(I-BusinessNews.Com, July 20, 2022 ) According to a new market research report “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”, published by Meticulous Research®, the precision medicine software market is expected to grow at a CAGR of 11.2% from 2021 to 2028 to reach $2.55 billion by 2028.
Precision medicine software comprises on-premise and web & cloud-based deployment platforms used in the personalized treatment and detection of diseases, such as cancers, genetic disorders, cardiac & infectious diseases, and others. Precision medicine software assists physicians in choosing a treatment method based on the patient’s genetic makeup and lifestyle habits.
The paradigm shifts 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 are some of the major factors expected to drive the growth of this market. However, the lack of awareness about precision medicine practices and fragmented healthcare systems in developing countries hinder the growth of this market to a certain extent.
The overall precision medicine software market is segmented based on deployment mode, application, end user, and geography.
Based on deployment mode, the precision medicine software market is categorized into on-premise and web & cloud-based. In 2021, the on-premise segment is estimated to account for the largest share of the overall 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 full command over software upgrades & data storage. In addition, higher adoption among end-users and flexibility with connection bandwidth further support the growth of the segment.
Based on application, the precision medicine software market is mainly segmented into oncology, pharmacogenomics, central nervous system disorders, hereditary disorders, and cardio & metabolic disorders. In 2021, the oncology segment is estimated to account for the largest share of the overall 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 precision medicine software market is categorized into healthcare providers, research and government institutes, and pharmaceutical & biotechnology companies. In 2021, the healthcare providers segment is estimated to account for the largest share of the overall 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.
Based on geography, the global precision medicine software market is categorized into five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2021, North America region is estimated account for the largest share of the overall precision medicine software market. However, the Asia-Pacific region is expected to register the highest growth during the forecast period. The growing shift in treatment from one-size-fits-all medicines to precision medicine, increased spending on healthcare, rising funds for research activities, and growing focus of international players to expand their presence in this region are some of the key factors expected to propel the growth of the precision medicines software market in Asia-Pacific.
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 Inc. (U.S.), PhenoTips (Canada), PierianDx Inc. (U.S.), Foundation Medicine, Inc. (U.S.), 2bPrecise, LLC (U.S.), and GenomOncology LLC (U.S.), among others.
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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