Precision Medicine Software Forecasts to 2028 – Global Analysis By Delivery Mode (Web & Cloud Based, On Premise), Application (Pharmacogenomics, Oncology, Rare Diseases, Other Applications), End User (Research & Government Institutes, Healthcare Providers

Precision Medicine Software Forecasts to 2028 – Global Analysis By Delivery Mode (Web & Cloud Based, On Premise), Application (Pharmacogenomics, Oncology, Rare Diseases, Other Applications), End User (Research & Government Institutes, Healthcare Providers, Pharmaceutical & Biotechnology Companies, Other End Users), and Geography

According to Stratistics MRC, the Global Precision Medicine Software Market is accounted for $15,968 billion in 2022 and is expected to reach $32,372 billion by 2028 growing at a CAGR of 12.5% during the forecast period. The diagnosis of diseases like malignancies, infectious diseases, genetic problems, and heart diseases is made possible by precision medicine software, which comprises on-premise as well as web- and cloud-based delivery platforms. A key tool for assessing unusual ailments, identifying infectious infections, and viewing foetal aneuploidy, this programme may additionally be utilized to tailor patients' therapy.

According to National Cancer Institute, approximately 1,806,590 new cases were analyzed with cancer which led to 606,520 deaths in 2020. Moreover, the American Cancer Society identified 1.9 million cancer cases in 2021, and over 608,570 deaths were cancer-related. Similarly, CDC assessed that annual new cancer cases will be 29.5 million by 2040.

Market Dynamics:

Driver:

Growing big data analysis and IT sectors

It is projected that the cost and time required to produce new precision drugs will reduce due to the expanding advancement of big data analysis as well as the IT sector. It will be simpler to prescribe patients with the right drug to improve their health as a result of the development of new, precise medications. In order to provide Precision Medicine software, multiple genetic and diagnostic tests have to be carried out, and these tests produce a sizable amount of usable data required for customised prescriptions. The ability of IT and big data analysis to handle, analyse, and store crucial data allows clinicians to employ Precision Medicine Software.

Restraint:

Rising healthcare costs and privacy concerns

The rising cost of healthcare in the region is one of the obstacles towards the marketplace of precision medicine software throughout Europe, which will restrict its use there. Concerns regarding privacy and the security of personal data are predicted to have a detrimental effect on the development of the market business in Europe.

Opportunity:

Rising prevalence of cancer and increasing funding in cancer research

The potential of precision medicine to transform cancer care is enormous. The implementation of precision medicine in oncology would be accelerated by the rising incidence of cancer and the rising financing for cancer research. The foundation for integrating precision oncology within clinical practise is high-quality patient databases. Also, competitors in the market for precision medicine software have development potential due to developing markets and AI in medicine.

Threat:

Lack of data

Medical precision Clinical data, particularly ""real-world"" data on a treatment effectiveness that isn't model-based or gathered through selective research, are still not enough to support software solutions. There is even greater uncertainty with pharmacogenomic tests because they don't really practice medicine; rather, they assist doctors in making better treatment decisions.

Covid-19 Impact

Since hospitals, medical clinics, and research institutions are seeing an increase in COVID-19 cases, this could be one of the unfavourable factors preventing the market for Precision Medicine Software from expanding. Because preventing the spread of the virus is a key concern, hospitals and clinics gave COVID-19 cases precedence and restricted physical contact. The pandemic is a serious problem, particularly in the health care industry where resources and manpower are scarce and medical staffs are susceptible to infection. On the plus side, the precision medicine software can collect information from patients via their complaints or electronic medical records and can offer useful data and a trustworthy source of information.

The oncology segment is expected to be the largest during the forecast period

The oncology segment is estimated to have a lucrative growth, due 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 investigation, and the increased investments made by governmental bodies in the field of precision medicine and related software.

The healthcare providers segment is expected to have the highest CAGR during the forecast period

The healthcare providers segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increase in tertiary/specialty care hospitals, the incidence of chronic diseases, the expansion of the healthcare infrastructure, and the rise in demand for high-quality healthcare, and the transition to personalized/precision medicine.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The move from one-size-fits-all to precision medicine, increased funding for the healthcare industry, heavily supported research initiatives, and foreign players focusing on growing their footprint in Asia Pacific are all contributing factors to the expansion. Some of the major factors expected to drive the development of the precision medicines software market in Asia-Pacific include the expanding shift in medical practise from one-size-fits-all to precision medicine, rising healthcare spending, rising funds for research activities, and increasing attention from international players to increase their presence in this region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to a number of factors, including growing HCIT interests in the area, the existence of executive action facilitate business development in the US, expanding digitalization and beneficial financing initiatives by the Canadian government, can be credited for the large portion of North America's overall industry that is devoted to the precision medicine programming corporate sector. This will accelerate the target market's growth during the ensuing years.

Key players in the market

Some of the key players profiled in the Precision Medicine Software Market include Fabric Genomics, Sunquest Information Systems, Inc., AstraZeneca, AdventHealth, Foundation Medicine Inc., Syapse Inc., Translational Software Inc., Gene42 Inc., International Business Machines Corporation, LifeOmic’s Precision Health, Abbott Laboratories, Tempus Labs, Inc, NantHealth, Inc and Human Longevity, Inc.

Key Developments:

In May 2021, AdventHealth launched a data-driven precision medicine initiative and extended its genomics program to structure and merge longitudinal patient data with molecular testing data, building a dataset and disease network standards to assist the health system satisfactorily forecasting the growth of disorders and responses to therapies.

In October 2020, Fabric Genomics, a global leader in clinical genomic data interpretation, introduced Fabric GEM, a novel algorithm that rapidly and efficiently determines the probable hereditary cause of rare disorders from next-generation sequencing data, permitting more rapid diagnosis and potentially better efficacious treatment.

Delivery Modes Covered:
• Web & Cloud Based
• On Premise

Applications Covered:
• Pharmacogenomics
• Oncology
• Rare Diseases
• Other Applications

End Users Covered:
• Research & Government Institutes
• Healthcare Providers
• Pharmaceutical & Biotechnology Companies
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements