Precision Medicine Software Market is segmented by Deployment Mode (On-premise, Cloud-based), Application (Oncology, Pharmacogenomics, CNS), End User (Healthcare Providers, Research, Academia, Pharma, Biotech) and Geography.
The Precision Medicine Software Market is projected to grow at a CAGR of 11.2% during the forecast period reaching a market size value of USD 2.55 billion by 2028.
Precision Medicine Software includes on-premise as well as web and cloud-based delivery platforms utilized in the detection of diseases like cancers, infectious diseases, genetic disorders and cardiac diseases. This software can also be used to personalize patients’ treatments and is a significant tool for viewing prenatal aneuploidy, evaluation of disorders that are rare in nature, and diagnosing infectious diseases. The growth of this market can be owed to factors such as, the model shift in treatment, high demand to decrease the costs of healthcare, presence of scientific and technological innovations when it comes to genomics, and increasing concentration on companion diagnostics & biomarkers with respect to therapeutic areas.
The rise of COVID-19 cases can be one of the negative factors that can hinder the growth of Precision Medicine Software market since hospitals, medical clinics and research institutes have a surge when it comes to the volume of COVID-19 cases. Hospitals and clinics prioritized COVID-19 cases and is limited when it comes to physical interaction because controlling the spread of virus is of top priority. Another restraint is the disrupt in the supply chain with respect to manufacturing and distribution of precision medicine software equipment. The strict protocols and lock downs imposed by the governments globally, caused the decline of scheduled experiments and facility operations because most of it have already been postponed. The pandemic is a real challenge most especially in the healthcare sector because the resources and man power are limited taking into consideration that medical staffs are vulnerable to being infected.
But on a positive note, the precision medicine software can provide instructive data and reliable source of information by gathering data from patients through their claims or electronic medical records. This is to further understand, monitor and equip people with better solutions for the challenges that the pandemic has caused. Utilizing these data gathered by said software enables the government to better understand COVID-19 risk factors and thereafter construct public health welfare policies to control the widespread of the virus. Because of this, there are a handful of research initiatives giving opportunities for the precision medicine software market to flourish in the future.
Key Findings of the Global Precision Medicine Software Market
In terms of deployment mode, the on-premise segment is expected to have the largest share accounted for in the market in 2020. This is mainly attributed to a wide range of benefits related to the on-premise software like high security data, breaches are at lower risk to even occur, and full control over the software upgrades as well as its data storage.
In terms of application, the market is further segmented into oncology, pharmacogenomics, central nervous system disorders, hereditary disorders, and cardio & metabolic disorders. The oncology segment is projected to have the largest share accounted for in the precision medicine software market in 2020. This growth is due to the increase in the number of cancer cases, preference on personalized treatment, cancer researches gathered good funding, precision medicine in oncology research are finally applied, and investments and initiatives by governmental organizations with respect to precision medicine and relevant software industry.
In terms of end user, healthcare providers segment is projected to have the largest share in the market in 2020. Such growth is owing to factors like, increasing number of tertiary/specialty care hospitals, emergence of chronic diseases, developing infrastructure in healthcare, high demand for a better healthcare, and gearing towards precision medicine and personalized treatments.
Regional Market Analysis
In terms of geography, the market is further segmented into, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to account for the largest share in the market in 2020. However, the Asia Pacific region is projected have the highest growth in 2021-2028. The growth is propelled by factors such as, a change in the kind of treatment like a one-size-fits-all medicines to precision medicine, increasing funding in the healthcare sector, research activities are greatly funded, and international players are concentrating on expanding their presence in Asia Pacific.
Based on an extensive assessment, these major key players in the Precision Medicine Software Market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Syapse, Inc. (U.S.), Fabric Genomics, Inc. (U.S.), GenomOncology LLC (U.S.), SOPHiA GENETICS SA (Switzerland), Human Longevity, Inc. (U.S.), Sunquest Information Systems Inc. (U.S.), LifeOmic Health, LLC (U.S.), Translational Software Inc. (U.S.), N-of-One (U.S.), PhenoTips (Canada), PierianDx (U.S.), Foundation Medicine, Inc. (U.S.), and 2bPrecise (U.S.).
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• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
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• Client list and case studies
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Industry Segmentation and Revenue Breakdown
Delivery Mode Analysis (Revenue, USD Million, 2021 - 2028)
• Web & Cloud-based
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Other Applications
End User Analysis (Revenue, USD Million, 2021 - 2028)
• Healthcare Providers
• Research & Government Institutes
• Pharmaceutical & Biotechnology Companies
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Precision Medicine Software Industry Research Report
• Europe Precision Medicine Software Industry Research Report
• Asia Pacific Precision Medicine Software Industry Research Report
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