Precision Medicine Software Market Outlook to 2024: A $2 Billion Global Opportunity - ResearchAndMarkets.com
The "Precision Medicine Software Market by Delivery Mode (On-Premise & Cloud-Based), End User (Healthcare Providers, Research Centers & Government Institutes, Pharmaceutical & Biotechnology Companies), Application, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The precision medicine software market is projected to reach USD 2 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 11.5%.
Factors such as the rising government funding in precision medicine initiatives, partnerships among pharmaceutical and software companies, the entry of new players & and VC funding, and growth in the number of cancer patients are driving the growth of the precision medicine software market.
However, the high cost of deployment, issues related to the secure storage of large volumes of sequenced data, lack of reimbursement for precision medicine-based treatments, and a dearth lack of skilled IT professionals in healthcare are expected to restrain market growth to a certain extent in the coming years.
Some of the prominent players operating in the precision medicine software market include Syapse, Inc. (US), 2bPrecise LLC (Israel), Foundation Medicine, Inc. (US), Fabric Genomics (US), and SOPHiA GENETICS SA (Switzerland) among others.
These companies focus on organic and inorganic strategies such as product deployments, partnerships, collaborations, and new product launches, among others to gain a competitive edge in the market.
The cloud-based delivery mode segment is expected to grow at the highest rate during the forecast period.
On the basis of delivery mode, the back-end revenue cycle management market is segmented into on-premise and cloud-based modes. The cloud-based delivery mode segment is estimated to witness the highest CAGR during the forecast period.
Cloud-based solutions help healthcare organizations share and integrate information from different locations, and these solutions are less expensive less costly to install and maintain than on-premise solutions, which contribute to the high growth and popularity of the cloud-based delivery model.
The health providers segment is expected to hold the largest market share during the forecast period.
On the basis of end user, the precision medicine software market has been segmented into healthcare providers, research centers & government institutes, pharmaceutical & biotechnology companies, and other end users.
The healthcare providers segment accounted for the largest market share in 2018. The large share of this segment can be attributed to the growing availability of precision medicine software and a rising emphasis on providing personalized medicine in hospitals.
Growing investments and favorable initiatives for the implementation of precision medicine software in North America; the North American region is expected to offer growth opportunities in this region.
Geographically, the precision medicine software market is segmented into North America, Europe, Asia, and the Rest of the World. The North American market is expected to grow at the highest rate during the forecast period.
Growth in this region can be attributed to growing investments and favorable initiatives for the implementation of precision medicine software. Several major global players are based in the US, owing to which the US has become a center for innovation in the precision medicine software market.
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Research Data
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary
4 Premium Insights
4.1 Precision Medicine Software: Market Overview
4.2 Geographic Analysis: North American Precision Medicine Software Market, By Delivery Mode
4.3 Us Precision Medicine Software Market
4.4 Geographical Snapshot of the Precision Medicine Software Market
5 Market Overview
5.2 Market Dynamics
184.108.40.206 Rising Government Funding in Precision Medicine Initiatives
220.127.116.11 Partnerships Among Pharmaceutical and Software Companies
18.104.22.168 Entry of New Players and VC Funding
22.214.171.124 Growth in the Number of Cancer Patients
126.96.36.199 High Cost of Deployment
188.8.131.52 Emerging Countries
184.108.40.206 Cloud-Based Solutions
220.127.116.11 Artificial Intelligence in Precision Medicine
18.104.22.168 Secure Storage of Large Volumes of Sequenced Data
22.214.171.124 Lack of Reimbursement for Precision Medicine-Based Treatments
126.96.36.199 Lack of Skilled It Professionals in Healthcare
6 Precision Medicine Software Market, By Delivery Mode
6.2 On-Premise Delivery Mode
6.2.1 Benefits Offered By the On-Premise Delivery Model and Limited Penetration of Cloud-Based Technologies to Drive Market Growth
6.3 Cloud-Based Delivery Mode
6.3.1 Open-Access Nature of Cloud-Based Models Poses Security Challenges
7 Precision Medicine Software Market, By End User
7.2 Healthcare Providers
7.2.1 Precision Medicine is Used By Healthcare Providers to Determine Disease Susceptibility and Provide Personalized Treatments
7.3 Research Centers and Government Institutes
7.3.1 Increasing Funding for Research Will Drive the Usage and Adoption of Precision Medicine Software in This Segment
7.4 Pharmaceutical & Biotechnology Companies
7.4.1 Increasing Emphasis on Pharmacogenomics Due to Its Applications in Drug Development is to Drive Market Growth
7.5 Other End Users
8 Precision Medicine Software Market, By Application
8.2.1 Oncology Segment to Witness the Highest Growth in the Precision Medicine Software Market
8.3.1 Pharmacogenomics is a Potential Solution to Reduce Healthcare Costs Associated With ADES and Poor Response to Pharmacotherapy
8.4 Rare Diseases
8.4.1 Increasing Incidence of Rare Diseases to Drive Market Growth
8.5 Other Applications
9 Precision Medicine Software Market, By Region
9.2 North America
188.8.131.52 Government Funding to Support Market Growth in the US
184.108.40.206 Rising Incidence of Cancer in Canada Will Drive the Demand for Precision Medicine Software
220.127.116.11 Favorable Funding Scenario Will Support Market Growth in EU5
9.3.2 Rest of Europe
9.4.1 Growing Research Investments in China, Japan & India Will Contribute to Market Growth in Asia
9.5 Rest of the World
10 Competitive Landscape
10.2 Market Ranking of Players, 2018
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Competitive Scenario
10.4.1 Solution Launches
10.4.3 Partnerships, Agreements, and Collaborations
11 Company Profiles
11.1 Syapse Inc.
11.2 2bPrecise LLC
11.3 Fabric Genomics Inc.
11.4 Foundation Medicine Inc.
11.5 SOPHiA GENETICS S.A.
11.6 PierianDx Inc.
11.7 N-of-One Inc. (A Subsidiary of Qiagen N.V.)
11.8 Human Longevity Inc.
11.9 Translational Software Inc.
11.10 Sunquest Information Systems Inc.
11.11 Gene42 Inc.
11.12 LifeOmic Health LLC
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