Artificial Intelligence
Precision Medicine Software Market Size to Reach Revenues of USD 2.6 Billion by 2027 – Arizton
Chicago, Feb. 07, 2022 (GLOBE NEWSWIRE) — The precision medicine software market is expected to grow at a CAGR of over 12.03% during the period 2021−2027.
Key Highlights Offered in the Report:
- The growth of the global precision medicine software market is highly driven by factors such as the shift towards tailored disease treatment, technological advances in the genomics field, and growing partnerships between software and pharmaceutical companies.
- Additionally, developing countries and the use of AI in precision medicine is providing immense growth opportunities for players who are operating in the precision medicine software market.
- North America region dominated the geography segment with the highest incremental growth of USD 5.1 billion. However, the APAC region will grow with the highest growing CAGR of 13.23% during the forecast period because of growing instances of cancer and accelerating pace of digital transformation in the region.
- On-premises deployment dominated the deployment type segment in the market. The growth of segment is driven by the serval advantages which on-premises deployment provides.
- Healthcare providers are widely using the precision medicine software in clinical trials for providing customized treatment.
- The key players in the global precision medicine software market such as Fabric Genomics and Foundation Medicine are focusing on delivering innovative products as well as are strategizing to partner with researchers, government bodies, and end users to support the use of genomic testing in clinical care. Other key players such as Syapse are strengthening their global presence through strategic partnerships with leading healthcare organizations.
Key Offerings:
- Market Size & Forecast by Revenue | 2021−2027
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by deployment, application, end-user, and geography
- Competitive Landscape – 6 key vendors and 10 other vendors
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Precision Medicine Software Market – Segmentation
Sapientia, a clinical genomics analysis platform designed to analyze, interpret, and generate clinically actionable reports on patient-derived genomic data, collaborated with Congenica, which offers its customers a choice of deployment options to optimize the company’s clinical testing process.
Precision oncology has had some key successes. Imatinib has a response rate of 95% in patients with chronic myeloid leukemia and expands the quality-adjusted life by about 9 years, venetoclax has a response rate of 80% in patients with chronic lymphocytic leukemia who have a 17p deletion.
All the key CROs view biomarker research services as a growth area and have combined these capabilities into their service offerings. Some CROs are opting to increase their services through mergers and acquisitions or by developing partnerships and working in collaboration with other organizations.
Precision Medicine Software Market by Deployment
- On-Premises
- Cloud
Precision Medicine Software Market by Application
- Precision Oncology
- Pharmacogenomics
- Rare Diseases
- Others
Precision Medicine Software Market by End User
- Healthcare Providers
- Research Labs
- Pharma & Biotech Companies
Precision Medicine Software Market – Dynamics
The healthcare industry is experiencing a transformation, and it is necessary to leverage new technologies to generate new data and support the introduction of precision medicine (PM). Recent scientific innovations and technological advancements have enhanced the understanding of disease pathogenesis and changed the way physicians diagnose and treat diseases, leading to a more detailed, predictable, and powerful healthcare system customized for every individual. The objective of PM is to assist the clinicians to predict the most suitable course of action efficiently, quickly, and accurately for a patient. To achieve this, clinicians need tools that are compatible with their clinical workflow and economically feasible. Deep clinical phenotyping, mixed with advanced molecular phenotypic profiling, facilitates the construction of causal network models in which a genomic region is intended to impact the levels of metabolites, transcripts, and proteins. Phenotypic analysis bears great importance in elucidating the pathophysiology of networks at the molecular and cellular levels.
Key Drivers and Trends fueling Market Growth:
- Increased Adoption of Cloud-based Platforms
- Emergence of Local & Regional Start-ups
- Increased Partnerships Among Software & Pharmaceutical Companies
- Paradigm Shift Toward Tailored Disease Treatment
Precision Medicine Software Market – Geography
North America accounted for a share of 39.08% in the global precision medicine software market in 2021. Among all regions, North America holds a significant share in the global precision medicine software market. This dominant presence can be attributed to many factors such as increasing investments in healthcare information technologies (HCITs), growing acceptance of ICT by healthcare providers and research communities, and focusing on personalized/precision medicine to treat a wide range of rare and highly complex diseases. For years, patients diagnosed with a disease often received the same treatment, which works for some people and wouldn’t work for a broad majority of the target patient pool. On an average, only 50% of patients are profited from their treatment.
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Precision Medicine Software Market by Geography
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- APAC
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Turkey
- Saudi Arabia
Major 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
Explore our healthcare and lifesciences profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
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