Global Predictive Diagnostics Market: Overview
Predictive diagnostics and personalized therapies hold great scope for modern practices in medicine. Developments in these areas have opened up new approaches in public health care system across various industrialized and emerging nations. The market for predictive diagnostics has soared in popularity in developed nations for the prevention of a host of chronic degenerative diseases. The market has evolved steadily driven by developments in novel diagnostic biomarkers for different disease states and early, targeted prevention protocols for common human pathologies.
Progress in personalized medicine has led to the discovery of optimal treatment planning methods and personalized medicines reducing the cost of healthcare delivery for a large part of population. Technological advances in molecular biology have improved our understanding of a variety of diseases. This is expected to expand the potential of predictive diagnostics in modern clinical practices worldwide. In the coming years, predictive diagnostics methodologies will become an integral part of holistic healthcare open up exciting opportunities in the market.
The report offers comprehensive insights into the major market dynamics, current trends and emerging opportunities, key screening protocols in major nations, advances in molecular medicine, and competitive landscape. The research analysis takes a closer look at recent advances in human genome and developments related to novel diagnostic biomarkers expected to create new opportunities for market players.
Global Predictive Diagnostics Market: Trends and Opportunities
The rising prevalence of chronic degenerative diseases (CDD) such cardiovascular, autoimmune, and neurodegenerative diseases and the increasing incidence of various cancer types, especially across geriatric population are the key factors stimulating the demand for predictive diagnostics. The pressing need for detection of various genetic disorders in the earliest stages has fuelled the demand for advanced predictive diagnostic technologies worldwide. Advances in genome sequencing and advancement in technologies pertaining to molecular biology are expected to boost the market. In addition, the rising global awareness of targeted treatment and prevention of a range of diseases is expected to fuel the demand for predictive diagnostics. Discovery of several diagnostic predictive instruments are anticipated to open up lucrative market avenue in the coming years.
On the downside, the paucity of expertise in predictive medicines and the limited reliability of biomarkers for common human pathologies are expected to hinder the market to an extent. In addition, the emergence of predictive genetic testing has significant ethical implications in developed nations causing considerable challenges to various stakeholders involved in the delivery of these tests. Nevertheless, constant advances in genetics, proteomics, and informatics have led to the development of effective biomarkers leading to promising opportunities for the market players. Furthermore, the design of a robust regulatory system is expected to positively impact the market.
Global Predictive Diagnostics Market: Regional Outlook
North America and Europe are prominent markets for predictive diagnostic methods and technologies. The substantial growth of the regional markets is primarily attributed to the increasing prevalence of several genetic and neurodegenerative disorders such as cystic fibrosis and Alzheimer's disease. In addition, high level of awareness among a large part of the population and the presence of vast discretionary spending in developed nations are expected to boost the regional markets.
Meanwhile, Asia Pacific is anticipated to exhibit lucrative avenues for players in the market. Growing popularity of personalized medicines, improving healthcare infrastructure, and increasing disposable incomes are the key factors fuelling the regional market.
Companies mentioned in the report
Major players operating in the predictive diagnostics market are Qiagen, Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Genomic Health, Covance, Inc., Dako Denmark A/S, Epistem Ltd., BioGenex, Abbott Laboratories, and Almac Group Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.