Precision Genomic Testing Market to Reach USD 62.34 Bn by 2034

Precision genomic testing market to grow from USD 15.57 Bn in 2024 to USD 62.34 Bn by 2034, with a CAGR of 14.88%.

Precision Genomic Testing Market Overview

The Precision Genomic Testing Market is experiencing rapid growth, driven by advancements in genomics, increasing demand for personalized medicine, and a growing focus on early disease detection and prevention. Precision genomic testing involves analyzing an individual’s DNA to identify genetic variations that may contribute to diseases or influence treatment responses. This market is gaining traction due to its potential to revolutionize clinical decision-making, improve treatment outcomes, and minimize adverse drug reactions.

The global precision genomic testing market was valued at approximately USD 10.25 billion in 2024 and is projected to reach around USD 24.37 billion by 2034, expanding at a CAGR of 9.2% during the forecast period. The rise in chronic diseases, increasing investments in genomics research, and the growing adoption of companion diagnostics are contributing to market expansion.

Precision Genomic Testing Market Drivers

• Rising Demand for Personalized Medicine

  • Precision medicine aims to tailor treatment plans to an individual’s genetic profile, reducing adverse effects and improving treatment efficacy.

  • Increased adoption of precision medicine in oncology, cardiovascular diseases, and rare genetic disorders is boosting the demand for genomic testing.

• Advancements in Genomic Technologies

  • Next-generation sequencing (NGS), CRISPR, and whole genome sequencing technologies are enabling faster and more accurate genetic analysis.

  • Reduction in the cost of genomic sequencing has increased its accessibility in clinical settings.

• Government Initiatives and Funding

  • Governments worldwide are investing in genomic research to promote innovation in healthcare.

  • Programs like the NIH’s All of Us Research Program and the UK’s Genomic Medicine Service aim to accelerate precision medicine adoption.

• Growing Burden of Chronic and Genetic Diseases

  • Increased prevalence of cancer, cardiovascular diseases, and rare genetic disorders is driving the need for early and precise diagnosis.

Market Opportunities

• Expansion in Emerging Markets

  • Developing countries in Asia-Pacific and Latin America are increasingly adopting genomic testing due to rising healthcare infrastructure and increasing awareness.

• Integration of Artificial Intelligence (AI) in Genomic Analysis

  • AI-powered genomic analysis platforms enhance data interpretation and enable faster, more accurate diagnosis.

  • The growing adoption of AI in genomics presents opportunities for developing AI-assisted precision genomic solutions.

• Increasing Application in Non-Oncology Areas

  • Precision genomic testing is expanding beyond oncology into areas such as infectious diseases, cardiology, and reproductive health.

• Pharma-Biotech Collaborations

  • Pharmaceutical companies are collaborating with genomics firms to develop targeted therapies, creating new opportunities for market growth.

Market Challenges

• High Cost of Genomic Testing

  • Despite declining costs, genomic testing remains expensive, limiting its adoption, especially in low- and middle-income countries.

• Regulatory and Ethical Concerns

  • Stringent regulatory frameworks and ethical concerns regarding the misuse of genetic information may impede market growth.

• Data Privacy and Security Issues

  • Protecting patient genomic data is a challenge, as breaches can lead to misuse of sensitive information.

• Lack of Skilled Professionals

  • A shortage of trained professionals in genomic data analysis and interpretation may hinder the widespread adoption of precision genomic testing.

Regional Insights

• North America

  • Dominates the market with over 40% share in 2024, driven by high adoption of precision medicine, government funding for genomic research, and the presence of key market players.

  • The United States leads the region due to robust healthcare infrastructure and rising investment in genomic technologies.

• Europe

  • Holds a significant market share, primarily due to government initiatives like the UK Genomic Medicine Service and increasing adoption of NGS technologies.

  • Germany, France, and the UK are key contributors to market growth.

• Asia-Pacific

  • Expected to witness the fastest growth rate with a projected CAGR of over 11.5% during the forecast period.

  • Increasing healthcare infrastructure, rising awareness of genomic testing, and government efforts to promote precision medicine are driving growth in countries like China, India, and Japan.

• Latin America

  • Growing adoption of genomic technologies, particularly in Brazil and Mexico, is contributing to market growth.

• Middle East & Africa

  • The market is gradually expanding due to increasing investments in healthcare and research initiatives in countries like the UAE and South Africa.

Recent Developments

• February 2025 – Illumina Launched New NGS Platform

  • Illumina introduced an advanced next-generation sequencing platform to accelerate precision genomic testing, ensuring higher accuracy and efficiency.

• December 2024 – FDA Approved Liquid Biopsy for Early Cancer Detection

  • The U.S. FDA granted approval for a novel liquid biopsy test that enhances early cancer detection through precision genomic analysis.

• October 2024 – Qiagen Collaborated with AstraZeneca

  • Qiagen announced a collaboration with AstraZeneca to develop companion diagnostics for targeted oncology treatments.

• August 2024 – Roche Acquired Stratos Genomics

  • Roche acquired Stratos Genomics to strengthen its position in the precision genomic testing market by expanding its portfolio of diagnostic solutions.

• June 2024 – Thermo Fisher Scientific Partnered with Genomics England

  • Thermo Fisher Scientific partnered with Genomics England to enhance genome sequencing capabilities for precision medicine research.

Precision Genomic Testing Market Companies

• Danaher
• Merck KGaA
• Revvity, Inc.
• Maravai LifeSciences
• GenScript
• QIAGEN
• PacBio
• Oxford Nanopore Technologies plc.
• Illumina, Inc.
• 10x Genomics, Inc.

Segments Covered in the Report

By Product & Service

• Consumables
• Kits
• Reagents
• Equipment
• Services

By Technology

• Next-Generation Sequencing
• Polymerase Chain Reaction
• Microarray Technology
• Sanger Sequencing
• CRISPR/Cas Systems
• Others

By Application

• Oncology
• Cardiovascular Diseases
• Neurological Disorders
• Reproductive Health
• Rare Diseases
• Others

By End Use

• Hospitals and Clinics
• Diagnostic Laboratories
• Research and Academic Institutes
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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