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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.
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:
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.
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 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.
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY DELIVERY MODE
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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