In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Precision Medicine Software Market Report
The precision medicine software market size was valued at USD 1,344.28 million in 2021 and is expected to reach USD 2,657.21 million by 2027, growing at a CAGR of 12.03% during the forecast period
Favorable government initiatives and the adoption of big data analytics and related software continue to drive precision medicine software industry growth. Precision medicine software is one of the fast-growing healthcare systems IT industry segments, driven predominantly by genomics, drug discovery & development, clinical research, and big data analytics. Start-ups are leveraging many software and machine learning algorithms to help solve major and complex problems such as reducing R&D activities timeline and billion dollars of expenditure during drug development processes.
The following factors are likely to contribute to the growth of the precision medicine software market -
- Technological Advancements for Improvement of Precision Medicine Delivery
- Increased Adoption of Cloud-Based Platform
- The emergence of Local & Regional Start-Ups
- Prevalence of Cancer, Genetic and Rare Diseases
- Increased Partnership Among Software and Pharmaceutical Companies
- Blockchain technology, which works on shared ledgers and distributed networks, can ensure the data is secured and used ethically while prohibiting mishandling. Thus, blockchain technology has a huge scope in the precision medicine market.
- Start-ups and scaleups are developing research platforms and techniques to better understand the underlying causes of cancer. For instance, US-America start-up OncXerna creates an RNA expression biomarker panel that permits clinical researchers to develop algorithms for effective treatment using RNA signature derived from biomarker panels.
- AI leverages sophisticated computation and deep learning to overcome the obstacles involved in sizeable disparate data sets and generate insights to enable the system to learn and reason. Over the last few years, AI approaches have been used in neurodevelopmental disorders, specifically autism spectrum disorder, epileptic encephalopathy, intellectual disability, attention deficit hyperactivity disorder (ADHD), and rare genetic disorders.
PRECISION MEDICINE SOFTWARE MARKET SEGMENTS
The precision medicine software market is segmented based on-
PRECISION MEDICINE SOFTWARE MARKET SEGMENTATION
- The on-cloud segment will witness an absolute growth of more than 100% in the forecast period. Cloud technology supports the industry with an agile and mountable provider engagement model. This provides better outcomes by pushing crucial information to clinicians while pulling vital, real-world insight back from key experts in the field.
- Precision oncology has the highest share in Precision medicine practices by application. Oncology is the leading and fastest-growing therapeutic area in the life sciences industry. New treatments are being established at a remarkable pace, with more than 1100 oncology therapeutics in clinical development in the US alone.
Market segmentation by Deployment
Market segmentation by Application
- Precision Oncology
- Rare Diseases
Market segmentation by End User
- Healthcare Providers
- Research Labs
- Pharma & Biotech Companies
- North America: North America made remarkable progress post the Human Genome Project in genome sequencing and precision medicine. The region is actively engaged in developing and commercializing cell and gene therapies with ICT and genome sequencing. This will drive demand in the precision medicine software industry.
- Europe: The European Commission has been a driver for developing PM approaches to be readily implemented in healthcare practice. Its efforts started in 2010 with a series of workshops exploring different research areas that can contribute to developing precision medicine.
- APAC: The region will likely witness a dramatic rise and innovation in precision medicine. China has already begun to make significant progress in genomics research, announcing its precision medicine initiative in 2016 with an investment of around USD 9 billion by 2030.
Market segmentation by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- The key players in the precision medicine software market are Syapse, AccessDx Laboratory, Fabric Genomics, Foundation Medicine, Intel, and International Business Machines (IBM).
- Companies are resolving to inorganic growth approaches. AccessDx Holdings acquired 2bPrecise to create the industry's most advanced precision medicine enablement solution.
- AccessDx Laboratory
- Fabric Genomics
- Foundation Medicine
Other Prominent Vendors
- Koninklijke Philips
- Roper Technologies
- SOPHiA GENETICS
- Translational Software
KEY QUESTIONS ANSWERED:
- 1. What is the global precision medicine software market size and growth rate?
- 2. What are the key factors supporting the growth of the global precision medicine software market?
- 3. Who are the key players operating in the global precision medicine software market?
- 4. What are the key trends in the precision medicine software market?
- 5. Which segment will offer the opportunity for growth between 2021 and 2026?