Market Synopsis
Precision medicine software is a novel illness preventive and treatment strategy that focuses on rare diseases, cancer, and infectious diseases. It combines molecular biology approaches with systems. Clinicians and doctors may utilize these ways to keep better track of their patients. Precision medicine software aids advances in genetic research and genomics. It offers a wide variety of diagnostic and therapeutic applications for improved disease knowledge, including novel medicine development, cancer research, biomarker identification, drug repurposing, and patient stratification for clinical trials.
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Market Size and Growth Analysis
As per DataM Intelligence’s new proven results, the “Global Precision Medicine Software Market” size reached US$ 1,550.7 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 3,706.4 million by 2030. The Precision Medicine Software market is expected to exhibit a CAGR of 11.8% during the forecast period 2023-2030.
Market Growth Drivers
The introduction of new bioinformatics platforms is projected to fuel the rapid growth of the global precision medicine software market. For example, XIFIN debuted its new precision medicine informatics platform (VisualSrata) in January 2019, which assists healthcare professionals in gaining insights, making choices, and improving patient care and outcomes.
Furthermore, new molecular strategy launches are likely to drive the development of the global precision medicine software market. For example, Harvard’s Wyss Institute introduced a novel molecular method (NuProbe) in April 2018. NuProbe is a variation detection approach based on DNA nanotechnology. It is a rapid, low-cost, multiplexed molecular diagnostic tool used to diagnose diseases such as cancer and infectious disorders.
In addition, the introduction of new genomic technologies is likely to boost the global precision medicine software market share. For instance, Ariel Precision Medicine, Inc. launched its new genomics tool, ArielDx, in September 2018 for individualized treatment and early identification of pancreatic illnesses.
Market Opportunities
Adoption of Artificial Intelligence Creates Novel Opportunities
The rapid adoption of artificial intelligence and cloud-based computing solutions in precision medicine, as well as the increasing adoption of precision medicine solutions in various emerging economies worldwide, are creating exciting new opportunities in the global Precision Medicine Software Market. Furthermore, the growing prevalence of cancer and higher cancer research funding is likely to drive the global Precision Medicine Software Market in the coming years.
Segmentation Analysis
The Global Precision Medicine Software Market is segmented by delivery mode, application type, end user, and region.
By Delivery Mode
By Application Type
By End-Users
By Region
Application Type Insights
In view of the application type, the oncology segment accounted for the largest share of the entire market and is expected to increase rapidly during the forecast period. The growing prevalence of sickness, increased funding in malignant growth studies, prospective applications of precision medicine in cancer research, and expanding initiatives by government organizations in precision medicine programming may all be attributed to a large percentage of this area.
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Industry News
Geographic Penetration
North America Dominates the Global Precision Medicine Software Market
North America is likely to have a dominating position in the global precision medicine software market owing to increased government initiatives during the projected period. For example, the National Institutes of Health (NIH) and Fitbit announced their first digital health technology effort for advanced precision medicine research in January 2019. This program is known as the All of Us Research Program. It is intended to enhance disease prevention and treatment by taking into account individual variations in lifestyle, environment, and genetics.
Moreover, rising new platform launches in the United States are likely to drive the global precision medicine software market. For example, in November 2016, the American Heart Association (AHA) announced the introduction of a cloud-based precision medicine platform in conjunction with Amazon Web Services (AWS). The primary goal of this platform is to aid physicians and researchers in data collecting and speed up solutions for cardiovascular disease therapies.
Competitive Landscape
Some of the key players contributing to the global precision medicine software market growth include Syapse, Inc, 2bprecise, LLC, Fabric Genomics, Inc., Sophia Genetics SA, Foundation Medicine, Inc., Pieriandx, Inc., Velsera, MediCardia Health, Translational Software Inc. and LifeOmic Holdings LLC among others.
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