(I-BusinessNews.Com, March 09, 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 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.
On the other hand, the high cost of deployment, issues related to the secure storage of large volumes of sequenced data, lack of reimbursement for precision medicine-based treatments, and lack of skilled IT professionals in healthcare are the key factors that are expected to challenge market growth to a certain extent during the forecast period.
The major players in the precision medicine 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 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 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.
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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.
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