Original article can be found here (source): Artificial Intelligence on Medium
Precision Medicine Software Market Worth $2.80 Billion by 2027 at a CAGR of 11.8% |Meticulous Research
Meticulous Research- leading global market research company published a research report titled “Precision Medicine Software Market by Delivery Mode (On-premise, Cloud-based), Application (Oncology, Pharmacogenomics, CNS), End User (Healthcare Providers, Research, Academia, Pharma, Biotech) — Global Forecast to 2027”.
According to this latest publication from Meticulous Research, the precision medicine software market is expected to grow at a CAGR of 11.8% from 2019 to reach to $2.8 billion by 2027.
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The high growth of this market is mainly attributed to the paradigm shift in treatment, rising pressure to decrease healthcare costs, scientific & technological advances in the genomics field, and growing focus towards providing companion diagnostics & biomarkers for various therapeutic areas. Furthermore, the lack of awareness about advanced diagnostic capabilities and fragmented healthcare systems in developing countries hinders the growth of this market.
The global precision medicine software market study presents historical market data in terms of values (2017 and 2018), current data (2019), and forecasts for 2027- by delivery mode (on-premise, web & cloud-based), application (oncology, pharmacogenomics, and other applications), end-user (healthcare providers, research & government institutes, and pharmaceutical & biotechnology companies), and geography. The study also evaluates industry competitors and analyzes the market at regional and country level.
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On the basis of delivery mode, the on-premise segment accounted for the largest share of the overall precision medicine software market in 2019. However, the web & cloud-based delivery mode segment is expected to grow at the highest CAGR during the forecast period, owing to its benefits, such as on-demand self-serving, no maintenance cost, low storage & upfront cost, and excessive storage flexibility. In addition, the factors such as greater security in private clouds and automated updating features of web and cloud solutions are further expected to support the rapid growth of this segment.
Based on application, the oncology segment accounted for the largest share of the overall market in 2019. The factors such as growing prevalence of cancer, shift towards personalized treatment, rising funding in cancer research, applications of precision medicine in oncology research, and increased investments by government organizations in precision medicine and related software industry contributed to the largest share of the oncology application segment.
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Based on end user, the market is divided into healthcare providers, research & government institutes, and pharmaceutical & biotechnology companies. In 2019, the healthcare providers segment commanded the largest share of the overall precision medicine software market. The large share of this segment was mainly due to growing healthcare infrastructure, increasing demand for quality healthcare, rising number of tertiary/specialty care hospitals, rising incidence of chronic diseases, and shift towards personalized/precision medicine.
Geographically, North America dominated the global precision medicine software market in 2019, followed by Europe and Asia Pacific. The factors such as well-established healthcare system in the region, rising adoption of technologically advanced products for cancer diagnosis & treatment, growing HCIT investment, government initiatives supporting developments in precision medicine, growing availability of research funding, and higher accessibility to precision medicine software are responsible for the largest share of this region in the precision medicine software market.
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The key players operating in the global precision medicine software market are Syapse, Inc. (U.S.), Fabric Genomics, Inc. (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.), Gene42 Inc. (Canada), PierianDx (U.S.), Foundation Medicine, Inc. (U.S.), and 2bPrecise (U.S.), among others.
Key questions answered in the report-
Which are the high growth market segments in terms of delivery mode, application, end-users, and region/countries?
What was the historical market for precision medicine software across the globe?
What are the market forecasts and estimates for the period of 2019–2027?
What are the major drivers, restraints, opportunities, and challenges in the global precision medicine software market?
Who are the major players in the precision medicine software market?
How is the competitive landscape and who are the market leaders in the global precision medicine software market?
What are the recent developments in the global precision medicine software market?
What are the different strategies adopted by the major players in the global precision medicine software market?
What are the geographical trends and high growth regions/ countries?
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