USD 1.31 billion
Global Precision Medicine Software Market Size, Share, Growth Analysis, By Delivery(On-premises, cloud-based), By End user(Hospitals, diagnostic laboratories), By Application(Oncology, pharmacogenomics) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2224 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
92 |
Figures:
76
Global Precision Medicine Software Market Insights
Precision Medicine Software Market size was valued at USD 1.31 billion in 2022 and is poised to grow from USD 11.14 billion in 2023 to USD 30.17 billion by 2030, at a CAGR of 11.40% during the forecast period (2023-2030).
The global precision medicine software market is experiencing significant growth and innovation driven by advancements in technology and increasing demand for personalized healthcare solutions.
Precision medicine software enables healthcare providers to gather, analyze, and utilize large amounts of patient data to deliver tailored treatment plans based on individual genetic, environmental, and lifestyle factors.
Key factors contributing to market growth include the rising prevalence of chronic diseases, advancements in genomics and proteomics, increasing adoption of electronic health records, and supportive government initiatives.
Furthermore, the integration of artificial intelligence and machine learning algorithms into precision medicine software is expected to further accelerate market expansion in the coming years.
US Precision Medicine Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
11.40% CAGR
Global Precision Medicine Software Market by region
Country Share for North America (%)
Global Precision Medicine Software Market by end-user
Global Precision Medicine Software Market by end-user
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Global Precision Medicine Software Market Segmental Analysis
The market can be segmented based on delivery mode, application, end-user, and region. In terms of delivery mode, the market is divided into on-premises, cloud-based, and web-based solutions. Application-wise, the market is categorized into oncology, pharmacogenomics. In terms of end-users, the market is segmented into hospitals, diagnostic laboratories, research institutions, and others. Geographically, the market is analyzed across North America, Latin America, Europe, Asia-Pacific, and MEA
Precision Medicine Software Market Analysis By Delivery Mode
Cloud-based delivery allows healthcare organizations to adopt precision medicine software without the need for extensive IT infrastructure or resources. It provides the flexibility to scale resources up or down based on demand, making it appealing to organizations of all sizes. Additionally, cloud-based solutions facilitate collaboration and data sharing among healthcare providers and researchers, promoting better patient care and advancing precision medicine initiatives.
On-premises delivery, although still relevant for certain organizations with specific security or compliance requirements, may have a comparatively slower growth rate due to the increasing preference for cloud-based solutions in the healthcare industry. The need for dedicated IT resources, maintenance, and potential limitations in scalability can be limiting factors for on-premises delivery mode.
Precision Medicine Software Market Analysis By Application
The largest application segment in the global precision medicine software market is oncology. Precision medicine has revolutionized cancer treatment by enabling tailored therapies based on the individual characteristics of the tumor and the patient. Advancements in genomic sequencing technologies, coupled with the increasing understanding of the genetic basis of cancer, have propelled the adoption of precision medicine software in oncology.
The fastest-growing application segment is neurology. Precision medicine holds great promise in the field of neurology, where there is a significant need for personalized treatment approaches due to the complexity and heterogeneity of neurological disorders. The integration of genomic data, clinical information, and imaging data has the potential to revolutionize the diagnosis, prognosis, and management of conditions like Alzheimer's disease, Parkinson's disease, and epilepsy. Overall, precision medicine software is rapidly expanding its presence across multiple medical specialties, empowering healthcare professionals with valuable insights to deliver personalized care and optimize treatment outcomes
Global Precision Medicine Software Market by end-user, 2023 (%)
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Global Precision Medicine Software Market Regional Insights
The global precision medicine software market has witnessed significant regional variations in recent years. North America has dominated the market, primarily driven by the presence of well-established healthcare infrastructure and advanced research capabilities in the United States. Europe has also emerged as a prominent market due to the increasing adoption of precision medicine practices and supportive government initiatives. In the Asia Pacific region, countries like China, India, and Japan have shown considerable growth potential, owing to the rising healthcare expenditure and a growing focus on personalized treatment approaches. Latin America and the Middle East & Africa regions are also expected to experience steady growth, fueled by improving healthcare infrastructure and rising awareness about precision medicine benefits.
Global Precision Medicine Software Market by geography, 2024-2031
- Largest
- Fastest
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Global Precision Medicine Software Market Dynamics
Precision Medicine Software Market Drivers
High Demand for Personalized Heathcare
- One driver of the global precision medicine software market is the increasing demand for personalized healthcare solutions. Precision medicine aims to provide tailored medical treatments and interventions based on an individual's unique genetic makeup, lifestyle, and environmental factors. The advent of advanced genomic sequencing technologies and the availability of big data analytics have facilitated the integration of precision medicine into clinical practice. Precision medicine software enables healthcare providers to analyze vast amounts of patient data, including genetic information, medical records, and real-time patient monitoring, to make more informed and personalized treatment decisions. The growing awareness among patients and healthcare providers about the potential benefits of precision medicine is driving the demand for software solutions that support its implementation.
Precision Medicine Software Market Restraints
Complexity and High Cost
- A major restraint in the global precision medicine software market is the complexity and high cost associated with implementation and integration. Precision medicine involves the collection, storage, and analysis of large-scale genomic and clinical data, requiring robust software systems capable of handling and interpreting this information accurately. However, the implementation and integration of such software solutions can be challenging for healthcare organizations due to factors such as interoperability issues, data privacy concerns, and the need for extensive training of healthcare professionals. Additionally, the high costs associated with acquiring, maintaining, and upgrading precision medicine software can act as a barrier for smaller healthcare institutions and resource-constrained regions, limiting their ability to adopt and leverage these advanced technologies.
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Global Precision Medicine Software Market Competitive Landscape
The global precision medicine software market is characterized by intense competition among key players striving to capture significant market share. Leading companies such as IBM Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, and Koninklijke Philips N.V. dominate the market, leveraging their strong technological expertise and extensive customer base. These players focus on strategic collaborations, partnerships, and acquisitions to expand their product portfolios and enhance their market presence. Moreover, continuous investments in research and development activities, along with a focus on innovative solutions, enable them to stay ahead in the competitive landscape of the precision medicine software market, catering to the growing demand for personalized healthcare solutions worldwide.
Precision Medicine Software Market Top Player’s Company Profiles
- Flatiron Health (United States)
- Foundation Medicine (United States)
- Tempus Labs (United States)
- Fabric Genomics (United States)
- NantHealth (United States)
- SOPHiA GENETICS (Switzerland)
- Syapse (United States)
- Human Longevity Inc. (United States)
- 2bPrecise (United States)
- PierianDx (United States)
- Lifeomic (United States)
- Gene42 (Canada)
- Bluebee (Netherlands)
- Sunquest Information Systems (United States)
- WuXi NextCODE (China)
- Roper Technologies (United States)
- Station X (United Kingdom)
- Molecular Health (Germany)
- Qiagen (Germany)
- Roche (Switzerland)
Precision Medicine Software Market Recent Developments
- On January 5, 2022, ILMN partnered with Synapse to assess large panel biomarker testing patterns in community oncology practices across the United States.
Global Precision Medicine Software Key Market Trends
- The global precision medicine software market is witnessing significant trends shaping the industry. One key trend is the integration of artificial intelligence (AI) and machine learning (ML) algorithms in precision medicine software, enabling more accurate diagnosis, personalized treatment plans, and prediction of patient outcomes. Another important trend is the growing adoption of cloud-based solutions, allowing secure storage, analysis, and sharing of large volumes of genomic and clinical data. Furthermore, there is an increasing focus on interoperability and data standardization to facilitate seamless integration of different healthcare systems and enhance collaboration among healthcare providers. These trends collectively drive the advancement and widespread adoption of precision medicine software in improving patient care and outcomes.
Global Precision Medicine Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis the global precision medicine software market is poised for promising future prospects. Precision medicine, which tailors medical treatments to individual patients based on their genetic makeup, has gained significant attention and is transforming healthcare practices. The increasing prevalence of chronic diseases, such as cancer, cardiovascular disorders, and neurological conditions, has amplified the need for personalized therapies, driving the demand for precision medicine software. Furthermore, advancements in genomic research and technological innovations, including next-generation sequencing and bioinformatics tools, are enhancing the ability to analyze vast amounts of genetic data, further fueling the growth of the precision medicine software market. Additionally, supportive government initiatives and funding for precision medicine research, coupled with growing collaborations between healthcare organizations and technology companies, are likely to accelerate market growth. As healthcare providers and pharmaceutical companies increasingly adopt precision medicine approaches, the demand for software solutions that enable efficient data management, analysis, and decision-making in this field is expected to soar.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.31 billion |
| Market size value in 2031 | USD 30.17 billion |
| Growth Rate | 11.40% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Precision Medicine Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Precision Medicine Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Precision Medicine Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Precision Medicine Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Precision Medicine Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Precision Medicine Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Precision Medicine Software Market Report Snapshots
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