DUBLIN, Feb. 3, 2022 /PRNewswire/ -- The "Precision Medicine Software Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
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The precision medicine software market size was valued at USD 1,344.28 million in 2021 and is expected to reach USD 2,657.21 million by 2027, growing at a CAGR of 12.03% during the forecast period.
Favorable government initiatives and the adoption of big data analytics and related software continue to drive precision medicine software industry growth. Precision medicine software is one of the fast-growing healthcare systems IT industry segments, driven predominantly by genomics, drug discovery & development, clinical research, and big data analytics.
Start-ups are leveraging many software and machine learning algorithms to help solve major and complex problems such as reducing R&D activities timeline and billion dollars of expenditure during drug development processes.
PRECISION MEDICINE SOFTWARE MARKET SEGMENTATION
The on-cloud segment will witness an absolute growth of more than 100% in the forecast period. Cloud technology supports the industry with an agile and mountable provider engagement model. This provides better outcomes by pushing crucial information to clinicians while pulling vital, real-world insight back from key experts in the field.
Precision oncology has the highest share in Precision medicine practices by application. Oncology is the leading and fastest-growing therapeutic area in the life sciences industry. New treatments are being established at a remarkable pace, with more than 1100 oncology therapeutics in clinical development in the US alone.
GEOGRAPHICAL OUTLOOK
North America: North America made remarkable progress post the Human Genome Project in genome sequencing and precision medicine. The region is actively engaged in developing and commercializing cell and gene therapies with ICT and genome sequencing. This will drive demand in the precision medicine software industry.
Europe: The European Commission has been a driver for developing PM approaches to be readily implemented in healthcare practice. Its efforts started in 2010 with a series of workshops exploring different research areas that can contribute to developing precision medicine.
APAC: The region will likely witness a dramatic rise and innovation in precision medicine. China has already begun to make significant progress in genomics research, announcing its precision medicine initiative in 2016 with an investment of around USD 9 billion by 2030.
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VENDOR LANDSCAPE
The key players in the precision medicine software market are Syapse, AccessDx Laboratory, Fabric Genomics, Foundation Medicine, Intel, and International Business Machines (IBM).
Companies are resolving to inorganic growth approaches. AccessDx Holdings acquired 2bPrecise to create the industry's most advanced precision medicine enablement solution.
KEY HIGHLIGHTS
Blockchain technology, which works on shared ledgers and distributed networks, can ensure the data is secured and used ethically while prohibiting mishandling. Thus, blockchain technology has a huge scope in the precision medicine market.
Start-ups and scaleups are developing research platforms and techniques to better understand the underlying causes of cancer. For instance, US-America start-up OncXerna creates an RNA expression biomarker panel that permits clinical researchers to develop algorithms for effective treatment using RNA signature derived from biomarker panels.
AI leverages sophisticated computation and deep learning to overcome the obstacles involved in sizeable disparate data sets and generate insights to enable the system to learn and reason. Over the last few years, AI approaches have been used in neurodevelopmental disorders, specifically autism spectrum disorder, epileptic encephalopathy, intellectual disability, attention deficit hyperactivity disorder (ADHD), and rare genetic disorders.
KEY GROWTH FACTORS
Technological Advancements for Improvement of Precision Medicine Delivery
Increased Adoption of Cloud-Based Platform
The emergence of Local & Regional Start-Ups
Prevalence of Cancer, Genetic and Rare Diseases
Increased Partnership Among Software and Pharmaceutical Companies
Key Vendors
AccessDx Laboratory
Fabric Genomics
Foundation Medicine
Intel
IBM
Syapse
Other Prominent Vendors
GenomOncology
Koninklijke Philips
LifeOmic
NantHealth
PhenoTips
PierianDx
Qiagen
Roper Technologies
SOPHiA GENETICS
Translational Software
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage4.1 Market Definition4.2 Base Year4.3 Scope Of The Study
5 Report Assumptions & Caveats5.1 Key Caveats5.2 Currency Conversion5.3 Market Derivation
6 Market at a Glance
7 Introduction7.1 Overview
8 Market Opportunities & Trends8.1 Technological Advances In Precision Medicine Delivery8.2 Increased Adoption Of Cloud-Based Platforms8.3 Emergence Of Local & Regional Start-UPS8.4 Artificial Intelligence In Precision Medicine
9 Market Growth Enablers9.1 High Prevalence Of Cancer, Genetic, & Rare Diseases9.2 Increased Partnerships Among Software & Pharmaceutical Companies9.3 Paradigm Shift Toward Tailored Disease Treatment
10 Market Growth Restraints10.1 High R&D & Implementation Cost Of Precision Medicine10.2 Dearth Of Skilled Professionals10.3 Lack Of Security & Storage For Large Volumes Of Sequenced Data
11 Market Landscape11.1 Market Overview11.2 Market Size & Forecast11.2.1 Geography Insights11.2.2 Deployment Insights11.2.3 Application Insights11.2.4 End-User Insights11.3 Five Forces Analysis
12 Deployment12.1 Market Snapshot & Growth Engine12.2 Market Overview12.3 On-Premise12.4 Cloud
13 Application13.1 Market Snapshot & Growth Engine13.2 Market Overview13.3 Precision Oncology13.4 Pharmacogenomics13.5 Rare Disease
14 End-User14.1 Market Snapshot & Growth Engine14.2 Market Overview14.3 Healthcare Providers14.4 Research Labs14.5 Pharma & Biotech Companies
15 Geography15.1 Market Snapshot & Growth Engine15.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/udylyk
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