(I-BusinessNews.Com, August 12, 2021 ) According to research report the precision medicine software market is projected to reach $2.0 billion by 2024 from $1.2 billion in 2019, at a CAGR of 11.5%.
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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 precision medicine software market. Also, emerging markets, cloud-based solutions, and artificial intelligence in precision medicine may act as an important boosting factor for the exponential growth of the precision medicine software market.
The major players in the precision medicine software market include Syapse, Inc. (US), 2bPrecise LLC (Israel), Foundation Medicine, Inc. (US), Fabric Genomics (US), and SOPHiA GENETICS SA (Switzerland). Analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product approvals, strategic acquisitions, and expansions along with partnerships & agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the precision medicine software market.
In 2018, Syapse was among the key players in the precision medicine software market. The company focuses on partnerships and collaborations to expand its business operations. The company also offers qualitative software tools by adopting advanced technologies. In line with this strategy, in the past three years, Syapse partnered with various healthcare organizations in the US, some of which include Medidata, Roche Pharmaceuticals, Aurora Cancer Care, and Catholic Health Initiatives (CHI), among others to expand its end-user base and develop innovative solutions. Continuous focus on R&D and technological advancements of the current precision medicine software solutions have helped the company to maintain a strong leadership position in the market.
2bPrecise has a strong foothold in the precision medicine software market. The company caters to the healthcare technology and precision medicine needs of its global customers. 2bPrecise focuses on agreements and collaborations to expand its business operations. In line with this strategy, in 2017, 2bPrecise collaborated with Mayo Clinic to leverage Mayo Clinic’s electronic phenotyping algorithms to incorporate new clinical protocols. This collaboration helped 2bPrecise apply these new protocols in research to measure outcomes in patients with cardiovascular genetic disease.
In 2018, Foundation Medicine was one of the leading providers in the precision medicine software market. In order to maintain its leading position in the market, the company focuses on several partnerships with government and private institutes. For example, during 2016–2018, the company partnered with various healthcare organizations in the US. Some of these included the US Department of Veterans Affairs, Pfizer Inc., Roche, and Cancer Treatment Centers of America Global, Inc. (CTCA), among others.
Based on applications, the precision medicine software market is segmented into oncology, pharmacogenomics, rare diseases, and other applications. The oncology segment accounted for the largest market share in 2018.
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 market during the forecast period.
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Geographically, the North American market accounted for the largest share of the precision medicine software in 2018. The large market share of North America in the precision medicine software market can be attributed to factors such as growing HCIT investments in the region, the presence of regulatory mandates supporting market growth in the US, and increasing digitalization and favorable funding initiatives by the Canadian government.
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