Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "Precision Medicine Software Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
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.
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.
GEOGRAPHICAL OUTLOOK
- 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.
VENDOR LANDSCAPE
- 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.
KEY HIGHLIGHTS
- 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.
KEY GROWTH FACTORS
- 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
Key Vendors
- AccessDx Laboratory
- Fabric Genomics
- Foundation Medicine
- Intel
- IBM
- Syapse
Other Prominent Vendors
- GenomOncology
- Koninklijke Philips
- LifeOmic
- NantHealth
- PhenoTips
- PierianDx
- Qiagen
- Roper Technologies
- SOPHiA GENETICS
- Translational Software
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
8 Market Opportunities & Trends
8.1 Technological Advances In Precision Medicine Delivery
8.2 Increased Adoption Of Cloud-Based Platforms
8.3 Emergence Of Local & Regional Start-UPS
8.4 Artificial Intelligence In Precision Medicine
9 Market Growth Enablers
9.1 High Prevalence Of Cancer, Genetic, & Rare Diseases
9.2 Increased Partnerships Among Software & Pharmaceutical Companies
9.3 Paradigm Shift Toward Tailored Disease Treatment
10 Market Growth Restraints
10.1 High R&D & Implementation Cost Of Precision Medicine
10.2 Dearth Of Skilled Professionals
10.3 Lack Of Security & Storage For Large Volumes Of Sequenced Data
11 Market Landscape
11.1 Market Overview
11.2 Market Size & Forecast
11.2.1 Geography Insights
11.2.2 Deployment Insights
11.2.3 Application Insights
11.2.4 End-User Insights
11.3 Five Forces Analysis
12 Deployment
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 On-Premis
12.4 Cloud
13 Application
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Precision Oncology
13.4 Pharmacogenomics
13.5 Rare Disease
14 End-User
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 Healthcare Providers
14.4 Research Labs
14.5 Pharma & Biotech Companies
15 Geography
15.1 Market Snapshot & Growth Engine
15.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/dfcsew
