Precision Medicine Software Market Size, Competitive Landscape and Market Forecast - 2029
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, 2022-2029
Global Precision Medicine Software Market Overview
The Global "Precision Medicine Software Market" is expected to grow at a CAGR of 11.77% during the forecasting period (2022-2029).
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 applications, pharmaceutical discovery, and manufacturing need robust instrumentation, analytics, and HPC.
Source: DataM Intelligence Analysis (2022)
Global Precision Medicine Software Market-Market Dynamics
The growing number of cancer, and rare diseases, increasing market developments, and increased involvement of government and non-government organizations are boosting the global precision medicine software market growth.
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 other are boosting the global precision medicine software market growth in the forecast market.
For example, 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 Alzheimer’s.
Moreover, in October 2020, Fabric Genomics, a global leader in clinical genomic data interpretation, introduced Fabric GEM, a novel algorithm that rapidly and efficiently determines the probable hereditary cause of rare disorders from next-generation sequencing data, permitting more rapid diagnosis and potentially better efficacious treatment. Thus, the data mentioned above indicates that the increasing market developments in precision medicine will boost the expansion of the global precision medicine software market during the forecasted period.
The issues associated will hamper the global precision medicine software 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.
COVID-19 Impact Analysis
The pandemic provided the market with improved opportunities to fight against COVID-19, and there was an increase in genetic research. For instance, a scan of the preclinical genetical landscape demonstrated an upsurge in the usage of chatbots, phenotyping, counseling, laboratory research, and outcome reporting. Moreover, the UK integrated leading research projects which were aimed at a sounder grasp of COVID-19 and a developing, compelling genomic industry, the genomic data acquired via the use of bioinformatics tools helped the global health response, eased the development of the testing methods, and permitted the timely tracking of novel SARS_CoV2 variants. Moreover, according to an article published in BMC in JUNE 2022, using a Phenome-Wide Association study strategy, the relationship between novel phenotype with gene encoding proteins involved in the antiviral reaction and inflammatory process was determined, which aided in COVID-19-related comorbidities responsible for increased risk of severe COVID-19. The COVID pandemic led to an increased focus on the bioinformatic and created improved opportunities for the growth of precision medicine software, thereby positively impacting the global market growth.
Global Precision Medicine Software Market - Segment Analysis
Cancer precision medicine software is estimated to grow at the fastest CAGR during the forecast period (2022-2029).
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, which 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.
Source: DataM Intelligence Analysis (2021)
Global Precision Medicine Software Market –Geographical Analysis
The North American market is expected to grow at a high CAGR during the forecast period.
The North American market is estimated to grow at a high CAGR throughout the forecast period (2022-2029) 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., N-Of-One, Inc., Translational Software Inc., and Sunquest Information Systems, Inc. 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.
Source: DataM Intelligence Analysis (2022)
Global Precision Medicine Software Market - Competitive Landscape
The growing focus on innovation keeps the global precision medicine software market competitive. Syapse, Inc, 2bprecise, LLC, Fabric Genomics, Inc., Sophia Genetics Sa, Foundation Medicine, Inc., Pieriandx, Inc., N-Of-One, Inc., Human Longevity, Inc., Translational Software Inc., and Sunquest Information Systems, Inc. are examples of a few key market players. These key players hold the market through acquisitions, product launches, and collaborations. For instance, in July 2022, Synapse, a leading real-world evidence company committed to demolishing the fear and load of serious diseases by progressing real-world care, secured $35 million in growth funding to expand Syapse’s focus on providing real-world insights to partners to aid them in enhancing results for people with cancer.
Syapse, Inc
Overview:
The corporation was previously known as BDLicense. Syapse was established in 2008 and was founded in San Francisco, California. Syapse is a real-world evidence organization functioning in collaboration with health systems, life sciences companies, and regulators to resolve the challenges of precision medicine and get better results for people with cancer worldwide.
Product Portfolio:
The product portfolio of Syapse, Inc. has Raydar: Syapse Raydar transforms highly contextual, clinically intricate oncology data into actionable insights.
The global precision medicine software market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages
Why Purchase the Report?
- Visualize the composition of the Precision Medicine Software Market across each product type and application highlighting the critical commercial assets and players.
- Identify commercial opportunities in the Precision Medicine Software Market by analyzing trends and co-development deals.
- Comprehensive details on factors driving the market growth.
- Excel data sheet with thousands of data points of Precision Medicine Software Market segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
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