Precision Medicine Software Market by Delivery Mode and Geography - Forecast and Analysis 2020-2024

The global precision medicine software market size has the potential to grow by USD 882.65 million during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period.

This report provides a detailed analysis of the market by geography (Asia, Europe, North America, and ROW) and delivery mode (on-premise and cloud-based). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including F. Hoffmann-La Roche Ltd., Fabric Genomics Inc., Gene42 Inc., Human Longevity Inc., International Business Machines Corp., Koninklijke Philips NV, NantHealth Inc., Roper Technologies Inc., SOPHiA GENETICS SA, and Syapse Inc.

Market Overview

Market Competitive Analysis

The precision medicine software market is currently fragmented. The degree of fragmentation will remain the same over the forecast period. Vendors are adopting organic growth strategies, such as the implementation of advanced technologies such as artificial intelligence (AI). AI-enabled precision medicine software can expedite genome sequencing and augment the production of customized medicine. Roper Technologies Inc., SOPHiA GENETICS SA, and Syapse Inc. are a few of the significant market participants. Although the accelerating market growth momentum will offer immense business opportunities to the vendors, the high cost of adopting advanced healthcare technologies will challenge the growth of many. To make the most of the opportunities, market vendors should focus more on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market positions, this precision medicine software market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. This precision medicine software market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading precision medicine software companies, including:

• F. Hoffmann-La Roche Ltd.
• Fabric Genomics, Inc.
• Gene42 Inc.
• Human Longevity, Inc.
• International Business Machines Corp.
• Koninklijke Philips NV
• NantHealth Inc.
• Roper Technologies Inc.
• SOPHiA GENETICS SA
• Syapse Inc.

Precision Medicine Software Market: Segmentation by Region

North America was the largest market for precision medicine software in 2019. The increasing awareness about precision/personalized medicine, the rising number of approvals, and the presence of established vendors are significantly driving the growth of the precision medicine software market share in North America. Another factor that is contributing to the market growth in the region is the rising number of initiatives and collaborations, such as the Precision Medicine Initiative in the US, supporting the use of precision medicine.

Over 45% of the overall market’s growth will originate from North America during the forecast period. The US is the key market for precision medicine software in the region. The market growth rate in this region will be slower than that of Asia and ROW during the forecast period.

Precision Medicine Software Market: Segmentation by Delivery Mode

On-premise software infrastructure is more secure and protected compared with cloud computing infrastructure. Therefore, in the highly regulated healthcare industry, companies are deploying on-premise precision medicine software solutions. Moreover, on-premise software systems can be operated even without access to the Internet, which is particularly useful in places where Internet connectivity is weak or unreliable. These factors are driving the precision medicine software market growth by the on-premise segment.

The growth rate of the on-premise market segment by the precision medicine software market is expected to be slower compared with the cloud-based market segment over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the precision medicine software market size.

Precision Medicine Software Market: Key Drivers and Trends

Precision medicine technology is used to precisely diagnose disease conditions in a patient. The technology uses unique genetic information of a patient to yield the best medical care outcome, which eliminates unwarranted variations associated with conventional medical care. Moreover, the technology reduces patient management costs by a minimum of 35%. As a result, the sales of precision medicine software has increased. Noting the lucrative market landscape, favorable research initiatives on precision medicine have also increased. With the need to curb the increasing incidence of conditions such as cancer, governments are also funding several initiatives to develop effective treatment and cure.

• The use of digitization in genomic research and genetic engineering has revolutionized healthcare technology, including precision medicine.
• Vendors are implementing AI in precision medicine software solutions to expedite genome sequencing and enhance the production of customized medicine.
• The blockchain technology is also being deployed to ensure data security and the ethical use of data, which is one of the key precision medicine software market trends.
• Many products in the market have both AI and blockchain technologies for higher data security.
• The precision medicine software market size will grow at a CAGR of 11% during 2020-2024. 

Precision Medicine Software Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will accelerate the growth of the precision medicine software market during the next five years
• Precise estimation of the global precision medicine software market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the precision medicine software industry in Asia, Europe, North America, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of precision medicine software vendors