The global precision medicine software market is expected to register substantial growth in the near future attributed to increase in collaboration between research institutions & companies, rise in licensing agreements & partnerships among companies, and augmented R&D investment on precision medicine. Moreover, increase in government funding in precision medicine initiatives and surge in patient base suffering from cancer drive the growth of the precision medicine software market. However, concerns regarding data privacy and necessity to meet the regulatory requirements while working with patient-related data restrain the growth of the market.
The precision medicine software market is segmented on the basis of delivery mode, end user, application, and region. Based on delivery mode, the precision medicine software market is classified into on-premise and cloud-based systems. Depending on end-user, it is categorized into healthcare providers, research centers & government institutes, and pharmaceutical & biotechnology companies. By application, it is segregated into oncology, pharmacogenomics, rare diseases, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The Major key players Are:
Synapse, Inc., Allscripts Healthcare Solutions, Inc. (2bPrecise LLC), Roche Holdings, Inc. (Foundation Medicine, Inc.), Fabric Genomics, Inc., Sophia Genetics SA, PierianDx, Inc., Qiagen N.V. (N-of-One, Inc.), Human Longevity, Inc., Roper Technologies, Inc. (Sunquest Information Systems, Inc.), Gene42, Inc.
Other Key players Are:
Translational Software, Inc., LifeOmic Health, LLC, NantHealth, Inc., Tempus Labs, Inc., Flatiron Health, Inc., IBM Watson Group, and Koninklijke Philips N.V.
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Furthermore, high cost of deployment, lack of reimbursement for precision medicine-based treatments, and the requirement for highly skilled IT professionals for highly complexed data associated with precision medicine software constrain the growth of precision medicine software market. On the contrary, introduction of artificial intelligence & cloud-based solutions in precision medicine and increase in genomics, metabolomics, and proteomics data generated from research studies & clinical trials are expected to provide significant opportunities for growth of players in the market.
Precision medicine is an emerging medical approach undertaken by medical practitioners for the treatment of a patient, followed with medical decisions, treatments, practices, or products being tailored to the individual patient. Appropriate or optimal therapies may be employed based on variability in the patient’s genetic profile, environment, and lifestyle for each person. The diagnostic testing can be based on the context of an individual’s genetic profile or other molecular or cellular analysis. The emergence of precision medicine has addressed the dire need for better diagnostic and analytical tools. Precision medicine software combines the clinical and molecular data to provide with valuable insights to determine the ideal therapeutic course of treatment. Moreover, it provides with a wide range of applications in both the diagnostics and clinical areas for better understanding of diseases such as cancer, searching for new biomarkers, researching new therapies, repurposing existing drugs, and stratifying patients for clinical trials.
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KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current precision medicine software market trends and future estimations from 2019 to 2026, which assists to identify the prevailing precision medicine software market opportunities.
- An in-depth market analysis includes various countries, and is anticipated to provide a detailed understanding of the current trends to enable stakeholders to formulate country-specific plans.
- A comprehensive analysis of the factors that drives and restrains the growth of the global precision medicine software market is provided.
- Region-wise precision medicine software market conditions are comprehensively analyzed in this report.
- An extensive analysis of various countries provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the precision medicine software market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of global precision medicine software market.
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