Genetic Testing Market Future Outlook, Key Drivers, and Strategic Forecast 2032
Genetic Testing Market Future Outlook, Key Drivers, and Strategic Forecast 2032
According to Fortune Business Insights, the global genetic testing market size was USD 33.82 billion in 2024 and is projected to grow from USD 37.32 billion in 2025 to USD 76.09 billion by 2032, exhibiting a CAGR of 10.7% during the forecast period. North America dominated the genetic testing market with a market share of 41.72% in 2024.
Hoffmann-La Roche Ltd. (Switzerland)
Illumina, Inc. (U.S.)
Thermo Fisher Scientific Inc. (U.S.)
Bio-Rad Laboratories, Inc. (U.S.)
Oxford Nanopore Technologies plc. (U.K.)
Laboratory Corporation of America Holdings (U.S.)
Agilent Technologies, Inc. (U.S.)
Myriad Genetics, Inc. (U.S.)
QIAGEN (Germany)
Quest Diagnostics Incorporated. (U.S.)
Danaher Corporation (U.S.)
In May 2023, Laboratory Corporation of America entered into an agreement with Jefferson Health to expand the scope and productivity of specialty laboratory testing services.
The global genetic testing market encompasses both products—including equipment and consumables—and services. These tests analyze DNA, chromosomes, or proteins to identify genetic mutations or variants. Such insights help confirm diagnoses, assess risks for inherited conditions, and guide treatment decisions.
The market is characterized by reliability, accuracy, and rapid technological change. Rising prevalence of chronic diseases, aging populations, lifestyle risks, and increasing public and clinical awareness are major demand drivers. Technological advances like next-generation sequencing (NGS), microarrays, PCR, and hybridization enhance diagnostic precision, contributing to market expansion.
Additional growth catalysts include the demand for personalized medicine, the rising popularity of direct-to-consumer (DTC) testing, and strategic initiatives by industry players.
In 2024, North America dominated the market, representing 41.72 % of global revenue. Market leadership is attributed to high disease awareness, molecular biology innovations, and a strong focus on personalized care.
The U.S. drives growth through adoption of DTC testing and integration with electronic health records (EHR). Europe benefits from investments in genomic research and oncology testing; China and Japan gain from government initiatives and preventive healthcare focus. Asia-Pacific stands out as a high-growth region due to rising genetic disease burdens, infrastructure improvements, and regulatory support. Latin America and the Middle East & Africa also offer growth opportunities through expanding healthcare access and increasing awareness.
Growing prevalence of chronic disorders: Increases in illnesses like diabetes, cancer, sickle cell disease, and autoimmune conditions are boosting demand.
New product launches: Innovations in diagnostics—for example, heart event risk tests and at-home diabetes risk kits—are accelerating adoption.
Shortage of skilled testing personnel: Particularly in emerging markets, lack of qualified technicians and inadequate equipment hinder expansion. The U.S. alone faces a shortage of up to 25,000 lab technologists.
Regulatory, ethical, and cost barriers: Complex and varied regional regulations, privacy concerns, and high out-of-pocket costs limit consumer access and innovation.
The integration of genetic testing with digital health platforms—especially EHR, decision-support tools, and chatbots—offers significant potential. These technologies streamline test ordering, result interpretation, and patient counseling, enhancing clinical workflows and patient engagement.
Shift to at-home testing and DTC models: Affordable, user-friendly kits are rising in popularity. In May 2022, LabCorp launched an at-home diabetes risk assessment collection device; similar innovations are expanding consumer access.
Healthcare digitization: Increasing integration of genetic data into EHR and broader digital health ecosystems enhances precision medicine delivery.
The services segment led in 2024, driven by growth in genetic and genomic testing laboratories and partnerships among service providers .
The products segment (equipment and consumables) is expected to grow faster over the forecast period, supported by new kit launches for cancer and genetic disorders.
Next-generation sequencing (NGS) dominates due to demand for personalized medicine, investment, R&D, regulatory approvals, and advanced bioinformatics tools.
The PCR segment is anticipated to post the highest CAGR among techniques, propelled by ongoing innovation such as Bio-Rad’s QX ONE Droplet Digital PCR system, offering high sensitivity and precision.
Oncology was the lead application segment in 2024, as high-throughput screening and early disease detection drive precision diagnostics.
Pharmacogenomics is expected to grow quickly as personalized medicine gains traction, tailoring drug regimens based on individual genetics.
Explore the full research report with detailed insights and TOC:https://www.fortunebusinessinsights.com/genetic-testing-service-market-105590
Continued R&D will focus on improving test accuracy, speed, and cost-effectiveness. Incorporating AI and machine learning will enhance genetic data interpretation, accelerate diagnostics, and support personalized treatment planning.
The genetic testing market is on a strong growth trajectory, with its value expected to double between 2024 and 2032. Expansion is fueled by technological innovation, rising disease prevalence, personalized medicine adoption, and digital transformation. Leading companies are driving the market forward via strategic collaborations, at-home testing solutions, and AI-enabled analytics. While challenges like workforce shortages, regulatory complexity, and cost persist, they are outweighed by vast opportunities across regions. Integrating genetic testing with digital health systems, predictive diagnostics, and tailored therapies represents the next frontier in healthcare delivery.
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