The healthcare industry is constantly under the pressure of improving patient care while keeping the costs under a certain limit. Predictive diagnostics is one way for healthcare organizations to achieve success at enhanced outcomes at much lower costs.
With advancements in data-based technologies and their convergence with healthcare practices, the adoption of predictive diagnostics is expected to transform the way the healthcare industry works.
Manufacturers are incorporating advanced technologies such as Artificial Intelligence (AI), business intelligence (BI), Machine Learning (ML), and advanced data analytics to reach the highest levels of accuracy in their products.
The future of the healthcare industry is expected to be redefined by the growing adoption of predictive diagnostics, and this signals the positive growth of the predictive diagnostics market.
Insights by Test Type
Polymerase chain reaction (PCR) is one of the most popular and commonly-used categories of molecular diagnostic tests implemented as a part of various healthcare treatments.
Mainly due to the fact that PCR-based tests are highly sensitive tests with lower parasite load, they are especially relevant in chronic cutaneous lesions.
This is one of the prominent growth prospects for manufacturers of PCR-based predictive diagnostic tools. As PCR-based predictive diagnostic tests are considered among the most accurate diagnostic methods, their adoption is expected to remain significantly high in the coming years.
While the popularity of PCR-based predictive diagnostics continues to grow, the adoption of next-generation sequencing (NGS) platforms is also picking pace in the predictive diagnostics market.
The advancements in the data sequencing methodologies is expected to trigger automation in diagnostic testing, and this is also expected to boost the adoption of NSG-based predictive diagnostics among end users, setting a new trend in the market in the coming future.
Predictive Diagnostics in Cancer Detection
Key players in the predictive diagnostics market are expected to witness high revenue flows from the predictive diagnostic tools and predictive testing equipment used for the prediction of the risk of cancer.
Growing prevalence of these types of cancer is triggering patients, mainly women, to opt for predictive testing to identify their exposure to the risk of getting affected by these diseases.
Manufacturers in the predictive diagnostics market are upscaling the production as well as research & development of innovative, high-tech tools for accurately predicting the risk of cancer.
Market players are also expanding their networks beyond investors to include subject matter experts and researchers to gain a competitive edge in the segment.
In the coming years, along with cancer, manufacturers are expected to increase focus on introducing predictive diagnostic tools for neurological and metabolic disorders to diversify their product offerings.
Predictive Diagnostics Market by End User
The adoption of predictive diagnostics is significantly high in various healthcare organizations including diagnostic centers, genetic laboratories and clinics, and research and academic institutes.
Growing awareness about predictive diagnostics across these end user segments is expected to drive the growth of the market.
The demand for predictive diagnostic tools is expected to remain significantly high in diagnostic centers, as the end users segment is rapidly moving towards adopting the trend of predictive medicine and precision treatment.
A mounting number of diagnostic labs are expected to set an aim of using sophisticated technologies in diagnostics to boost the use of precision medicine treatment and testing in order to dramatically enhance patient care.
Healthcare service providers are seeking diagnostic tools to predict how patients will react to medications and based on which, a proper treatment can be planned for improving patient outcomes.
Genetic laboratories are also expected to utilize predictive diagnostics to add innovative clinical services by creating digital decision support through such high-tech tools for improved clinical care at controlled costs.
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Regional Outlook on Predictive Diagnostics Market
The adoption of predictive diagnostic equipment is significantly high in US and Europe, mainly attributing to the increasing integration of technologies in the healthcare industry.
Significant presence of global players in the region also makes North America a leaving market for predictive diagnostics. Market leaders are also collaborating to discover novel disease triggers through the use of next-generation technologies and develop therapies for effective treatment.
This is expected to further bolster the growth of the North America predictive diagnostics market.
Along with North America, Asia Pacific is also emerging as a profitable region for players in the global predictive diagnostics market.
A significant surge in healthcare spending and growing customer awareness about health and wellbeing is expected to create new opportunities for predictive diagnostic tools in the region.
Prominent players in the market are tapping into the regional opportunities by expanding their presence in developing economies through their distribution partners.
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.
In September 2021, Janssen - a pharmaceutical subsidiary of Johnson & Johnson - announced that it has introduced its nine-month startup accelerator - a program for the digital health startup space to gain innovative ideas on predictive diagnostics to discover precision treatment and therapies.
With this step, the company aims to introduce digital tools to facilitate clinical trials in different disease areas, ultimately to discover treatments at much lower costs.
Through this program, the company will provide selected startups from the Europe, Middle East and Africa (EMEA) region with nine months of support as well as mentorship with members iPEPS - a French brain health incubator - and Janssen.
In October 2021, bioMérieux - a French multinational biotechnology company and a world leader in the area of in-vitro diagnostics - announced that it has launched predictive Diagnostics, which is the company’s new offering in the field of food safety and food quality.
The company’s Predictive Diagnostics offering combines traditional solutions vis-a-vis core microbiology with advanced technologies such as predictive modeling, data sequencing, and data science, declared the global R&D director – Food at bioMérieux.
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The Analyst’s Viewpoint
“Advancements in data-based technologies, data science, and data analytics formulates the base for the flourishing market for predictive diagnostics.
Manufacturers must, rather than simply recording crucial data, offer new insights, value, and action points for the treatment or therapies for avoiding impending health disorders", opines a lead analyst at Fact.MR
Rising prevalence of lifestyle diseases has bolstered the public awareness to make people health conscious. This is further triggering the adoption of predictive diagnostics. Market players will have to introduce convenient and simpler diagnostic tools that can help doctors as well as patients to gain access to precision treatment quickly.
COVID-19 Impact on the Predictive Diagnostics Market
While the demand for predictive diagnostics is expected to increase significantly across the world, the global outbreak of the novel coronavirus as well as increasing cases of new mutated Covid-19 strain has impacted the growth prospects of the predictive diagnostics market.
Manufacturers are facing operational issues as the world is likely to go back in the lockdown due to the incessant rise in the number of COVID-affected countries.
Most projects in Asia Pacific countries as well as European countries have been delayed due to constraints in supply chain operations and lack of site access. Manufacturers are expected to derive new investment strategies to tackle these issues and create a new growth trajectory to win during the COVID-19 pandemic.
Furthermore, the negative impacts of the COVID-19 pandemic will also coarse manufacturers to remodel their regional strategies by expanding their distributors’ networks across least-affected countries.
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About the Report
Fact.MR has published a detailed and well-researched study on the growth projections of the predictive diagnostics market during the forecast period of 2021-2031.
The report includes analytics based on thorough studies about various factors that may boost or hinder the growth of the market in the coming years.
The report also highlights potential for growth and opportunities for all the stakeholders in the predictive diagnostics market during 2021 and 2031.
The team of seasoned analysts at Fact.MR has analyzed a wide range of growth parameters and derived actionable insights for market players to register astonishing growth in the predictive diagnostics market.
The unique recommendations and conclusions in the Fact.MR report can help stakeholders to plan their upcoming strategies to fetch remarkable profits in the predictive diagnostics market in the coming years.
The report also includes detailed regional insights about how the predictive diagnostics market will grow in various geographical areas and which factors will influence the growth prospects for local players.
This can further give market players a clear idea about the competitive landscape in the global as well as regional predictive diagnostics market.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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