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Precision Medicine Software Market Size, Share, Industry, Forecast and Outlook (2023-2030)

Published: 2023 September 14
SKU : HCIT1725
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180 pages
Report Summary
Table of Contents
List of Tables and Figures

Global Precision Medicine Software Market is segmented By Delivery Mode (On-Premise Delivery Mode, Cloud-Based Delivery Mode), By Application Type (Pharmacogenomics, Oncology, Rare Diseases, Other Applications), By End-Users (Health Care Providers, Research Centers, and Government Institutes, Pharmaceutical & Biotechnology Companies, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

 

Precision Medicine Software Market Size

The Global Precision Medicine Software Market size reached US$ 1,550.7 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 3,706.4 million by 2030. The Precision Medicine Software market is expected to exhibit a CAGR of 11.8% during the forecast period 2023-2030.  Many big players are entering precision medicine software for rare diseases by collaboration, for instance in January 2022, Pfizer, a global pharmaceutical leader and Beam

Therapeutics, a biotech company that develops precision medicines collaborated to advance novel in-vivo base editing for a rare disorder, Beam therapeutics has developed a platform for precision medicine that includes gene editing and delivery technologies which make accurate, predictable and easy single base changes, at target sequence without altering the DNA.

Precision medicine offers personalized medicines and patient-centric care for distinct individuals with genetic characteristics, markers or prerequisites. The technology needed to facilitate this transformative treatment model transits from data generated at the edge to data science workloads on High-Performance Computing (HPC) platforms in the cloud or on-premises. Academic research, clinical Application Types, pharmaceutical discovery and manufacturing need robust instrumentation, analytics and HPC.

These technologies enable healthcare providers to collect and analyze patient data, identify genetic variations and develop targeted therapies. The increasing availability of electronic health records (EHRs) and the adoption of cloud-based platforms are driving the growth of the precision medicine software market.

 

Precision Medicine Software Market Summary

Metrics

Details

CAGR

11.8%

Size Available for Years

2021−2030

Forecast Period

2023−2030

Data Availability

Value (USD) 

Segments Covered

Delivery Mode, Application Type and Region

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle East & Africa

Fastest Growing Region

Asia-Pacific

Largest Region

North America

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Delivery Mode Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Pharmacogenomics key Insights.

 

For more Insights - Download Free Sample

 

Precision Medicine Software Market Dynamics and Trends

The Increasing Market Developments are Fueling the Growth of the Global Precision Medicine Software Market

The rising market developments such as product introductions, collaborations, acquisitions and others are boosting the global precision medicine software market growth in the forecast market.

For instance, in May 2021, AdventHealth launched a data-driven precision medicine initiative and extended its genomics program to structure and merge longitudinal patient data with molecular testing data, building a dataset and disease network standards to assist the health system satisfactorily forecasting the growth of disorders and responses to therapies. 

Also, in September 2021, AstraZeneca and Thermo Fisher Scientific collaborated to co-develop next-generation sequencing (NGS)-based companion diagnostics (CDx). Likewise, in March 2021, the National Institute of Health (NIH) funded the next iteration of a public-private alliance to advance precision medicine research for Alzheimers

The Technical Issues Associated With the Medicine Software Will Hamper the Market Growth.

However, the issues associated with securing the enormous volumes of sequenced data, the insufficiency of skilled IT professionals working in healthcare, the high cost of deployment and the absence of promising repayment for medicines established in precision medicine hampers the global precision medicine software market in the forecast period.

Precision Medicine Software Market Segment Analysis

The global Precision Medicine Software market is segmented based on Delivery Mode, Application Type and region.

Cancer Precision Medicine Software is estimated to grow at the fastest CAGR during the forecast period (2023-2030).

In the application type segment, the intramuscular category is expected to have the highest market share of about 37.9% for the forecast period. Cancer precision medicine software is expected to dominate the global precision medicine software during the forecast period owing to the increasing incidences of cancer cases and market developments for cancer precision medicine. 

For instance, according to WHO statistics, cancer caused over 10 million deaths in 2020 and about 1 in 6 deaths were from cancer. About 70% of cancer deaths occurred in low- and middle-income countries; the most familiar kind of cancer are breast, with 2.26 million cases in 2020, lung cancer, with around 2.21 million cases in 2020 and colon & rectum cancers accounting for 1.93 million cases in 2020. 

Furthermore, in January 2022, AstraZeneca collaborated with Scorpion Therapeutics to discover, design and commercialize precision medicines against formerly hard-to-target cancer proteins, potentially changing oncology treatment. Also, in February 2022, SEngine Precision Medicine Inc. and Oncodesign collaborated to Research and Develop new personalized cancer treatments for aggressive and untreatable tumors. 

Moreover, there were online conferences scheduled in May 2022 in New Jersey, United States and in November 2022 in Berlin, Germany.  These conferences provided a medium for healthcare professionals, industry, patient groups, research, payers and governments to intercommunicate their experiences and ideas for a future of improved cancer patient results. Thus, the mentioned data indicates that the growing cases of cancer and cancer-related precision medicine development initiatives will ensure the dominance of oncology precision medicine software during the forecast period.

Precision Medicine Software Market Geographical Share

North America Holds the Largest Global Precision Medicine Software Market Share.

The North American market is estimated to grow at the second-highest CAGR of 12.0% throughout the forecast period (2023-2030) owing to the rising cancer cases in this region and the presence of key market players in North America. For instance, according to National Cancer Institute, approximately 1,806,590 new cases were analyzed with cancer which led to 606,520 deaths in 2020.

Moreover, the American Cancer Society identified 1.9 million cancer cases in 2021 and over 608,570 deaths were cancer-related. Similarly, CDC assessed that annual new cancer cases will be 29.5 million by 2040. 

Additionally, the presence of key market players such as Syapse, Inc, 2bprecise, LLC, Fabric Genomics, Inc., Foundation Medicine, Inc., Pieriandx, Inc., Velsera, Translational Software Inc. and LifeOmic Holdings LLC among others holding most of the precision medicine software market ensure the growth of North American precision medicine software market at a high CAGR throughout the forecast period.

Precision Medicine Software Companies

The major global players in the market include Syapse, Inc, 2bprecise, LLC, Fabric Genomics, Inc., Sophia Genetics SA, Foundation Medicine, Inc., Pieriandx, Inc., Velsera, MediCardia Health, Translational Software Inc. and LifeOmic Holdings LLC among others.

Impact on Precision Medicine Software Market 

Russia-Ukraine Conflict Analysis

The conflict may lead to a decrease in investment in the region, which could affect the growth of the precision medicine software market. Companies may be hesitant to invest in the region due to political and economic instability. The conflict has put a strain on the healthcare systems in both Russia and Ukraine, which could affect the adoption of precision medicine software. Healthcare providers may have limited resources to invest in new technologies, which could slow down the adoption of precision medicine software.

Key Developments

  • On March 14, 2023, SOPHiA GENETICS, a cloud-native software enterprise in the healthcare reach and the leader in data-driven treatment partnered with Agilent to deliver an exhaustive solution for cancer analysis.
  • On March 01, 2023, SOPHiA GENETICS, a cloud-native software enterprise in the healthcare space, partnered with QIAGEN N.V. and expected to pair QIAseq reagent technology with the SOPHiA DDM platform to improve tumor analysis through next-generation sequencing (NGS).
  • On May 25, 2021, American Heart Association’s Precision Medicine Platform and Hitachi Vantara, the digital infrastructure, data management and digital solutions subsidiary of Hitachi, Ltd., together made Association’s Precision Medicine Platform precise and over-accessible to healthcare organizations for fast, efficient supercomputing data analysis research, even from a laptop computer.

Why Purchase the Report?

  • To visualize the global precision medicine software market segmentation based on delivery mode, application Types, end user and region, as well as understand key commercial assets and players.
  • Identify commercial opportunities by analyzing trends and co-development. 
  • Excel data sheet with numerous data points of precision medicine software market-level with all segments.
  • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
  • Product mapping available as Excel consisting of key products of all the major players.

The Global Precision Medicine Software Market Report Would Provide Approximately 53 Tables, 54 Figures and 195 Pages.

Target Audience 2023

  • Manufacturers / Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies
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FAQ’s
What is the Projected CAGR value of the Precision Medicine Software Market?
Precision Medicine Software Market is expected to grow at a CAGR of 11.8% during the forecast period 2023-2030.
Which region controlled the global market during 2023-2030?
North America region Controls the Precision Medicine Software Market during 2023-2030.
What is the major factor driving the market growth?
The Increasing Market Developments are Fueling the Growth of the Global Precision Medicine Software Market
Who are the Key players contributing to the market's growth?
The Key Players are Syapse, Inc, 2bprecise, LLC, Fabric Genomics, Inc., Sophia Genetics Sa, Foundation Medicine, Inc., Pieriandx, Inc., Velsera, MediCardia Health, Translational Software Inc, LifeOmic Holdings LLC
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