(I-BusinessNews.Com, January 15, 2021 ) Factors such as the rising government funding in precision medicine initiatives, partnerships among pharmaceutical and software companies, the entry of new players & VC funding, and growth in the number of cancer patients are driving the growth of the market.
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According to research report the precision medicine market is projected to reach $2.0 billion by 2024 from $1.2 billion in 2019, at a CAGR of 11.5%.
North America dominated the market in 2018
Geographically, the precision medicine software market is divided into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest share in 2018 owing to factors such as growing investments and favorable initiatives for the implementation of precision medicine software. North America is followed by Europe and Asia. The market in North America is also projected to be the fastest-growing market during the forecast period.
By delivery mode, cloud-based systems are to register the highest CAGR during the forecast period
On the basis of delivery mode, the precision medicine market is segmented into on-premise and cloud-based systems. The cloud-based segment is expected to register the highest CAGR of the precision medicine software market during the forecast period. Growth in this segment can be attributed to the comparatively lower capital expenses and operational costs incurred in this model, alongside its scalability, flexibility, and affordability. Cloud-based solutions help healthcare organizations share and integrate information from different locations, and these solutions are comparatively affordable to install and maintain than on-premise solutions, which contribute to the high growth and popularity of the cloud-based delivery model.
By application, the oncology segment dominated the precision medicine market in 2018
By application, the precision medicine software market is segmented into oncology, pharmacogenomics, rare diseases, and other applications. The oncology segment accounted for the largest share of the precision medicine software market in 2018. The large share of this segment can be attributed to the growing prevalence of cancer, rising funding in cancer research, promising applications of precision medicine in oncology research, and increased investments by government organizations in precision medicine software.
Syapse, Inc. (US), 2bPrecise LLC (Israel), Foundation Medicine, Inc. (US), Fabric Genomics (US), SOPHiA GENETICS SA (Switzerland), PierianDx, Inc. (US), N-of-One, Inc. (US), Human Longevity, Inc. (US), Translational Software, Inc. (US), Sunquest Information Systems Inc. (US), Gene42, Inc. (Canada), LifeOmic Health, LLC (US), NantHealth, Inc. (US), Tempus Labs, Inc. (US), Flatiron Health, Inc. (US), IBM Watson Group (US), and Koninklijke Philips N.V. (Netherlands) are the key players in the precision medicine market.
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