-time insights and identify potential problems. By integrating molecular innovations, genomics applications, and rapid R&D processes, predictive diagnostics can assist in delivering impactful and measurable advancements to operations.

Using predictive diagnostics, the applied algorithms can analyze and recognize patterns within delivered data and calculate probabilities of upcoming failures in the future. The main application of predictive diagnostics is disease management.

Market Dynamics: Drivers & Restraints

The increasing product launches and collaborations among companies

Increasing product launches and collaborations among the major companies are expected to drive market growth. Companies are adopting strategies such as collaborations, partnerships, and acquisitions to expand the market growth.

For instance, in September 2022, QIAGEN and Neuron23 Inc., a biotechnology organization focused on designing precision medicines for genetically defined neurological and immunological diseases, agreed to create a companion diagnostic for Neuron23’s brain penetrant leucine-rich repeat kinase (LRRK2) inhibitor for Parkinson’s disease.

Additionally, Tempus unveiled its new DPYD algorithm as its most recent addition to its growing collection of predictive algorithm laboratory-developed tests. Thus, the above factors are expected to drive the market growth during the forecast period.

Lack of expertise in predictive diagnostics

Complex predictive diagnostic results might be difficult to interpret, particularly for practitioners who are not professionals in this field. Clinicians can find it difficult to incorporate these outcomes into patient care regimens if they do not fully comprehend them. Healthcare professionals could be reluctant to order these tests for their patients if they lack enough training or experience with predictive diagnostics. This may result in a low use of these tests and impede the expansion of the market.

Segment Analysis

The global predictive diagnostics market is segmented based on type, application, end-user and region.

Oncology segment is expected to dominate the market growth

The oncology segment accounts for the largest market share. Cancer is the foremost cause of death worldwide. The most common cancers are breast, colon, lung, rectum, and prostate. Cancer accounted for almost 10 million deaths in 2020 or nearly one in six.

The companies are introducing a variety of products and platforms to make use in oncology, as there is a growing number of cancer cases, the demand for these products rises which can expand their application.

For instance, in April 2023, Certis Oncology Solutions launched CertisAI, a new predictive medicine platform that utilizes big data, statistical algorithms, and machine learning (ML) to predict drug efficacy based on gene expression biomarkers.

Additionally, in 2021, Tempus introduced its new DPYD algorithm as its most recent addition to its growing collection of predictive algorithm laboratory-developed tests. The test assesses for relevant mutations in the DPYD (dihydropyrimidine dehydrogenase) gene and helps physicians better identify patients at potential risk for toxicity to certain chemotherapies, aiming to avoid adverse effects. Thus, increasing focus on cancer diagnostics is expected to drive the segment growth during the forecast period.

Geographical Analysis

North America is expected to hold a significant position in the predictive diagnostics market share

North America dominates the market for predictive diagnostics and is anticipated to show an equivalent trend over the forecast period. Improved healthcare infrastructure, rising infectious illness rates, active regional key players, and convenient product availability in the area are the main factors driving the market in the region.

For instance, in June 2021, Predictive Health Diagnostics Company, Inc. launched its second diagnostic test, DIABETESpredict, in collaboration with distribution partner Patia Europe SL.

Additionally, For instance, in December 2021, Roche acquired the TIB Molbiol Group. TIB Molbiol will continue to work as a subsidiary within the Diagnostics division. Roche and TIB Molbiol will create their capabilities for the fast development of assays for emerging pathogens and potential health threats, such as infectious diseases. Thus, the above factors are driving the market growth and are expected to hold the region in the dominant position.

COVID-19 Impact Analysis

The necessity of diagnostics in general has become more widely recognised due to the global focus on COVID-19 diagnosis. This caused people to fully recognize the possibilities of predictive diagnoses in other fields. Innovations in fields like molecular diagnostics and artificial intelligence (AI) were sparked by the quick development of COVID-19 diagnostics. These developments can be used to create fresh, enhanced predictive diagnostic instruments. The ability of COVID-19 testing to identify infected patients has raised interest in applying comparable strategies for the early diagnosis of other diseases, including chronic ailments.

Market Segmentation

By Type
• Presymptomatic
• Predispositional

By Application
• Cardiovascular Diseases
• Neurological Diseases
• Genetic Diseases
• Oncology
• Others

By End-User
• Diagnostic Centers
• Genetic Laboratories and Clinics
• Research and Academic Institutes

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Abbott Laboratories, Certis Oncology Solutions, Inc., Proteomics International Laboratories Ltd, QIAGEN N.V., Prometheus Laboratories Inc., F. Hoffmann-La Roche Ltd., Illumina Inc., Myriad Genetics, Exact Sciences Corporation, and Reliance Life Sciences. among others.

Why Purchase the Report??
• To visualize the global predictive diagnostics market segmentation based on type, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of predictive diagnostics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global predictive diagnostics market report would provide approximately 53 tables, 47 figures and 176 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies