Precision Genomic Testing Market Size to Soar USD 62.34 Bn by 2034

The global precision genomic testing market size was valued at USD 15.57 billion in 2024 and is expected to soar around USD 62.34 billion by 2034, growing at a CAGR of 14.88%.

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Key Highlights

• North America dominated the market, securing over 43% of the total share in 2024.

• Asia Pacific is projected to witness the fastest growth, with a CAGR of 20.63% over the forecast period.

• By product and services, the consumables segment led the market with a 46% share in 2024.

• The services segment is anticipated to grow steadily, with a robust CAGR of 15.41% in the coming years.

• By technology, next-generation sequencing (NGS) accounted for a 33% market share in 2024.

• Microarray technology is expanding rapidly, registering a CAGR of 15.80% over the forecast period.

• By application, the oncology segment held the highest share, capturing 33% of the market in 2024.

• The neurological disorders segment is expected to grow at a double-digit CAGR of 16% during the forecast period.

• By end use, hospitals and clinics led the market with a 51% share in 2024.

• The diagnostic laboratories segment is anticipated to expand at the fastest rate over the forecast period.

Role of AI in Precision Genomic Testing Market

1. Accelerated Data Analysis and Interpretation

AI enhances the speed and accuracy of genomic data analysis, enabling rapid identification of genetic mutations and biomarkers. AI-driven algorithms can process vast genomic datasets in a fraction of the time required by traditional methods, significantly reducing turnaround time for precision diagnostics.

2. Improved Accuracy in Genetic Variant Detection

Machine learning models help distinguish between benign and pathogenic genetic variants with higher precision. AI minimizes errors in sequencing data, reducing false positives and false negatives, leading to more reliable diagnostic results.

3. Personalized Treatment Recommendations

AI-powered predictive models analyze patient-specific genetic information to recommend tailored treatment plans. By correlating genetic data with clinical outcomes, AI enhances precision medicine by suggesting the most effective therapies based on an individual’s genetic profile.

4. AI-Powered Drug Discovery and Development

AI facilitates genomic-based drug discovery by identifying potential therapeutic targets. It helps in predicting drug responses, optimizing clinical trials, and accelerating the development of targeted therapies for genetic disorders and cancers.

5. Automation of Genomic Sequencing Workflows

AI streamlines laboratory workflows by automating data pre-processing, variant calling, and report generation. This reduces manual workload, minimizes human errors, and increases efficiency in genomic testing labs.

6. AI in Predictive and Preventive Genomics

By analyzing genomic and lifestyle data, AI predicts the likelihood of developing certain genetic disorders. Early risk assessment allows for proactive medical interventions, lifestyle modifications, and preventive care strategies.

7. Enhancing Population Genomics and Epidemiology

AI processes large-scale genomic data from diverse populations, helping researchers identify genetic predispositions and disease patterns. This aids in public health strategies, personalized healthcare initiatives, and epidemiological studies.

8. AI-Driven Tumor Profiling for Oncology

AI assists in identifying genetic mutations in tumors, leading to more precise cancer classification and treatment selection. AI-powered algorithms improve the accuracy of liquid biopsy analysis, detecting circulating tumor DNA (ctDNA) for early cancer diagnosis.

9. Ethical and Data Security Enhancements

AI ensures robust encryption and security protocols for genomic data storage and sharing. It also helps in maintaining patient privacy by anonymizing sensitive genetic data while facilitating research and collaboration in precision genomics.

10. Integration with Electronic Health Records (EHRs)

AI seamlessly integrates genomic insights with EHRs, allowing clinicians to make informed decisions based on genetic predisposition, treatment history, and real-time health data. This improves patient management and enhances precision healthcare.

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Market Scope

Market Dynamics

Market Drivers

The market is primarily driven by rising demand for personalized medicine, increased investment in genomic research, and advancements in bioinformatics. Additionally, the declining costs of sequencing technologies have made genomic testing more accessible. Governments and private organizations are actively funding research projects to enhance disease prediction and treatment strategies.

Market Opportunities

There are significant opportunities in drug development, early disease detection, and population-wide genomic studies. The integration of AI with genomic testing is further enhancing accuracy and efficiency. Companies are investing in cloud-based platforms and AI-driven algorithms to improve data analysis, creating new opportunities in telemedicine and digital healthcare.

Market Challenges

Challenges such as regulatory complexities, ethical concerns, and data privacy issues remain significant hurdles. The high cost of genomic testing in certain regions also limits adoption, particularly in developing economies. Additionally, the need for skilled professionals to interpret complex genetic data poses a challenge for widespread implementation.

Regional Insights

North America dominates the market due to strong government initiatives, well-established research facilities, and a high adoption rate of precision medicine. Asia Pacific is expected to witness the fastest growth due to increasing healthcare investments, growing awareness, and advancements in sequencing technologies. Europe is also experiencing steady growth with strong regulatory support and research initiatives.

Precision Genomic Testing Market Companies

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

Latest Announcement by Market Leaders

• In June 2024, Merck, a leading science and technology company, announced an investment of € 62 million at its Darmstadt headquarters in a new quality control building for its Life Science business. The facility will bring together approximately 135 employees across several departments into one collaborative state-of-the-art space.
• In February 2025, QIAGEN announced the official opening of a new data center in Melbourne, Australia, designed to strengthen its global bioinformatics leadership position in this region of the world. This latest addition reflects QIAGEN’s ongoing commitment to enhance its bioinformatics data infrastructure.

Recent Developments

• In July 2024, Phenomix Sciences partnered with Hello Alpha to introduce personalized genetic testing for obesity, specifically targeting women. Hello Alpha, a virtual primary care platform, seeks to enhance women’s healthcare by offering accessible, affordable, and confidential online medical services.
• In July 2024, Thermo Fisher Scientific Inc. partnered with the National Cancer Institute (NCI), a division of the National Institutes of Health, to advance research on new treatments for Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS). As part of the myeloMATCH (Molecular Analysis for Therapy Choice) precision medicine umbrella trial, the collaboration aimed to expedite patient matching for clinical trials.
• In February 2024, Exact Sciences Corp., a provider of cancer screening and diagnostic tests, launched the Riskguard cancer test in the U.S. The Riskguard test offers individualized patient reports that detail gene-specific and familial risks for 10 common cancers.

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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akshay dhamal