Richmond, Jan. 22, 2024 (GLOBE NEWSWIRE) -- According to a research report "Precision Medicine Software Market”, by Delivery Mode (On-premise, Cloud-based), Application (Oncology, Pharmacogenomics, Rare Diseases, Others), End user (Healthcare Providers, Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies, Other End Users), and Region - Global Forecast to 2030.
Global Precision Medicine Software Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.6 Billion |
| Market size value in 2030 | USD 3.6 Billion |
| CAGR (2023-2030) | 12.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Delivery Mode, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Precision Medicine Software Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Precision Medicine Software, a rapidly evolving field in the realm of cybersecurity and data protection, is poised to make a significant impact in the technology sector. It is a cutting-edge approach that ensures data remains confidential and secure, even when processed in untrusted environments. As organizations grapple with increasingly complex and sophisticated threats to their sensitive information, the Precision Medicine Software market has seen substantial growth and innovation. Precision Medicine Software is an emerging technology that is designed to protect sensitive data while it is being processed by applications in the cloud or other computing environments. It aims to keep data encrypted and secure even during processing, thereby minimizing the risk of data breaches and unauthorized access. The Precision Medicine Software market has been growing as organizations increasingly recognize the importance of securing sensitive data. The demand for stronger data protection mechanisms has driven growth in this sector.
Major vendors in the global Precision Medicine Software Market:
- 2bPrecise LLC
- Fabric Genomics
- Flatiron Health, Inc.
- Foundation Medicine, Inc.
- Gene42, Inc.
- Human Longevity, Inc.
- IBM Watson Group
- Koninklijke Philips N.V.
- LifeOmic Health, LLC
- NantHealth, Inc.
- N-of-One, Inc.
- PierianDx, Inc.
- SOPHiA GENETICS SA
- Sunquest Information Systems Inc.
- Syapse, Inc.
- Tempus Labs, Inc.
- Translational Software, Inc.
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High Demand for Personalized Healthcare
The high demand for personalized healthcare stands as a pivotal driver for the Precision Medicine Software Market. As individuals increasingly seek healthcare solutions tailored to their unique genetic makeup, lifestyle, and clinical history, precision medicine software plays a crucial role in fulfilling this demand. The rising awareness among patients about the potential benefits of personalized treatments has spurred a shift in healthcare paradigms, emphasizing the importance of precision medicine. This shift is underscored by a growing recognition that one-size-fits-all approaches may not be optimal for diverse patient populations. Precision medicine software enables healthcare providers to analyze vast datasets, including genomic information, to deliver more accurate diagnoses and treatment strategies, meeting the escalating demand for healthcare solutions that are truly personalized and effective.
Market Dynamics
Drivers:
- High Demand for Personalized Healthcare
- Increasing Adoption of Big Data Analytics
Opportunities:
- Growing Demand for Telehealth Solutions
- Expansion of Personalized Cancer Therapies
Growing Demand for Telehealth Solutions
The Precision Medicine Software Market is presented with a significant opportunity due to the growing demand for telehealth solutions. As telehealth gains prominence globally, there is a complementary need for precision medicine software to integrate seamlessly into these platforms. The convergence of precision medicine with telehealth facilitates remote monitoring and personalized care delivery, especially crucial for managing chronic conditions. By combining the capabilities of precision medicine software with telehealth solutions, healthcare providers can offer patients remote access to personalized treatment plans, leveraging real-time data analytics and monitoring. This synergy not only enhances patient engagement but also supports more effective healthcare interventions, making it a valuable opportunity for the Precision Medicine Software Market to address the evolving landscape of healthcare delivery in an increasingly digital and patient-centric era.
The market for Precision Medicine Software is dominated by North America.
North America serves as the dominant force in the Precision Medicine Software Market. The United States, in particular, is a major contributor to this market dominance. The U.S. Precision Medicine Initiative, launched in 2015, has fueled extensive research and adoption of precision medicine technologies. The country boasts a robust healthcare infrastructure, a supportive regulatory environment, and significant investments in genomic research, fostering the development and deployment of precision medicine software. Canada, another key player in North America, is actively embracing precision medicine initiatives, leveraging its strong healthcare system. The region's leadership is characterized by a combination of advanced technological capabilities, strategic government initiatives, and a proactive approach to incorporating precision medicine into clinical practices, collectively propelling North America to the forefront of the Precision Medicine Software Market.
The On premise Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on Delivery Mode the Precision Medicine Software market is segmented into On-premise, Cloud-based. The on premise delivery mode stands out as the largest and dominating contributor to the Precision Medicine Software Market. This delivery model involves the installation of software directly onto the client's hardware infrastructure, granting organizations greater control over their data and security. The dominance of on premise solutions is attributed to factors such as data sensitivity, compliance requirements, and the need for customized and secure installations. Many healthcare institutions and research facilities prefer on premise models for precision medicine software to ensure seamless integration with existing systems while maintaining regulatory compliance. This preference reflects the industry's emphasis on data security and the desire for a localized infrastructure, positioning on premise delivery as the cornerstone of the Precision Medicine Software Market's success.
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