Diagnostics market growth forecasts

Two recent market reports highlight accelerating growth in the diagnostics sector. A global precision diagnostics and medicine market, valued at US$132.46 billion in 2023 and US$145.53 billion in 2024, is projected to reach about US$246.66 billion by 2029, reflecting an 11.1 % compound annual growth rate. Drivers include AI and machine‑learning integration, expanding pharma‑diagnostics collaborations, direct‑to‑consumer testing, wearable health monitors, and geographic expansion into emerging economies.

A separate analysis of the U.S. point‑of‑care (PoC) diagnostics market shows it at US$9.45 billion in 2023, with an expected CAGR of roughly 6.9 % through 2034. The broader global PoC market is forecast to grow from US$328.7 billion in 2025 to US$604.3 billion by 2035 (≈7.3 % CAGR). Growth is fueled by rising demand for rapid tests, multiplex and molecular platforms, IoT and AI‑enabled connected devices, and a shift toward decentralized, home‑based care. Leading firms such as Abbott, Thermo Fisher, Roche, Quest Diagnostics, and Siemens are investing heavily in next‑generation PoC technologies.

Together, the reports illustrate a broader trend: both precision and point‑of‑care diagnostics are expected to expand rapidly over the next decade, driven by digital health innovations and changing care delivery models.