Precision medicine software market Market to Reach 2288.82 USD Million by 2028

Vantage Market Research

Mar 08, 2022

The Global Precision medicine software Market is expected to reach 2288.82 USD Million by 2028, growing at a CAGR of 11.70% from 2022 to 2028. The increase in the number of cancer patients coupled with increased government funding in precision medicine is anticipated to augment the growth of the market during the forecast period.

Key Findings:

  • The on-premise delivery mode segment is projected to grow at a significant CAGR during the forecast period. This is attributable to the increasing advantages associated with the use of the on-premise delivery model.
  • The healthcare providers segment held a significant share in 2021. This is attributable to the increased emphasis on providing personalized medicine in hospitals. Furthermore, the growing availability of precision medicine software to various healthcare providers is also anticipated to support the segmental growth of the market.
  • The oncology segment is projected to grow at a significant CAGR during the forecast period. This is owing to increasing funding in cancer research along with the rising prevalence of cancer. Furthermore, the increased investments by government organizations are also anticipated to support the segmental growth of the market.
  • Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share of the collaborative robot market in APAC in 2021. This is attributable to the increasing spending on healthcare by consumers in emerging economies like India, and China in the region. Furthermore, the growing focus of global players to expand their business in the region is also anticipated to support the regional growth of the market.

Some of the key players in Precision medicine software market include Syapse, Inc., 2bprecise, LLC, Fabric Genomics, Inc., Foundation Medicine, Inc., Sophia Genetics Sa, Pieriandx, Inc., N-Of-One, Inc. (A Subsidiary of Qiagen N.V.), Human Longevity, Inc., Translational Software Inc., Sunquest Information Systems, Inc., Gene42, Inc., Lifeomic Health, LLC.

The growing prevalence of cancer is anticipated to augment the growth of the Precision medicine software market during the forecast period. According to American Cancer Society estimations, 1.9 million new cancer cases were diagnosed in 2021 and 608,570 cancer deaths were projected in the United States. The maximum cancer cases were recorded for oral cavity & pharynx cancers followed by digestive system cancers and respiratory system cancers. This has resulted in an increase in the demand for precision medicine software for more accurate and efficient diagnoses of patients. Furthermore, rising partnerships among pharmaceutical and software companies and the entry of new players and Vc funding are also expected to augment the demand for the software in the years to come. However, the high cost of deployment and lack of reimbursement for precision medicine-based treatments are expected to hamper the growth of the market in the years to come. Moreover, the integration and implementation of new technologies such as cloud-based solutions and artificial intelligence in precision medicine are expected to create immense opportunities for the growth of the market within the forecast period.

North America held the largest shares in 2021. The US holds the largest share in North America for the Precision medicine software market. This is attributable to the rising incidence of cancer in the region. Furthermore, the presence of favorable regulatory mandates is also expected to fuel the regional growth of the market. Additionally, increasing government funding and investment is also expected to support the growth of the Precision medicine software market in the region.