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Market Scope & Overview:

The Precision Medicine Software Market Size was valued at USD 1.66 billion in 2022, and is expected to reach USD 4.03 billion by 2030, and grow at a CAGR of 11.7% over the forecast period 2023-2030.

A novel approach to illness prevention and treatment called "precision medicine" focuses on cancer, infectious diseases, and rare disorders. It combines methods and systems from molecular biology. These methods can help doctors and clinic staff better maintain tabs on their patients. Precision medicine software assists in the advancement of genetic research and genomics. For a better understanding of diseases, it has a wide range of applications in the diagnostics and clinical domains, including the creation of new therapies, cancer research, the finding of biomarkers, the repurposing of drugs, and the patient stratification for clinical trials.

Precision Medicine Software Market Revenue Analysis

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Precision medicine, likewise alluded to as "customized medication," is an imaginative system for sickness avoidance and therapy that considers individual varieties in qualities, conditions, and ways of life. Delivering the appropriate treatments to the right patients at the right time is the goal of precision medicine. Advances in precision medicine have already produced important findings and FDA-approved drugs that are tailored to particular traits of people, including a person's genetic makeup or the genetic profile of a tumor.

Molecular testing is routinely administered to cancer patients as part of their therapy, enabling medical professionals to select drugs that raise patients' chances of survival while reducing their risk of adverse effects. The standard of precision care will be determined by the tests used to direct diagnosis and treatment. The clinical use of next-generation sequencing (NGS) technologies has significantly advanced precision medicine. NGS tests can quickly identify or "sequence" large portions of a person's genome. These tests can help patients, doctors, and researchers find genetic variations that can aid in disease diagnosis, treatment, and understanding.

MARKET DYNAMICS

DRIVERS

  • Growing Public Support for Precision Medicine Initiatives

  • Partnerships Between Software and Pharmaceutical Companies

  • New players joining and VC funding

  • Increase in the Amount of Cancer Patients

RESTRAINTS

  • Exorbitant Deployment Costs

OPPORTUNITIES

  • Undeveloped Nations

  • Cloud-Based Options

  • The Use of AI in Precision Medicine

CHALLENGES

  • Massive Amounts of Sequential Data Stored Securely

  • Precision medicine-based therapies are not being reimbursed

  • Lack of Healthcare IT Experts with the Necessary Skill

IMPACT OF COVID-19

The healthcare sector has been developing numerous anti-pandemic strategies despite being in a crisis due of the pandemic. In order to better understand COVID-19 and gauge its effects in order to identify new treatments, the healthcare sector is doing precision medicine research. Numerous governments have launched programmes to hasten the application of precision medicine to coronavirus. For instance, the San Antonio Partnership for Precision Therapeutics announced in July 2020 the support of three joint COVID-19 research initiatives in San Antonio. These initiatives will strengthen the San Antonio-based COVID-19 research community's strong foundation.

By Delivery mode

Markets for on-premise and cloud-based delivery models of precision medicine software are separated. The sector of the precision medicine software market with the biggest share was on-premise delivery mode. The significant market share of this sector is mostly a result of the numerous benefits that come with using on-premise delivery solutions. These models let customers to select which suppliers' solutions to employ and when to upgrade their software.

By Application

Oncology, pharmacogenomics, uncommon disorders, and other applications are divisions of the precision medicine software market. The largest market share was held by the oncology sector. The substantial proportion of this market can be ascribed to the rising incidence of cancer, increased funding for cancer research, promising precision medicine applications in oncology research, and increased government organisation investments in software for precision medicine.

By End user

The market is divided into healthcare providers, research facilities and government agencies, pharmaceutical and biotechnology firms, and other end users. The biggest market share belonged to the healthcare providers category. This segment's significant market share can be attributable to the expanding availability of precision medicine software and the growing importance of delivering individualised healthcare in hospitals. In order to diagnose infectious infections, evaluate rare disorders, screen for prenatal aneuploidy, and discover therapeutic targets in neoplasms, healthcare professionals employ precision medicine software.

MARKET SEGMENTS:

By Application

  • Oncology

  • Pharmacogenomics

  • Rare Diseases

By Delivery mode

  • On-premise Delivery Mode

  • Cloud-based Delivery Mode

By End user

  • Healthcare Providers

  • Research Centers and Academic Institutes

  • Pharmaceutical and Biotechnology Companies

Precision Medicine Software Market Segmentation Analysis

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REGIONAL ANALYSIS

The majority of the sales of precision medicine software were in North America. A number of factors, including increasing HCIT investments in the region, the existence of regulatory mandates supporting market growth in the US, rising digitalization and advantageous funding initiatives by the Canadian government, can be used to explain North America's significant market share in the precision medicine software market.

REGIONAL COVERAGE

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

Some of the major key players are as follows: Roche Holdings Inc., Sophia Genetics SA, Roper Technologies Inc., Synapse Inc., Qiagen N.V., PierianDx Inc., Human Longevity Inc., Gene42 Inc., Fabric Genomics Inc., and Allscripts Healthcare Solutions Inc. and Other Players

Precision Medicine Software Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 1.66 Billion
Market Size by 2030  US$ 4.03 Billion
CAGR  CAGR of 11.7% From 2023 to 2030
Base Year  2022
Forecast Period   2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Application (Oncology, Pharmacogenomics, Rare Diseases)
• By Delivery mode (On-premise Delivery Mode, Cloud-based Delivery Mode)
• By End user (Healthcare Providers, Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Roche Holdings Inc., Sophia Genetics SA, Roper Technologies Inc., Synapse Inc., Qiagen N.V., PierianDx Inc., Human Longevity Inc., Gene42 Inc., Fabric Genomics Inc., and Allscripts Healthcare Solutions Inc.
DRIVERS • Growing Public Support for Precision Medicine Initiatives
• Partnerships Between Software and Pharmaceutical Companies
• New players joining and VC funding
RESTRAINTS • Exorbitant Deployment Costs

Frequently Asked Questions

Ans: The Precision Medicine Software Market is growing at a CAGR of 11.7% over the forecast period 2023-2030.

Oncology, Pharmacogenomics, and Rare Diseases are the sub segments of Precision Medicine Software market.

Key drivers of the Precision Medicine Software Market is new players joining and VC funding, and Increase in the Amount of Cancer Patients

A novel approach to illness prevention and treatment called "precision medicine" focuses on cancer, infectious diseases, and rare disorders. It combines methods and systems from molecular biology. These methods can help doctors and clinic staff better maintain tabs on their patients. Precision medicine software assists in the advancement of genetic research and genomics.

Ans: The Precision Medicine Software Market size was valued at US$ 1.66 billion in 2022.

Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

  

8. Precision Medicine Software Market Segmentation, By Application

8.1 Oncology

8.2 Pharmacogenomics

8.3 Rare Diseases

 

9. Precision Medicine Software Market Segmentation, By Delivery mode

9.1 On-premise Delivery Mode

9.2 Cloud-based Delivery Mode

 

10. Precision Medicine Software Market Segmentation, By End user

10.1 Healthcare Providers

10.2 Research Centers and Academic Institutes

10.3 Pharmaceutical and Biotechnology Companies

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12.Company Profiles

12.1 Roche Holdings Inc

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Sophia Genetics SA

12.3 Roper Technologies Inc.

12.4 Synapse Inc.

12.5 Qiagen N.V.

12.6 PierianDx Inc.

12.7 Human Longevity Inc.

12.8 Gene42 Inc.

12.9 Fabric Genomics Inc.

12.10 Allscripts Healthcare Solutions Inc.

 

13.Competitive Landscape

13.1 Competitive Benchmark

13.2 Market Share Analysis

13.3 Recent Developments

 

14.Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

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