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Demand for Global Precision Medicine Software Market Size to Hit $25,840.07 Million by 2028, Exhibit a CAGR of 10.50% - Precision medicine software industry is fuelled by growing big data analysis and I.T. sectors, Says Facts & Factors

·11-min read
Facts & Factors
Facts & Factors

[213+ Pages Report] According to a market research study published by Facts and Factors, the demand analysis of Global Precision Medicine Software Market size & share is estimated to grow about USD 25,840.07 million by 2028, at a CAGR of approximately 10.50% between 2022 and 2028. North America accounted for the biggest revenue share. Due to extensive research being done to create novel treatments, the market in this area is expanding.

LONDON, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Precision Medicine Software Market By Delivery Mode (On-premise, Web & Cloud-based), By Application (Oncology, Pharmacogenomics, and other applications), By End User (Healthcare Providers, Research & Government Institutes, and Pharmaceutical & Biotechnology Companies), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Precision Medicine Software Market size & share was approximately USD 14,194.50 million in 2021. The market is expected to grow above a CAGR of 10.50% and is anticipated to reach over USD 25,840.07 million by 2028.”

The report analyses the Precision Medicine Software market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Precision Medicine Software market.

What is Precision Medicine Software? How big is the Precision Medicine Software Industry?

  • Report Overview:

Precision medicine is a medical model that advocates for healthcare personalization through medicines, medical judgments, goods, and practices that are tailored to the specific patient's healthcare needs. The precision medicine model uses diagnostic testing to select the most appropriate or effective medical treatment depending on the patient's genetic makeup or structure and cellular analysis. Analytics, molecular diagnostics, and imaging methods are tools utilized in precision medicine.

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Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.

  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package

  • About 213+ Pages Research Report (Including Recent Research)

  • Provide detailed chapter-by-chapter guidance on Request

  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022

  • Includes Tables and figures have been updated

  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis

  • Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Market Growth Drivers

Due to the growing development of big data analysis and the I.T. industry, it is anticipated that the cost and time necessary for producing new precision medications will decrease. The creation of new, precise medications will make it easier to provide patients with the proper prescription to improve their health.

Numerous genetic and diagnostic tests must be performed in order to give Precision Medicine software, and these tests generate a significant amount of usable data needed for personalized prescriptions. Because big data analysis and I.T. can process, analyze, and store essential data, doctors may practice Precision Medicine Software. The government provides funding to major market participants who are developing bioinformatics technology for use in Precision Medicine Software research.

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Key Offerings:

  • Market Size, Trends, & Forecast by Revenue | 2022−2028

  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

  • Market Segmentation – A detailed analysis by Delivery Mode, Application, End User, and Region

  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

Report Scope:

Report Attribute

Details

Market Size in 2021

USD 14,194.50 Million

Projected Market Size in 2028

USD 25,840.07 Million

CAGR Growth Rate

10.50% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Syapse Inc. (U.S.), Fabric Genomics Inc. (U.S.), GenomOncology LLC (U.S.), SOPHiA GENETICS SA (Switzerland), Human Longevity Inc. (U.S.), Sunquest Information Systems Inc. (U.S.), LifeOmic Health, LLC (U.S.), Translational Software Inc. (U.S.), N-of-One (U.S.), PhenoTips (Canada), PierianDx (U.S.), Foundation Medicine Inc. (U.S.), 2bPrecise (U.S.), and Others

Key Segment

By Delivery Mode, Application, End User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Key questions answered in this report:

  • What is the market size and growth rate forecast for Precision Medicine Software industry?

  • What are the main driving factors propelling the Precision Medicine Software Market forward?

  • What are the leading companies in the Precision Medicine Software Industry?

  • What segments does the Precision Medicine Software Market cover?

  • How can I receive a free copy of the Precision Medicine Software Market sample report and company profiles?

Precision Medicine Software Market: COVID-19 Impact Analysis

As a direct result of the pandemic, the healthcare industry is currently experiencing a crisis, and as a result, several anti-pandemic initiatives have been developed. Research into Precision Medicine Software is being conducted by the healthcare industry in order to facilitate a better understanding of COVID-19, as well as to evaluate the impact that has been created by the virus in an effort to discover novel therapies. Quite a few different nations have begun initiatives to speed up the process of applying precision medicine software to the coronavirus. For example, in July 2020, the San Antonio Partnership for Precision Therapeutics made an announcement about funding for three cooperative COVID-19 research activities to be conducted in San Antonio. These programs will help the groundbreaking COVID-19 research being done in San Antonio build a solid foundation.

The Cleveland Clinic has also begun research in genomic medicine with the goal of identifying the genetic factors that determine a person's vulnerability to viruses and employing these factors to develop preventative and curative treatments. Emory University researchers are also investigating the use of an antiviral drug that works in a manner analogous to that of Remdesivir, which is to say, it stops the reproduction of viruses.

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Precision Medicine Software Market: Segmentation Analysis

The distribution method, application, and end-user are the three sectors that make up the Global Precision Medicine Software market. The industry is divided into three categories based on distribution methods: on-premise, web, and cloud.

Pharmacogenomics and other applications make up the majority of the precision medicine market in Europe. Healthcare providers, government research agencies, and pharmaceutical and biotechnology firms make up the market's end users.

Regional Dominance:

The use of precision pharmaceuticals in the European continent is likely to improve patient outcomes. It is made up of investors prepared to cover the cost of the drugs and medical institutions eager to develop genetic testing and analytics tools. In addition, European drug research centers are focussing on developing novel, individualized forms of treatment, while companion diagnostics companies are focusing on effectively obtaining data. Genetic analytics also assist in evaluating the results of patient clinical data.

Furthermore, via the efficient provision of patient care services, Europe has significantly influenced the change in the healthcare sector. It appears that over the predicted period, the prevalence of cancer in Europe will increase demand for the product. However, throughout the years 2019 to 2025, the market's growth may be hampered by the precision medications' high beginning costs. However, the development of new methods for producing precision medicine will open up fresh growth prospects for the European market, negating the adverse effects of the obstacles to market expansion over the projection period. The U.K. currently holds the greatest market share out of all the other countries. The size of research facilities and laboratories is having a favorable effect on the market's growth rate. Leveraging the market's growth pace in this nation is also increasing the expertise of professionals in genomic analysis.

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Competitive Players

The report contains qualitative and quantitative research on the global Precision Medicine Software Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Precision Medicine Software market include

  • Syapse Inc. (U.S.)

  • Fabric Genomics Inc. (U.S.)

  • GenomOncology LLC (U.S.)

  • SOPHiA GENETICS SA (Switzerland)

  • Human Longevity Inc. (U.S.)

  • Sunquest Information Systems Inc. (U.S.)

  • LifeOmic Health

  • LLC (U.S.)

  • Translational Software Inc. (U.S.)

  • N-of-One (U.S.)

  • PhenoTips (Canada)

  • PierianDx (U.S.)

  • Foundation Medicine Inc. (U.S.)

  • 2bPrecise (U.S.)

Recent Industry Developments:

  • The Personalized Lifestyle Medicine Center (PLMC), a patient clinic and clinical research facility, was opened by Metagenics, Inc. in Gig Harbor, Washington, in January 2019. The Center will experiment with precision lifestyle medicine, tailoring its treatment plans to each patient specifically.

  • New vitamin supplements for targeted health are unveiled by Vitamin Packs, Inc. PERSONA nutrition in March 2019. The most recent supplements include new vegan softgels, a programme created especially for bariatric patients, and a combo product to let subscribers take fewer pills each day.

  • Invitrocue and ASTAR's Genome Institute of Singapore announced in July 2017 the opening of a cooperative laboratory to build tumour models to aid clinicians' decision-making and enable the use of individualized medicines that will assist patients to manage their illnesses and extend survival.

Browse the full “Precision Medicine Software Market By Delivery Mode (On-premise, Web & Cloud-based), By Application (Oncology, Pharmacogenomics, and other applications), By End User (Healthcare Providers, Research & Government Institutes, and Pharmaceutical & Biotechnology Companies), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/precision-medicine-software-market

The global precision medicine software market is segmented as follows:

By Delivery Mode

  • On-premise

  • Web & Cloud-based

By Application

  • Oncology

  • Pharmacogenomics

  • Other Applications

By End User

  • Healthcare Providers

  • Research & Government Institutes

  • Pharmaceutical & Biotechnology Companies

By Region

  • North America

    • The U.S.

    • Canada

  • Europe

    • France

    • The UK

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • Southeast Asia

    • Rest of Southeast Asia

  • The Middle East & Africa

    • GCC

    • South Africa

    • Rest of the Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Key Insights from Primary Research

  • As per the analysis, the Precision Medicine Software market is likely to grow above a CAGR of around 10.50% between 2022 and 2028.

  • The Precision Medicine Software market size was worth around US$ 14,194.50 million in 2021 and is estimated to hit approximately US$ 25,840.07 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

  • Due to the extensive use of pharmacogenomics in the development of biopharmaceuticals, the therapeutics segment is anticipated to have profitable growth throughout the forecast period .

  • In 2020, North America accounted for the biggest revenue share.

  • The market in the Asia Pacific is anticipated to experience the quickest CAGR during the forecast period due to expanding PM startups and supportive government initiatives.

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