Redding, California, Sept. 15, 2021 (GLOBE NEWSWIRE) -- 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 reach $2.55 billion by 2028.
Precision medicine is an upcoming approach to patient care through which physicians select a treatment method based on the patient’s genetic makeup and lifestyle habits. Using software in personalizing this treatment method further helps in the accurate analysis within time. Thus, the introduction of software with improved clinical workflows enhances patient care.
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COVID-19 Impact on the Precision Medicine Software Market
The COVID-19 pandemic has caused some of the most significant challenges that national healthcare systems have faced. These systems include hospitals and a multitude of clinicians, retirement and nursing homes, families, and communities. Government lockdown policies undertaken to reduce hospital strain have impacted society and have also had social and economic consequences, which have been more severe for minorities and vulnerable groups.
With the healthcare industry facing a crisis amidst the pandemic, it has been working on various solutions to combat the pandemic. The healthcare industry is engaged in conducting precision medicine research to better understand COVID-19 and to measure the impact caused by the virus to discover potential therapies. Many governments have taken initiatives to accelerate the use of precision medicine for coronavirus. For instance, in July 2020, the San Antonio Partnership for Precision Therapeutics announced funding of three collaborative COVID-19 research efforts in San Antonio. These projects will support a strong foundation of transformative COVID-19 research happening in San Antonio. Cleveland Clinic also launched a genomic medicine project to identify genetic factors that drive susceptibility to the virus and use these to develop prevention and therapeutic strategies against the virus. Emory University researchers are also investigating an antiviral compound that works like Remdesivir, which inhibits viral replication.
Apart from this, many research initiatives have been undertaken amidst the pandemic, thereby providing opportunities for the precision medicine software market in the upcoming years. Precision medicine emphasizes more precise diagnosis and treatment based on a range of biomarkers, including genetic variants, data about patients’ environment, lifestyle, and behaviors. These approaches may be useful in understanding variations in individuals’ susceptibility and responses to COVID-19. A better understanding of biological vulnerabilities could offer leads for targeted therapies. Apart from these, the advancements in the precision medicine industry and the innovations such as the use of next-generation sequencing (NGS) and big genomic data are expected to accelerate the growth of the precision medicine software market.
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Thus, the pandemic has surged the use of precision medicine treatments, which is expected to propel the demand for precision medicine software in the upcoming years.
The precision medicine software market is segmented on the basis of deployment mode, application, and end user. The study also evaluates industry competitors and analyzes the market at regional and country levels.
Based on deployment mode, the global 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 expected to account 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.
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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 expected 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.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years (2016–2020). The precision medicine software market has witnessed new software launches & approvals; acquisitions; agreements, partnerships, & collaborations; and expansions in recent years.
Some of 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.), GenomOncology LLC (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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Scope of the Report:
Precision Medicine Software Market, by Deployment 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 & Africa
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