The Precision Medicine Software Market Size was valued at USD 1.85 billion in 2023, and is expected to reach USD 4.49 billion by 2031 and grow at a CAGR of 11.7% over the forecast period 2024-2031.
A novel approach to illness prevention and treatment called "precision medicine" focuses on cancer, infectious diseases, and rare disorders. It combines methods and systems from molecular biology. These methods can help doctors and clinic staff better maintain tabs on their patients. Precision medicine software assists in the advancement of genetic research and genomics. For a better understanding of diseases, it has a wide range of applications in the diagnostics and clinical domains, including the creation of new therapies, cancer research, the finding of biomarkers, the repurposing of drugs, and the patient stratification for clinical trials.
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Precision medicine, likewise alluded to as "customized medication," is an imaginative system for sickness avoidance and therapy that considers individual varieties in qualities, conditions, and ways of life. Delivering the appropriate treatments to the right patients at the right time is the goal of precision medicine. Advances in precision medicine have already produced important findings and FDA-approved drugs that are tailored to particular traits of people, including a person's genetic makeup or the genetic profile of a tumor.
Molecular testing is routinely administered to cancer patients as part of their therapy, enabling medical professionals to select drugs that raise patients' chances of survival while reducing their risk of adverse effects. The standard of precision care will be determined by the tests used to direct diagnosis and treatment. The clinical use of next-generation sequencing (NGS) technologies has significantly advanced precision medicine. NGS tests can quickly identify or "sequence" large portions of a person's genome. These tests can help patients, doctors, and researchers find genetic variations that can aid in disease diagnosis, treatment, and understanding.
DRIVERS
Growing Public Support for Precision Medicine Initiatives
Partnerships Between Software and Pharmaceutical Companies
New players joining and VC funding
Increase in the Amount of Cancer Patients
RESTRAINTS
Exorbitant Deployment Costs
OPPORTUNITIES
Undeveloped Nations
Cloud-Based Options
The Use of AI in Precision Medicine
CHALLENGES
Massive Amounts of Sequential Data Stored Securely
Precision medicine-based therapies are not being reimbursed
Lack of Healthcare IT Experts with the Necessary Skill
The healthcare sector has been developing numerous anti-pandemic strategies despite being in a crisis due of the pandemic. In order to better understand COVID-19 and gauge its effects in order to identify new treatments, the healthcare sector is doing precision medicine research. Numerous governments have launched programmes to hasten the application of precision medicine to coronavirus. For instance, the San Antonio Partnership for Precision Therapeutics announced in July 2020 the support of three joint COVID-19 research initiatives in San Antonio. These initiatives will strengthen the San Antonio-based COVID-19 research community's strong foundation.
By Delivery mode
Markets for on-premise and cloud-based delivery models of precision medicine software are separated. The sector of the precision medicine software market with the biggest share was on-premise delivery mode. The significant market share of this sector is mostly a result of the numerous benefits that come with using on-premise delivery solutions. These models let customers to select which suppliers' solutions to employ and when to upgrade their software.
By Application
Oncology, pharmacogenomics, uncommon disorders, and other applications are divisions of the precision medicine software market. The largest market share was held by the oncology sector. The substantial proportion of this market can be ascribed to the rising incidence of cancer, increased funding for cancer research, promising precision medicine applications in oncology research, and increased government organisation investments in software for precision medicine.
By End user
The market is divided into healthcare providers, research facilities and government agencies, pharmaceutical and biotechnology firms, and other end users. The biggest market share belonged to the healthcare providers category. This segment's significant market share can be attributable to the expanding availability of precision medicine software and the growing importance of delivering individualised healthcare in hospitals. In order to diagnose infectious infections, evaluate rare disorders, screen for prenatal aneuploidy, and discover therapeutic targets in neoplasms, healthcare professionals employ precision medicine software.
By Application
Oncology
Pharmacogenomics
Rare Diseases
By Delivery mode
On-premise Delivery Mode
Cloud-based Delivery Mode
By End user
Healthcare Providers
Research Centers and Academic Institutes
Pharmaceutical and Biotechnology Companie
The majority of the sales of precision medicine software were in North America. A number of factors, including increasing HCIT investments in the region, the existence of regulatory mandates supporting market growth in the US, rising digitalization and advantageous funding initiatives by the Canadian government, can be used to explain North America's significant market share in the precision medicine software market.
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REGIONAL COVERAGE
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Some of the major key players are as follows: Roche Holdings Inc., Sophia Genetics SA, Roper Technologies Inc., Synapse Inc., Qiagen N.V., PierianDx Inc., Human Longevity Inc., Gene42 Inc., Fabric Genomics Inc., and Allscripts Healthcare Solutions Inc. and Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 185 Billion |
| Market Size by 2031 | US$ 4.49 Billion |
| CAGR | CAGR of 11.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Oncology, Pharmacogenomics, Rare Diseases) • By Delivery mode (On-premise Delivery Mode, Cloud-based Delivery Mode) • By End user (Healthcare Providers, Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Roche Holdings Inc., Sophia Genetics SA, Roper Technologies Inc., Synapse Inc., Qiagen N.V., PierianDx Inc., Human Longevity Inc., Gene42 Inc., Fabric Genomics Inc., and Allscripts Healthcare Solutions Inc. |
| DRIVERS | • Growing Public Support for Precision Medicine Initiatives • Partnerships Between Software and Pharmaceutical Companies • New players joining and VC funding |
| RESTRAINTS | • Exorbitant Deployment Costs |
Ans: The Precision Medicine Software Market is growing at a CAGR of 11.7% over the forecast period 2024-2031.
Oncology, Pharmacogenomics, and Rare Diseases are the sub segments of Precision Medicine Software market.
Key drivers of the Precision Medicine Software Market is new players joining and VC funding, and Increase in the Amount of Cancer Patients
A novel approach to illness prevention and treatment called "precision medicine" focuses on cancer, infectious diseases, and rare disorders. It combines methods and systems from molecular biology. These methods can help doctors and clinic staff better maintain tabs on their patients. Precision medicine software assists in the advancement of genetic research and genomics.
Ans: The Precision Medicine Software Market size was valued at US$ 1.85 billion in 2023.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Precision Medicine Software Market Segmentation, By Application
8.1 Oncology
8.2 Pharmacogenomics
8.3 Rare Diseases
9. Precision Medicine Software Market Segmentation, By Delivery mode
9.1 On-premise Delivery Mode
9.2 Cloud-based Delivery Mode
10. Precision Medicine Software Market Segmentation, By End user
10.1 Healthcare Providers
10.2 Research Centers and Academic Institutes
10.3 Pharmaceutical and Biotechnology Companies
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12.Company Profiles
12.1 Roche Holdings Inc
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Sophia Genetics SA
12.3 Roper Technologies Inc.
12.4 Synapse Inc.
12.5 Qiagen N.V.
12.6 PierianDx Inc.
12.7 Human Longevity Inc.
12.8 Gene42 Inc.
12.9 Fabric Genomics Inc.
12.10 Allscripts Healthcare Solutions Inc.
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
14.Conclusion
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