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Precision Medicine Software Market: Meticulous Research® Reveals Why this Market is Growing at a CAGR of 11.8% to Reach $2.80 Billion by 2027| impact of COVID-19 on this market

09-03-2020 08:20 AM CET | Health & Medicine

Press release from: Meticulous Research

Precision Medicine Software Market: Meticulous Research®

As research activities in the field of medicine is continuously going on, the need for advanced technology such as “precision medicine software” helps in smoothening the clinical workflow. Precision medicine software comprises of on-premise and web & cloud-based delivery platforms used in the personalized treatment and detection of diseases, such as cancers, genetic disorders, cardiac & infectious diseases, and others. This software helps healthcare providers in providing accurate treatment method based on the patient’s genetic makeup, medical history, and lifestyle habits.

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In an effort to reduce healthcare burden, manufacturers have started developing platforms that increase accuracy & decrease time taken for entire medical treatment. Meticulous Research® in its latest publication on Precision Medicine Software Market states that the global precision medicine software market is expected to grow at a CAGR of 11.8% from 2019 to 2027 to reach $2.80 million by 2027.

The growth of the global precision medicine softwaremarket is mainly attributed to the factors such as paradigm shift in treatment,rising pressure to decrease healthcare costs, scientific & technological advances in the genomics field, and growing focus towards providing companion diagnostics & biomarkers for various therapeutic areas. Moreover, emerging countries and AI in precision medicine provide growth opportunities for players operating in the market.

To provide efficient analysis, Meticulous Research®has segmented this market by delivery mode (on-premise, web & cloud-based), by application (oncology, pharmacogenomics, and other applications), by end-user (healthcare providers, research & government institutes, and pharmaceutical & biotechnology companies), and geography (North America, Europe, Asia-Pacific,Latin America, and Middle East & Africa).

Check complete table of contents with list of table and figures:

Geographical Analysis:

Wherein, geographically, North America dominated the overall precision medicine software market in 2019, followed by Europe and Asia Pacific. The factors such as well-established healthcare system in the region, rising adoption of technologically advanced products for cancer diagnosis & treatment, growing HCIT investment, government initiatives supporting developments in precision medicine, growing availability of research funding, and higher accessibility to precision medicine software are responsible for the largest share of North America in the precision medicine software market.However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period.

Table of Contents:

1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency
1.4. Key Stakeholders

2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market Size Estimation Bottom-Up Approach Top-Down Approach Growth Forecast
2.3.2. Market Share Analysis
2.4. Assumptions for the Study
2.5. Limitations for the Study

3. Executive Summary

4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Paradigm Shift in Treatment
4.2.2. Rising Pressure to Decrease Healthcare Costs
4.2.3. Scientific & Technological Advances in the Genomics Field
4.2.4. Growing Focus Towards Providing Companion Diagnostics (CDx) & Biomarkers
4.3. Restraints
4.3.1. Lack of Awareness about Precision Medicine Practices
4.3.2. Fragmented Healthcare Systems in Developing Countries
4.4. Opportunities
4.4.1. Emerging Economies
4.4.2. Artificial Intelligence in Precision Medicine
4.5. Challenge
4.5.1. Lack of Reimbursement for Genetic Testing & Precision Medicine…contineud

Here are the top Market companies in the world::

Based on delivery mode, the global precision medicine software market is categorized into on-premise and web & cloud-based. On-premise segment accounted for the largest share of the overall precision medicine software market due to its advantages such as high security of data, low risk of data breaches, and full command over software upgrades & data storage. Moreover, higher adoption among end-users and flexibility with connection bandwidth further supports the growth of the market.

Based on application, the oncology segment accounted for the largest share of the overall precision medicine software market in 2019, owing to growing prevalence of cancer, shift towards personalized treatment, rising funding in cancer research, applications of precision medicine in oncology research, and increased investments by government organizations in precision medicine and related software industry.

Have Any Query? Ask Our Expert

Key questions answered in the report-

1 Which are the high growth market segments in terms of delivery mode, application, end-users, and region/countries?
2 What was the historical market for precision medicine software across the globe?
What are the market forecasts and estimates for the period of 2019-2027?
3 What are the major drivers, restraints, opportunities, and challenges in the global precision medicine software market?
4 Who are the major players in the precision medicine software market?
5 How is the competitive landscape and who are the market leaders in the global precision medicine software market?
6 What are the recent developments in the global precision medicine software market?
7 What are the different strategies adopted by the major players in the global precision medicine software market?
8 What are the geographical trends and high growth regions/ countries?

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market including Syapse, Inc. (U.S.), Fabric Genomics, Inc. (U.S.), SOPHiA GENETICS SA (Switzerland), Human Longevity, Inc. (U.S.), Sunquest Information Systems Inc. (U.S.), LifeOmic Health, LLC (U.S.), Translational Software Inc. (U.S.), N-of-One (U.S.), Gene42 Inc. (Canada), PierianDx (U.S.), Foundation Medicine, Inc. (U.S.), and 2bPrecise (U.S.), among others.

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Browse Related Reports:
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2. European Quality Management In Healthcare Market By Software (BI, Analytics, Reporting, Performance Improvements), Delivery (Cloud, Web, On Premise), Application (Data, Risk Management) and End User (Hospital, Ambulatory Care, Payor) – Forecast To 2024

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Meticulous Research
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The name of our company defines our services, strengths, and values. Since the inception, we have endeavoured to research, analyze and present the critical market data with great attention to details.

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.

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