![]() ![]() As per WHO, the death rate can be reduced by almost 50% if the cancers are diagnosed in early stages. The global burden of cancer is expected to grow to 27 million new cases and 12 million cancer-related deaths by 2030. Increased Prevalence of Cancer and Growing Need for Early Diagnosis to Boost Precision Diagnostics Market GrowthĬancer is one of the leading causes of death worldwide, with approximately 14 million new cases and 10 million cancer-related deaths in 2020 alone. All of this can lead to better health outcomes and lower costs overall. ![]() In addition, precision diagnostics can help to target therapies more effectively, reducing the chances of side effects and ensuring that patients receive the most appropriate care. This can avoid the need for more costly and invasive treatments later on. When used effectively, they can help to identify diseases and conditions early, when treatment is most likely to be successful. Precision diagnostics have the potential to save both money and lives. As a result of these factors, physicians must now decide which diagnostic method to use: traditional or precision? Third, new technology, such as whole genome sequencing, is making precision diagnostics more accurate and less expensive. Second, patients are becoming more informed about their treatment options and are therefore more likely to ask for a specific test or procedure. One way to do this is to receive a diagnosis earlier in the course of their disease. First, as health care costs continue to rise, patients are increasingly looking for ways to reduce their costs. There are many reasons why the demand for precision diagnostics market is growing. However, it is also creating a challenge for physicians, who must now choose between traditional diagnostic methods and newer, more precise ones. This is good news for patients, who can now receive a diagnosis earlier and with greater accuracy. With the advent of new technology, such as whole genome sequencing, precision diagnostics are becoming more accurate and less expensive. The demand for precision diagnostics market is growing as the costs of health care continue to rise and patients become more informed about their treatment options. In some cases, misdiagnosis can be fatal. It can also cause financial hardship, as patients incur costs for tests and treatments that aren’t needed. Misdiagnosis can lead to unnecessary treatment and needless suffering. Wherein, the global precision diagnostics market is gaining high demand to overcome these problems to save cost as well lives. False negatives were also common, where a person is told they don’t have a disease or condition when they actually do. The IOM study found that the most common type of error was a false positive, where a person is told they have a disease or condition they don’t actually have. That means that millions of people are misdiagnosed each year, and many of them will never know it. A recent study by the Institute of Medicine (IOM) found that, on average, Americans receive the right diagnosis only 50%–60% of the time. Westford, USA, J(GLOBE NEWSWIRE) - The burden of wrong disease diagnosis in value-based healthcare is significant. ![]()
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