Precision Medicine Software Market: Segmented: By Delivery Mode (On-Premise, Cloud-Based), By Application (Oncology, Pharmacogenomics, Rare Diseases, Others), By End User (Healthcare Providers, Research Centers & Government Institutes, Pharmaceutical & Biotechnology Companies), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Precision Medicine Software Market to surpass USD 4.1 billion by 2031 from USD 1.3 billion in 2021 at a CAGR of 11.7% in the coming years, i.e., 2021-2031.
Precision medicine, sometimes known as "personalized medicine," is a cutting-edge approach to illness prevention and treatment that takes into account an individual's unique traits and genetic makeup. Precision medicine software (platforms, data-sharing networks, clinical decision support software, AI-enabled, and so on) gives the healthcare/life sciences community access to integrated data and data-driven insights to help them improve their precision medicine program. Precision medicine was born out of a need for new diagnostic and analytical tools.
Global Precision Medicine Software Market is expected to project a notable CAGR of 11.7% in 2031.
The precision medicine software market is being driven by factors such as increased government financing for precision medicine projects, partnerships between pharmaceutical and software businesses, the entry of new players and VC funding, and an increase in the number of cancer patients. The integration of cloud-based solutions, as well as the application of Artificial Intelligence in precision medicine, are expected to provide market players with chances for growth.
The On-Premise segment is expected to grow with the highest CAGR during 2021-31
On the basis of Delivery Mode, the global Precision Medicine Software Market is fragmented into On-Premise, and Cloud-Based. The market for precision medicine software was dominated by the on-premise delivery mode segment. The huge market share of this sector is attributable to the numerous benefits associated with using on-premise delivery options. These models allow end users to use solutions from a variety of suppliers and buyers to choose when to upgrade software.
The Healthcare Providers segment is expected to grow with the highest CAGR during 2021-31
Global Precision Medicine Software Market is classified on the basis of End User into Healthcare Providers, Research Centers & Government Institutes, and Pharmaceutical & Biotechnology Companies. The healthcare providers category held the greatest market share. The expanding availability of precision medicine software and a growing emphasis on providing tailored medicine in hospitals can be contributed to this segment's substantial contribution.
Increasing government funding for the initiatives of Precision Medicine
More collaboration between research institutions and corporations, increased license agreements and partnerships among companies, and increased R&D expenditure in precision medicine are all projected to drive the worldwide precision medicine software market forward in the near future. Furthermore, the growth of the precision medicine software market is fueled by an increase in government funding for precision medicine efforts and an increase in the number of cancer patients.
The Growing Pressure to Reduce Healthcare Costs
Some of the major factors expected to drive the growth of this market include a paradigm shift in treatment, rising pressure to reduce healthcare costs, scientific and technological advances in the genomics field, and a growing focus on providing companion diagnostics and biomarkers for various therapeutic areas.
High Deployment Cost and Concerns for Data Privacy
Concerns about data privacy and the need to comply with legal standards while working with patient-related data are limiting the market's growth. Furthermore, high implementation costs, a lack of funding for precision medicine-based treatments, and the need for highly educated IT experts to handle very complex data related to precision medicine software all limit the market's growth.
Global Precision Medicine Software Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America has the largest proportion of precision medicine software. Growing HCIT investments in the region, the presence of regulatory mandates supporting market growth in the United States, and increasing digitalization and favorable funding initiatives by the Canadian government are all factors contributing to North America's large market share in precision medicine software.
In the middle of the epidemic, the healthcare industry has been working on numerous strategies to battle the pandemic. Precision medicine research is being conducted in the healthcare business in order to gain a better knowledge of COVID-19 and to assess the virus's impact in order to find new cures. Many governments have taken steps to speed up the use of precision medicine in the fight against coronavirus.
Global Precision Medicine Software Market is further segmented by region into:
Precision Medicine Software Market Segments:
|Market size value in 2021
|USD 1.3 billion
|Revenue forecast in 2031
|USD 4.1 billion
|CAGR of 11.7% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Delivery Mode, Application, End User, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Synapse Inc., Allscripts Healthcare Solutions Inc., Roche Holdings Inc., Fabric Genomics Inc., Sophia Genetics SA, PierianDx Inc., Qiagen N.V., Human Longevity Inc., Roper Technologies Inc., Gene42 Inc., and Other Prominent Players.
Precision Medicine Software Market size was estimated at USD 1.3 billion in 2021 and is expected to reach USD 4.1 billion in 2031.
Precision medicine software combines clinical and molecular data to provide significant insights into the best therapeutic treatment plan. Furthermore, it has a wide range of diagnostic and clinical applications for better understanding diseases like cancer, finding novel biomarkers, discovering new medicines, repurposing current pharmaceuticals, and stratifying patients for clinical trials, among other things.
The On-Premise segment accounted for the largest Precision Medicine Software Market share.
Key players in the Precision Medicine Software Market include Synapse Inc., Allscripts Healthcare Solutions Inc., Roche Holdings Inc., Fabric Genomics Inc., Sophia Genetics SA, PierianDx Inc., Qiagen N.V., Human Longevity Inc., Roper Technologies Inc., Gene42 Inc., and Other Prominent Players.
The market is predicted to increase due to the rising use of precision medicine solutions in various growing economies throughout the world, as well as rapid implementation of artificial intelligence and cloud-based computing solutions in the field of precision medicine.
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