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 market.
According to research report the precision medicine software market is projected to reach $2.0 billion by 2024 from $1.2 billion in 2019, at a CAGR of 11.5%.
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•On
the basis of delivery mode, the precision medicine software market is
segmented into on-premise and cloud-based systems. The cloud-based
segment is expected to register the highest CAGR of the precision
medicine software market during the forecast period.
•By
application, the precision medicine software market is segmented into
oncology, pharmacogenomics, rare diseases, and other applications. The
oncology segment accounted for the largest share of the precision
medicine software market in 2018.
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) are the key players in the precision medicine software market.
Several growth strategies such as product approvals, strategic acquisitions, and expansions along with partnerships & agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the market.
2bPrecise has a strong foothold in the precision medicine software market. The company caters to the healthcare technology and precision medicine needs of its global customers. 2bPrecise focuses on agreements and collaborations to expand its business operations.
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Geographically, the North American market accounted for the largest share of the precision medicine software in 2018. The large market share of North America in the 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.
