Precision Medicine Software Market by Delivery Type (On Premise and Cloud-Based), by Application (Oncology, Pharmacogenomics, Rare Diseases, and Others), by End Users (Research Centers, Government Institutes, Pharmaceutical and Biotechnological Companies, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2026

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

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

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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