Fairfield Market Research Precision Medicine Software Market Size, Share, Growth Drivers

Precision Medicine Software Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Published Date: Upcoming | Format:

Industry: Healthcare IT

Request TOC Request Customization

The worldwide precision medicine software market size was recorded to be around US$1.5 Bn in 2021. With industry’s shift toward a personalised care delivery, the demand will rise high at a strong, double-digit rate through the end of this decade.

Market Overview

A novel approach to illness prevention and treatment called precision medicine, majorly focuses on cancer, infectious diseases, and rare disorders. It combines many molecular biology methods and apparatus. These methods can help doctors, and clinical staff maintain tabs on their patients better. Precision medicine software assists in the advancement of genetic research and genomics.

For a better understanding of illnesses, it has a wide variety of applications in the diagnostics and therapeutic domains, including the creation of new therapies, cancer research, the finding of biomarkers, the repurposing of drugs, and patient stratification for clinical trials. Investments continue to pour in for the R&D activity, which will amplify the precision medicine software market size.

Key Report Findings

  • In 2021, the market for precision medicine software stood at nearly US$1.5 Bn
  • Industry’s rapid shift to personalised medicine will create a favourable growth environment for precision medicine software market space
  • The pandemic held a dual impact on the growth of this market
  • Oncology remains the leading market segment, whereas on-premises continues to be the preferred mode of software deployment
  • North America’s dominance to be intact in the global precision medicine software space

Market Drivers

Developments in Science and Technology in the Genome Field

The market for precision medicine software is fuelled by the developments in cell biology and technology. Several initiatives are afoot with the objectives to organise and integrate longitudinal patient data with molecular testing data, creating a dataset and disease network models that will aid the healthcare system in anticipating the onset of diseases better, and their potential responses to the various treatments. Such developments will thus create a strong breeding ground for the expansion of market.

Innovation and Accessibility of New Technologies

As a standard of treatment for cancer patients, the Cleveland Clinic, for instance, extended its advanced genomic testing platform in November 2021. Whole-exome sequencing analyses every piece of DNA in the genes that produce proteins in the body. RNA sequencing that evaluates how these proteins are encoded, is used in this enhanced capacity to screen tumour samples.

The market is predicted to expand significantly throughout the period due to advancements in precision medications and diagnostics, ground-breaking innovations like next-generation sequencing (NGS), and big genomic data.

The COVID-19 Impact

The COVID-19 pandemic has significantly impacted the precision medicine software market. The demand for precision medicine software has increased in line with the rapidly strengthening boom around remote patient monitoring, and telemedicine solutions that emerged lucrative overnight as a part of the strategic and demand-driven response to the pandemic.

Additionally, the global shift towards digital healthcare has accelerated the adoption of precision medicine software, allowing for real-time remote data analysis, and decision-making.

On the other hand, the pandemic has also caused disruptions in the supply chain that further led to delayed R&D, further causing a slowdown in the market. Overall, the COVID-19 pandemic has positively and negatively impacted the precision medicine software market.

Market Challenges

Lack of Awareness About Precision Medicine Practices

A measurable lack of awareness and understanding of precision medicine practices primarily hinders the growth of the precision medicine software market. Precision medicine involves use of specific information about a patient's genetics, environment, lifestyle, and health history to develop personalised medical treatments and strategies.

However, many people still need to become more familiar with precision medicine's concept and potential benefits, which can limit its adoption and impact. Additionally, there may be concerns or misconceptions about the cost and complexity of precision medicine, as well as data privacy and security issues that can slow down its growth.

Overview of Key Market Segments

On-premises Delivery Mode Dominant

The precision medicine software market has been segmented based on delivery mode, into on-premises, and cloud-based. The former held the largest revenue share of the market for precision medicine software in 2021 owing to a wide range of benefits that it offers, including a complete control over software upgrades and data storage, and high levels of data security and protection.

In contrast to cloud computing, customers adopting on-premises solutions have total control over their data and are accountable for any related risks. On-premises does not allow the utilisation of a provider’s hardware, which sets the paradigm apart from other possibilities for cloud computing. This will uphold the dominant market position of this segment.

Market Opportunity

Rising Global Engrossment in Cancer Research Creates a Constant Stream of Opportunities

Based on application, the precision medicine software market has been segmented as oncology, pharmacogenomics, rare diseases, and other application (neurodegenerative, genetic testing, and carrier screening testing). The oncology sector held the greatest market share for precision medicine software in 2021.

The significant share of this market is primarily attributable to the rising incidence of cancer, the move towards personalised medicine, the increase in funding for cancer research, the use of precision medicine in oncology research, and the increased investments made by governmental bodies in the field of precision medicine and related software.

Over 7,000 uncommon illnesses afflict over 30 million people in the United States. Most of unusual diseases have no known treatments, and many of them are deadly. Drug, biological, and device development in unusual diseases is challenging for several reasons, including complicated biology and a lack of knowledge of the natural history of many rare diseases. Due to a relatively less number of individuals with rare disorders, both clinical studies and treatment of might be challenging.

Regional Coverage

North America Maintains a Leading Position

Over the forecast period, it is anticipated that the North American market will account for the largest revenue share. Due to increased research institute-business collaborations, rising R&D spending on precision medicine, and an increase in licensing agreements and collaborations among companies, the adoption of precision medicine software across North America will heighten rapidly.

Precision medicine is a novel medical strategy involving tailoring medical choices, therapies, habits, or products to each patient. The rising cancer incidence in North American nations like Canada drives the expansion of the market under study.

For instance, the Canadian Cancer Society stated in June 2022 that 233,900 persons in Canada would receive a cancer diagnosis by the end of 2022. The source also stated that colon, lung, breast, and prostate cancers are anticipated to be the most frequently diagnosed malignancies. As a result, rising cancer incidences boost demand for oncology precision medicine and propel regional market expansion.

Asia Pacific Presents an Attractive Pocket

The Asia Pacific region is anticipated to see the highest growth over the projected period. The expanding shift in medical practice from one-size-fits-all to precision medicine, rapidly rising healthcare spending, and rising funds for research activities predominantly account for the progression of the precision medicine software market across this region.

With more international players developing interest in establishing their bases in Asian markets, the precision medicine software market is likely to flourish in Asia Pacific over the upcoming years.

Competition Landscape Analysis

A few of the leading players in the precision medicine software market include-

  • Foundation Medicine, Inc.
  • Syapse, Inc.
  • Human Longevity, Inc.
  • Sunquest Information Systems Inc.
  • Translational Software Inc.
  • GenomOncology LLC
  • N-of-One
  • PhenoTips
  • PierianDx
  • Fabric Genomics, Inc.
  • 2bPrecise

Key Company Developments

  • In March 2021, the National Institutes of Health (NIH) collaborated with the following public and commercial organisations to advance research on precision medicine for Alzheimer's disease. Consequently, growing collaborations to improve precision medicine for various ailments will likely lead to a successful market expansion in the country.
  • In April 2021, MCI Onehealth Technologies Inc. (MCI) entered a strategic partnership with Ariel Precision Medicine Inc. to advance its precision medicine and technology roadmap for clinical and commercial projects with pharmaceutical, medical device, and life sciences companies, thereby advancing the market.
  • In May 2021, AdventHealth announced the launch of its data-driven precision medicine initiative as a part of the expansion of its genomics program, targeting effective patient data management.
  • In June 2022, Synapse, a leading supplier of software to enable precision cancer treatment and drug discovery, closed a US$68 Mn growth equity investment round eyeing advancements in RWE-driven precision medicine.
  • In November 2022, The University of Pécs (UP) and BGI Genomics decided to open a collaborative lab in Hungary. The collaborative lab will begin formal operations to boost BGI Genomics' and the UP's avant-garde precision medicine advancements in the Central and Eastern European region and to speed the development of genomic sequencing and clinical diagnostic services.

Request Table of Contents

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

View Methodology
Fairfield Quality assured
Fairfield Confidentiality assured
Fairfield Custom research services