Meticulous Research®– a leading global market research company published a research report titled “Precision Medicine Software Market by Deployment Mode (On-premise, Cloud-based), Application (Oncology, Pharmacogenomics, CNS), End User (Healthcare Providers, Research, Academia, Pharma, Biotech) - Forecast to 2028”.
According to this latest publication from Meticulous Research®, the global Precision Medicine Software Market is expected to grow at a CAGR of 11.2% from 2021 to reach $2.55 billion by 2028. The high growth of this market is mainly attributed to the paradigm shift in treatment, rising pressure to decrease healthcare costs, scientific & technological advances in the genomics field, and growing focus towards providing companion diagnostics & biomarkers for various therapeutic areas. On the other hand, the lack of awareness about advanced diagnostic capabilities and fragmented healthcare systems in developing countries are some of the factors hindering the growth of this market.
Precision Medicine Software Market: Future Outlook
The precision medicine software market is mainly segmented based on deployment mode, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on deployment mode, the global precision medicine software market is segmented into on-premise and web & cloud-based. In 2020, the on-premise segment accounted for the largest share of the global precision medicine software market. The large share of this segment is primarily attributed to the broad range of advantages associated with the use of on-premise software, such as high security of data, low risk of data breaches, and control over software upgrades & data storage. In addition, higher adoption among end-users and flexibility with connection bandwidth further support the growth of the market.
Based on application, the global precision medicine software market is segmented into oncology, pharmacogenomics, and other applications (rare diseases, CNS disorders, and cardio & metabolic disorders). In 2020, the oncology segment accounted for the largest share of the global precision medicine software market. The large share of this segment is primarily attributed to the 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.
Based on end user, the global precision medicine software market is segmented into healthcare providers, research & government institutes, and pharmaceutical & biotechnology companies. In 2020, the healthcare providers segment accounted for the largest share of the global precision medicine software market. 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 precision medicine software market for healthcare providers worldwide.
This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America dominated the global precision medicine software market in 2020, followed by Europe and Asia-Pacific. 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 the region supported the largest share of North America in the precision medicine software market.
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), GenomOncology LLC (U.S.), 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.), among others.
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