Latest advancements in applications of big data technologies for exact detection of diseases will positively impact the precision medicine market share during the forecast period. Big data analytics are beneficial in chronic disease management. Moreover, software also provides improved clinical workflow. Introduction of such software that usually has improved capacity to store huge amount of genetic data ensuring faster patient recovery will be helpful for the precision medicine industry growth. Also, key industry players focus their efforts on improvement of software that supports drug discovery processes. Software specifically designed to develop precision medicines applied in treatment of chronic diseases as well as genetic diseases ensuring quick patient recovery will expand the precision medicine market size in upcoming years. 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. 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 the dearth of skilled IT professionals in healthcare are expected to restrain market growth to a certain extent in the coming years.
North America holds a significant share in the precision medicine software market during the forecast period. 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.
Key market players 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).
Key questions the report answers:
· Where will all these developments take the industry in the mid to long term?
· What are the upcoming precision medicine software solutions?
· Which of the application segments will dominate the precision medicine software market in the future?
· Emerging countries have immense opportunities for the growth and adoption precision medicine software solutions. Will this scenario continue in the next five years?
· Where will all the advancements in precision medicine software offered by various companies take the industry in the mid to long term?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Market Dynamics
3.1.1. Rising Government Funding in Precision Medicine Initiatives
3.1.2. Partnerships Among Pharmaceutical and Software Companies
3.1.3. Entry of New Players and Vc Funding
3.1.4. Growth in the Number of Cancer Patients
3.2.1. High Cost of Deployment
3.2.2. Secure Storage of Large Volumes of Sequenced Data
3.2.3. Lack of Reimbursement for Precision Medicine-Based Treatments
3.2.4. High Cost of Deployment
3.2.5. Lack of Skilled It Professionals in Healthcare
3.3.1. Emerging Countries
3.3.2. Cloud-Based Solutions
3.3.3. Artificial Intelligence in Precision Medicine
4. Executive Summary
5. Precision Medicine Software Market, By Delivery Mode
5.1. On-Premise Delivery Mode
5.2. Cloud-Based Delivery Mode
6. Precision Medicine Software Market, By End User
6.1. Healthcare Providers
6.2. Research Centers and Government Institutes
6.3. Pharmaceutical & Biotechnology Companies
6.4. Other End Users
7. Precision Medicine Software Market, By Application
7.3. Rare Diseases
7.4. Other Applications
8. Precision Medicine Software Market, By Region
8.1. North America
8.2.1. EU 5
8.2.2. Rest of Europe
8.4. Rest of the World
9. Company Profiles
9.1. Syapse, Inc.
9.2. 2bprecise, LLC
9.3. Fabric Genomics, Inc.
9.4. Foundation Medicine, Inc.
9.5. Sophia Genetics Sa
9.6. Pieriandx, Inc.
9.7. N-Of-One, Inc. (A Subsidiary of Qiagen N.V.)
9.8. Human Longevity, Inc.
9.9. Translational Software Inc.
9.10.Sunquest Information Systems, Inc.
9.12.Lifeomic Health, LLC
*Company introduction, financial information, recent developments, SWOT analysis
10. Conclusion and Recommendations