Precision Medicine Software Market by Delivery Mode (On-Premise & Cloud-Based), End User (Healthcare Providers, Research Centers & Government Institutes, Pharmaceutical & Biotechnology Companies), Application, and Region - Global Forecast to 2024
“The precision medicine software market is projected to grow at a CAGR of 11.5% during the forecast period.”
The precision medicine software market is projected to reach USD 2.0 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 11.5%. Factors such as the rising government funding in precision medicine initiatives, partnerships among pharmaceutical and software companies, the entry of new players & and VC funding, and growth in the number of cancer patients are driving the growth of the precision medicine software market. However, 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 a dearth lack of skilled IT professionals in healthcare are expected to restrainlimit market growth to a certain extent in the coming years.
“The cloud-based delivery mode segment is expected to grow at the highest rate during the forecast period.”
On the basis of delivery mode, the back-end revenue cycle management market is segmented into on-premise and cloud-based modes. The cloud-based delivery mode segment is estimated to witness the highest CAGR during the forecast period. Cloud-based solutions help healthcare organizations share and integrate information from different locations, and these solutions are less expensive less costly to install and maintain than on-premise solutions, which contribute to the high growth and popularity of the cloud-based delivery model.
“The health providers segment is expected to hold the largest market share during the forecast period.”
On the basis of end user, the precision medicine software market has been segmented into healthcare providers, research centers & government institutes, pharmaceutical & biotechnology companies, and other end users. The healthcare providers segment accounted for the largest market share in 2018. The large share of this segment can be attributed to the growing availability of precision medicine software and a rising emphasis on providing personalized medicine in hospitals.
“Growing investments and favorable initiatives for the implementation of precision medicine software in North America the North American region is expected to offer growth opportunities in thise region.”
Geographically, the precision medicine software market is segmented into North America, Europe, Asia, and the Rest of the World. The North American market is expected to grow at the highest rate during the forecast period. Growth in this region can be attributed to growing investments, and favorable initiatives for the implementation of precision medicine software. Several major global players are based in the US, owing to which the US has become a center for innovation in the precision medicine software market.
Breakdown of supply-side primary interviews:
By Company Type: Tier 1: 55%, Tier 2: 20%, and Tier 3: 25%
By Designation: C-level: 35%, Director-level: 25%, and Others: 40%
By Region: North America: 20%, Europe: 25%, APAC: 40%, and RoW: 15%
The major players in the market include 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).
This report studies the precision medicine software market based on delivery mode, end user, application, and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key bBenefits of bBuying the r Report
This report focuses on various levels of analysis—industry trends, the market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the precision medicine software market, and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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