Global Genomic Medicine Market By Application (Oncology, Cardiology, Paediatrics, Endocrinology, Respiratory Medicine, Rare Genetic Disorders, Infectious Diseases, and Other Applications), By End-User (Hospitals & Clinics, Academic Institutions, Research Institutions, Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, and Other End-Users), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

Global Genomic Medicine Market size is expected to be worth around USD 123.9 Billion by 2032 from USD USD 31.4 Billion in 2023, growing at a CAGR of 17% during the forecast period from 2023 to 2032.

Genomic medicine is the field of medicine that uses genomic information to provide customized healthcare to patients. It contains the study of an individual’s genetic makeup & how it affects their health and response to medications. Genomic testing can provide information that can be utilized to diagnose genetic disorders & develop specified treatment plans. The market for genomic medicine has surged rapidly in recent years and is anticipated to continue further.

This growth is propelled by factors like the growing prevalence of chronic disease, advances in genomic technologies, as well as a growing demand to personalize medicine. The genomic medicine market includes numerous products and services which include genomic sequencing, genetic tests, and personalized medicine treatments.

Key Takeaways

• Market Developments: Genomic medicine remains an innovative field with ongoing technological developments and reduced sequencing costs as well as expanding applications across medical specialties.
• Genomic medicine forms an integral component of personalized healthcare, permitting individuals to tailor medical interventions based on their genetic profile and genome.
• Genomic Sequencing Technologies: Genomic sequencing technologies like whole genome and whole exome sequencing play an essential part in understanding an individual’s genetic code, making a more thorough examination possible. They have become both more cost-effective and accessible allowing wider adoption.
• Cancer Genomics: Genomics medicine has made tremendous advances in cancer research and treatment. Genomic profiling of tumors helps pinpoint specific genetic mutations, leading to targeted treatments or immunotherapies for various forms of cancer.
• Rare Disease Diagnosis: Genomic medicine has revolutionized the diagnosis and treatment of rare and genetic conditions by uncovering their genetic origins. By doing so, earlier diagnoses and more effective therapies may become possible.

Driving Factors

Rising Demand for Genetic Testing & Personalized Medicine

The genomic medicine market has been driven by numerous factors which include the advancement of genomic sequencing technology, increased awareness of genetics & disease, and a growing demand for personalized medicines. The development of next-generation technologies has made it easier & cheaper to sequence an individual’s entire genome or subsets thereof. This has led us to a better understanding of the genetic basis of many diseases and opened new opportunities for targeted treatments & therapies.

Demand for genetic testing & personalized medicine is rising as more people become aware of the benefits of genomic medicine. This is especially true in oncology where genomic information is used to develop more efficient cancer treatments. As governments, research institutions, and private companies realize the potential of genomic medicine they are investing more in its development.

Restraining Factors

The Huge Cost of Sequencing & Analysis of Genomic Data

The difficulty of interpreting genetic data & applying it is one of the biggest challenges faced by the genomic medicine market. Genomic data can be highly variable and difficult to interpret. This can make it difficult for clinicians to utilize the information to make treatment options. There are also concerns about the privacy & security issues surrounding genetic data. This could limit patient willingness to participate in genetic research or testing.

The huge cost of sequencing & analysis of genomic data can also limit the growth of the market for genomic medicine. This can make it difficult for patients to access these technologies & services. There are also ethical and regulatory considerations to be considered when working with genetic information which can slow down the pace at which innovation & adoption occurs in this field.

By Application Analysis

The Oncology Segment is Dominant

Based on application, the market for genomic medicine is segmented into Oncology, Cardiology, Paediatrics, Endocrinology, Respiratory Medicine, Rare Genetic Disorders, Infectious Diseases, and Other Applications. Among these, the oncology segment is the most lucrative in the global genomic medicine market, with a projected CAGR of 18.6%. The total revenue share of the oncology segment is 48% in 2022 This is owing to the growing incidence of cancer around the globe & the demand for personalized cancer treatment.

Oncology embraces numerous applications which include breast cancer, lung, colorectal, prostate, and other cancers. Breast cancer is the most prevalent in the oncology segment. Genomic medicine has revolutionized the diagnosis & treatment of cancer by enabling personalized medicine. Genetic testing can identify specific biomarkers and mutations that may be targeted by specific treatments.

This improves treatment efficacy while minimizing side effects. The growing demand for non-invasive tests such as liquid biopsies is also driving growth in the oncology segment of the genomic medicine market.

By End-User Analysis

The Pharmaceutical & Biotechnology Companies Segment is Dominant

Based on end-user, the market is segmented into Hospitals & Clinics, Academic Institutions, Research Institutions, Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies, and Other End-Users. Among these end-users, the Pharmaceutical & Biotechnology Companies segment is estimated to be the most lucrative segment in the global genomic medicine market, with the largest revenue share of 49% and a projected CAGR of 17.4% during the forecast period.

This is owing to the rising demand for the use of genomics in drug development. The market is also surged by the growing adoption of spatial genomics & transcriptomics technologies. Many trials are being conducted to find novel drugs using genomics. Also, the increasing incidence of chronic diseases such as cancer, cardiovascular disease, and diabetes has led to an increased demand for genome medicine in pharmaceutical & Biotechnology companies.

Key Market Segments

Based on Application

• Oncology
• Cardiology
• Pediatrics
• Endocrinology
• Respiratory Medicine
• Rare Genetic Disorders
• Other Applications

Based on End-User

• Hospitals & Clinics
• Academic Institutions
• Research Institutions
• Diagnostic Laboratories
• Pharmaceutical & Biotechnology Companies
• Other End-Users

Growth Opportunities

Rising Demand for Genetic Counselling and Personalized Medical Care

The genomic medicine market presents several growth opportunities in the coming years. As genomic technologies continue to evolve, there is potential for increased adoption of genomic sequencing & analysis in clinical practice. This could result in more personalized treatments and improved patient outcomes in the areas of oncology, rare diseases, and pharmacogenomics.

Also, the rise of direct-to-consumer genetic testing companies is creating genomic information more accessible to the general public which could lead to increased demand for genetic counseling & personalized medical care. There is also potential for genomic technologies to be integrated into other areas of healthcare such as digital health & artificial intelligence which could lead to further innovation & growth in the market.

Latest Trends

Rising Adoption of Innovative Genomic Technologies like CRISPR/Cas9

The market for genomic medicine is constantly evolving owing to the latest technological advances and research developments. The market’s latest trend is the demand for personalized medicine. This approach focuses on developing treatments and therapy based on an individual’s genetic makeup. This helps to improve treatment efficacy while minimizing adverse side effects.

The use of genomics to diagnose disease is also becoming more popular leading to new diagnostic tools & tests. The market is observing the adoption of innovative genomic technologies like CRISPR/Cas9 & next-generation sequencing which are enabling rapid and accurate genetic analysis.

Also, there is a rising trend toward collaborative efforts among pharmaceutical companies, research institutes, and healthcare providers to leverage the potential of genomic medicine to develop innovative & effective therapies.

Regional Analysis

North America is Dominant Region in the Global Genomic Medicine Market

North America is anticipated to be the most dominant region in the global genomic medicine market with the largest market share of 43% and is projected to register a CAGR of 16.5% during the forecast period. This is due to the support from research institutes and pharmaceutical companies. A growing number of diseases and drugs are being researched using genomics due to the impact of genetic expression on health.

In the region, there are new advances in the use of genomics through collaborative efforts. Asia Pacific is expected to be the fastest-growing segment over the forecast period due to the increasing demand for genomic medicine applications for diagnostics & novel therapeutic drugs to combat the increased incidence of disease in the region.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Key players in the market focus on strategic collaborations & new product launches. They also expand geographically in favorable and emerging regions around the world. In February 2023, Illumina, Inc. partnered with the African Centre of Excellence for Genomics of Infectious Diseases to create a training center to increase genomic capabilities within the African region.

Market Key Players

• Genome Medical, Inc.
• BioMed Central Ltd
• Aevi Genomic Medicine, Inc.
• Congenica Ltd.
• Deep Genomics
• Editas Medicine
• Cleveland Clinic
• Illumina, Inc.
• Thermo Fisher Scientific Inc.
• Other Key Players

Recent Developments

• In February 2023, Thermo Fisher Scientific, Inc. launched the TrueMark STI Select Panel. This polymerase-chain-reaction (PCR test) is designed to identify Chlamydia trachomatis, Neisseria gonorrhoeae, Trichomonas genitals & Mycoplasma genitalium only for research purposes.
• In August 2022 Trivitron Healthcare will launch the Center of Excellence in India with the latest R&D and production facilities. This center will perform research & innovate in the fields of genomics and others.

Report Scope