PRECISION MEDICINE SOFTWARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Precision medicine software is an emerging approach for the prevention and treatment of diseases such as cancer, rare illness, and infectious diseases. It is a combination of molecular biology systems and techniques. These techniques are helpful to the clinicians and physicians for efficiently monitoring the patient. Precision medicine software is used for advancements in genetic research and genomics.

Global Precision Medicine Software Market Drivers

New launches of bioinformatics platforms is expected to drive the global precision medicine software market growth. For instance, in January 2019, XIFIN launched its new precision medicine informatics platform (VisualSrata), which is helpful for the healthcare professionals to gain insights, make decisions, and improve patient care and outcome.

Furthermore, new molecular strategy launches is expected to propel the global precision medicine software market growth. For instance, in April 2018, Harvard’s Wyss Institute launched new molecular strategy (NuProbe). NuProbe is a type of DNA nanotechnology-based variant-detecting method. It is a fast, low-cost, and multiplexed molecular diagnostic tool for the diagnosis of various diseases including cancer and infectious diseases.

Moreover, launches of new genomic tools is expected to support the global precision medicine software market share. For instance, in September 2018, Ariel Precision Medicine, Inc. launched its new genomics tool ArielDx for personalized management and early diagnosis of pancreatic diseases.

Global Precision Medicine Market Software Restraints

Product recall is the major challenge, which is expected to hinder the global precision medicine software market growth. For instance, in January 2018, Phillips Medical System Inc., received product recall letter from U.S Food and Drug Administration (FDA) for its Brilliance Big Core CT. This software is recalled as error has been detected in production of X-ray tubes. That may result in inability to generate Computed Tomography (CT) images.

Global Precision Medicine Software Market Regional Analysis

North America is expected to hold dominant position in the global precision medicine software market, owing to increasing government initiative over the forecast period. For instance, in January 2019, NIH (National Institutes of Health) and Fitbit launched their first digital health technology initiative for the advanced precision medicine study. This initiative is known as All of Us Research Program. It is expected to improve the prevention and treatment of diseases, which are based on individual differences in lifestyle, environment, and genetics.

Furthermore, increasing new platform launches in the U.S. is expected to propel the global precision medicine software market growth. For instance, in November 2016, American Heart Association (AHA) announced its new launch of cloud-based precision medicine platform in collaboration with Amazon Web Services (AWS). Main aim of this platform is to assist the clinicians and researchers in collection of the data and to accelerate solutions for cardiovascular disease treatments.

Moreover, Asia Pacific is also projected to witness significant growth in the global precision medicine software market, owing to increasing business expansion activities by key players. For instance, in September 2018, Konica Minolta, Inc. announced the launch of its new business in precision medicine Konica Minolta Precision Medicine, Inc. in Japan. They focus on development of technologies, medicine platform, and discovering new therapies.

Key players operating in the precision medicine software market include Syapse, Inc., 2bPrecise LLC, Foundation Medicine, Inc., Fabric Genomics, SOPHiA GENETICS SA, Gene42, Inc., LifeOmic Health, LLC, NantHealth, Inc., and Koninklijke Philips N.V. 

Precision Medicine Software Market Taxonomy

By Delivery Type

• On Premise
• Cloud-Based

By Application

• Oncology
• Pharmacogenomics
• Rare Diseases
• Others

By End Users

• Research Centers
• Government Institutes
• Pharmaceutical & Biotechnology Companies
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East
• Africa