“Global Precision Medicine Software Market Report, History and Forecast 2014 – 2025,” is the new research report published by QYR Consulting for the forecasted period of 6 years, i.e. between 2019 and 2025. According to this report, the global precision medicine software market is anticipated to witness significant growth during the predicted period. Precision medicine software is a tool employed by healthcare providers to carry out screening of prenatal aneuploidy, identify therapeutic targets in neoplasms, evaluate rare disorders, and diagnose infectious diseases. Increasing government funding and rise in the partnerships between key market players and healthcare companies are some of the key drivers in the market.
Surge in the Number of Cancer Patients to Bolster the Demand for Precision Medicine Software
Need for precision medicine in cancer treatment is playing a major role in boosting the growth of the global precision medicine software market. Moreover, there is a rise in the number of partnerships between healthcare IT companies and healthcare institutions, which is further expected to increase the demand for precision medicine software. Need to predict long-term prognosis and measure patient outcome is giving rise to high demand for such software. Increased application of precision medicine software in identifying therapeutic targets in neoplasms is also one of the key factors responsible for the market growth.
Global Precision Medicine Software Market: Segmental Analysis
Analysts at QYR Consulting have studied every aspect as well as segment of the global market that is going to affect the Precision Medicine Software market growth. The market is primarily segmented into two segments such as by delivery mode, application, and end users.
The market is segmented on the basis of delivery mode as cloud-based and on-premise. Various advantages associated with on-premise delivery mode are expected to drive the growth of the segment in the upcoming years. On the basis of application, the market is segregated into rare diseases, oncology, and pharmacogenomics. Oncology is estimated to capture a major market share due to increasing usage of precision medicine in oncology research.
By end user, the market is classified as healthcare providers and pharmaceutical and biotechnology companies. Healthcare providers is anticipated to emerge as a lucrative segment owing to examination of rare disorders, which calls for the usage of precision medicine software.
Global Precision Medicine Software Market: Regional Analysis
Geographically, North America is anticipated to witness prominent growth in the global precision medicine software market. The regional growth is mainly attributed to high investments in healthcare IT. Rapid digitalization and significant funding by the government in US and Canada are expected to fuel the growth of the North America market. Strict policies and regulations on healthcare have been implemented by the government, which is expected to have a positive impact on the market growth in North America.
Global Precision Medicine Software Market: Market Players
Some of the key players operating in the global market are Translational Software Inc., Foundation Medicine Inc., Gene42 Inc., SOPHiA GENETICS SA, Syapse, Inc., Fabric Genomics, Inc., N-of-One Inc. (a subsidiary of Qiagen N.V.), PierianDx Inc., LifeOmic, Sunquest Information Systems, Inc., Human Longevity, Inc., and 2bPrecise LLC. Key players of the market have been introducing novel solutions in order to attract more customers from all over the world. They are increasingly focusing on the establishment of new facilities in developing countries in order to tap the key growth opportunities.
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