London, March 26, 2020 (GLOBE NEWSWIRE) -- According to a new market research report “Precision Medicine Software Market by Delivery Mode (On-premise, Cloud-based), Application (Oncology, Pharmacogenomics, CNS), End User (Healthcare Providers, Research, Academia, Pharma, Biotech) – Global Forecast to 2027”, published by Meticulous Research®, the precision medicine software market is expected to grow at a CAGR of 11.8% from 2019 to reach $2.8 billion by 2027.
Since many years, various medicinal approaches have been used for providing accurate treatment to the patients. Precision medicine is also an emerging approach to patient care through which physicians choose a treatment method based on the patient’s genetic makeup (also taking into consideration genetic changes resulting from disease) and lifestyle habits. Precision medicine has the ability to remove the need for guesswork, variable diagnostic ability, and treatment strategies based on generalized demographics. Moreover, treatment using precision medicine enables a more holistic view of an individual patient. Application of precision medicine for clinical workflows help to facilitate more predictive and preventive care by bringing targeted therapies. This helps healthcare providers to further improve the standard of care by combining the ability to quickly make a treatment.
The precision medicine software market study presents historical market data in terms of value (2017, and 2018), current data (2019), and forecasts for 2027 - by delivery mode, application, and end user. The study also evaluates industry competitors and analyzes the market at regional and country level.
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On the basis of delivery mode, the on-premise segment accounted for the largest share of the overall precision medicine software market in 2019. The large share of this segment is mainly attributed to broad range of advantages associated with the use of on-premise delivery mode, such as high security of data, low risk of data breaches, and full command over software upgrades & data storage. In addition, higher adoption among end-users and flexibility with connection bandwidth further contribute to the largest share of this segment. However, the web & cloud-based delivery mode segment is expected to grow at the highest CAGR during the forecast period, owing to its benefits, such as on-demand self-serving, no maintenance cost, low storage & upfront cost, and excessive storage flexibility. In addition, the factors such as greater security in private clouds and automated updating features of web and cloud solutions are further expected to support the rapid growth of this segment.
Based on application, the oncology segment accounted for the largest share of the overall precision medicine software market in 2019. The factors such as growing prevalence of cancer, shift towards personalized treatment, rising funding in cancer research, applications of precision medicine in oncology research, and increased investments by government organizations in precision medicine and related software industry contributed to the largest share of the oncology segment. However, the pharmacogenomics segment is expected to witness rapid growth during the forecast period. The factors such as increasing incidence of adverse drug reaction, growing focus on genomic-based study, shift from one-size-fits-all approach to personalized approach, and rising pressure on pharmaceutical companies to develop new drugs promote the fastest growth of this segment.
Based on end user, the healthcare providers segment commanded the largest share of the overall precision medicine software market in 2019. The large share of this segment is primarily attributed to the rising number of tertiary/specialty care hospitals, rising incidence of chronic diseases, growing healthcare infrastructure, increasing demand for quality healthcare, and shift towards personalized/precision medicine. In addition, rising pressure to curtail soaring healthcare costs, technological advancements, and focus towards genomic-based treatment further supports the growth of the precision medicine software market for healthcare providers across the globe. However, the pharmaceutical & biotechnological companies segment is expected to witness rapid growth during the forecast period. The factors such as increasing R&D activities related to precision medicine, increasing collaboration between pharma & biotech companies and software vendors, shift from conventional “one-size-fits-all-type” treatment to precision treatment, and rising R&D costs are the major factors driving rapid growth of this segment.
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Geographically, North America dominated the overall precision medicine software market in 2019, followed by Europe and Asia Pacific. The factors such as well-established healthcare system in the region, rising adoption of technologically advanced products for cancer diagnosis & treatment, growing HCIT investment, government initiatives supporting developments in precision medicine, growing availability of research funding, and higher accessibility to precision medicine software are responsible for the largest share of North America in the precision medicine software market. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of this region include growing shift in treatment from one-size-fits-all medicines to precision medicine, significant strides in genomics research & technology, increased spending on healthcare, rising funds for research activities, and growing focus of international players to expand their presence in this region.
The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016–2019). The precision medicine software market has witnessed number of new software launches; approvals; collaborations, partnerships & collaborations; expansions; and acquisitions in recent years. For instance, in September 2019, Fabric Genomics, Inc (U.S.) entered into an agreement with XIFIN, Inc. (U.S.) to enable end-to-end, rapid, and highly scalable NGS testing. In August 2019, Syapse, Inc. (U.S.) entered into an agreement with the U.S. Food and Drug Administration (FDA) Oncology Center of Excellence (OCE) to work with stakeholders across the FDA to address regulatory questions about testing and treatment patterns, dosing and safety, and outcomes in oncology with special focus on precision medicine.
The key players operating in the global precision medicine software market are Syapse, Inc. (U.S.), Fabric Genomics, Inc. (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.), Gene42 Inc. (Canada), PierianDx (U.S.), Foundation Medicine, Inc. (U.S.), and 2bPrecise (U.S.), among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/precision-medicine-software-market-5011/
Scope of the Report:
Precision Medicine Software Market by Delivery Mode
- On-premise
- Web & Cloud-based
Precision Medicine Software Market by Application
- Oncology
- Pharmacogenomics
- Other Applications
Precision Medicine Software Market by End User
- Healthcare Providers
- Research & Government Institutes
- Pharmaceutical & Biotechnology Companies
Precision Medicine Software Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East and Africa
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