Precision Medicine Software Market by Delivery Mode (On-premise, Cloud-based), Application (Oncology, Pharmacogenomics, CNS), End User (Healthcare Providers, Research, Academia, Pharma, Biotech) – Global Forecast to 2027
The precision medicine software market is expected to grow at a CAGR of 11.8% from 2019 to 2027 to reach $2.8 billion by 2027.
The growth in the precision medicine software market is mainly attributed to the factors such as paradigm shift in treatment, rising pressure to decrease healthcare costs, scientific & technological advances in the genomics field, and growing focus towards providing companion diagnostics & biomarkers for various therapeutic areas. Moreover, emerging countries and AI in precision medicine provides significant growth opportunities for players operating in the precision medicine software market.
The precision medicine software market study presents historical market data in terms of value (2017, and 2018), current data (2019), and forecasts for 2027 - by delivery mode, application, and end user. The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of delivery mode, the on-premise segment accounted for the largest share of the overall precision medicine software market in 2019. However, the web & cloud-based delivery mode segment is expected to grow at the faster CAGR during the forecast period, owing to its benefits, such as on-demand self-serving, no maintenance cost, low storage & upfront cost, and excessive storage flexibility. In addition, the factors such as greater security in private clouds and automated updating features of web and cloud solutions are further expected to support the rapid growth of this segment.
Based on application, the oncology segment accounted for the largest share of the overall precision medicine software market in 2019. However, the pharmacogenomics segment is expected to witness rapid growth during the forecast period. The factors such as increasing incidence of adverse drug reaction, growing focus on genomic-based study, shift from one-size-fits-all approach to personalized approach, and rising pressure on pharmaceutical companies to develop new drugs promote the fastest growth of this segment.
Based on end user, the healthcare providers segment commanded the largest share of the overall precision medicine software market in 2019. However, the pharmaceutical & biotechnological companies segment is expected to witness rapid growth during the forecast period. The factors such as increasing R&D activities related to precision medicine, increasing collaboration between pharma & biotech companies and software vendors, shift from conventional “one-size-fits-all-type” treatment to precision treatment, and rising R&D costs are the major factors driving rapid growth of this segment.
An in-depth analysis of the geographical scenario of the precision medicine software market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. North America commanded the largest share of the global precision medicine software market in 2019, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The factors such as well-established healthcare system in the region, rising adoption of technologically advanced products for cancer diagnosis & treatment, growing HCIT investment, government initiatives supporting developments in precision medicine, growing availability of research funding, and higher accessibility to precision medicine software are responsible for the largest share of North America in the precision medicine software market.
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.), Sunquest Information Systems Inc. (U.S.), LifeOmic Health, LLC (U.S.), Translational Software Inc. (U.S.), N-of-One (U.S.), Gene42 Inc. (Canada), PierianDx (U.S.), Foundation Medicine, Inc. (U.S.), and 2bPrecise (U.S.), among others.
Scope of the Report:
Market by Delivery Mode
- Web & Cloud-based
Market by Application
- Other Applications
Market by End User
- Healthcare Providers
- Research & Government Institutes
- Pharmaceutical & Biotechnology Companies
Market by Geography
- North America
? Rest of Europe (RoE)
- Asia-Pacific (APAC)
? Rest of APAC (RoAPAC)
- Latin America
- Middle East and Africa