Exploring the Precision Medicine Software Market: Top Players and Future Prospects

-

The precision medicine software market is projected to reach USD 2.0 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 11.5%. 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 precision medicine software market. Also, emerging markets, cloud-based solutions, and artificial intelligence in precision medicine may act as an important boosting factor for the exponential growth of the precision medicine software market. On the other hand, the high cost of deployment, issues related to the secure storage of large volumes of sequenced data, lack of reimbursement for precision medicine-based treatments, and lack of skilled IT professionals in healthcare are the key factors that are expected to challenge market growth to a certain extent during the forecast period.

The major players in the precision medicine software market include Syapse, Inc. (US), 2bPrecise LLC (Israel), Foundation Medicine, Inc. (US), Fabric Genomics (US), and SOPHiA GENETICS SA (Switzerland). Analysis of the market developments between 2016 and 2018 revealed that 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 precision medicine software market.

To know about the assumptions considered for the study download the pdf brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=247980900

In 2018, Syapse was among the key players in the precision medicine software market. The company focuses on partnerships and collaborations to expand its business operations. The company also offers qualitative software tools by adopting advanced technologies. In line with this strategy, in the past three years, Syapse partnered with various healthcare organizations in the US, some of which include Medidata, Roche Pharmaceuticals, Aurora Cancer Care, and Catholic Health Initiatives (CHI), among others to expand its end-user base and develop innovative solutions. Continuous focus on R&D and technological advancements of the current precision medicine software solutions have helped the company to maintain a strong leadership 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. In line with this strategy, in 2017, 2bPrecise collaborated with Mayo Clinic to leverage Mayo Clinic’s electronic phenotyping algorithms to incorporate new clinical protocols. This collaboration helped 2bPrecise apply these new protocols in research to measure outcomes in patients with cardiovascular genetic disease.

In 2018, Foundation Medicine was one of the leading providers in the precision medicine software market. In order to maintain its leading position in the market, the company focuses on several partnerships with government and private institutes. For example, during 2016–2018, the company partnered with various healthcare organizations in the US. Some of these included the US Department of Veterans Affairs, Pfizer Inc., Roche, and Cancer Treatment Centers of America Global, Inc. (CTCA), among others.

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

North America dominated the market in 2018

Geographically, the precision medicine software market is divided into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest share in 2018 owing to factors such as growing investments and favorable initiatives for the implementation of precision medicine software. North America is followed by Europe and Asia. The market in North America is also projected to be the fastest-growing market during the forecast period.

Related Links:

https://www.marketsandmarkets.com/Market-Reports/precision-medicine-software-market-247980900.html

https://www.marketsandmarkets.com/ResearchInsight/precision-medicine-software-market.asp

https://www.marketsandmarkets.com/PressReleases/precision-medicine-software.asp

Comments

Post a Comment

Popular posts from this blog

Future of Remote Patient Monitoring Industry: Impact of Remote Patient Monitoring on Healthcare

-
Remote patient monitoring is a type of telemedicine technology that enables healthcare providers to monitor their patients’ health remotely. This technology utilizes remote devices that are placed in the patient’s home or worn by the patient to collect medical data such as vital signs and other medical information.  This medical data is then transmitted to the doctor or healthcare provider to help them make better decisions regarding the patient’s care. RPM can be used to monitor a variety of conditions including chronic diseases, mental health issues, and post-operative care. It can also be used to support elderly individuals and those with disabilities. RPM has the potential to improve patient outcomes and reduce healthcare costs by enabling healthcare providers to monitor their patients’ health more effectively. Benefits of Remote Patient Monitoring 1. Increased Patient Engagement: Remote patient monitoring systems provide patients with a convenient way to stay engaged in thei...
Read more

Strategies Adopted by the Major Players in this Digital PCR Market

-
 According to research report the  Digital PCR Market  is expected to grow from USD 3.47 billion in 2017 to USD 5.31 billion by 2022, at a CAGR of 8.9% during the forecast period. Product Launches: Key Strategy Adopted by the Major Players in this Market New product launches and approvals are the key growth strategies adopted by major players to strengthen their position in the global Digital PCR Market. Moreover, strategies such as partnerships, collaborations, and agreements; as well as mergers and acquisitions were also adopted by several market players to strengthen their market position, expand their R&D capabilities, and geographic presence in the global Digital PCR Market. The key players in the Digital PCR Market include Thermo Fisher Scientific, Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), QIAGEN N.V. (Netherlands), Takara Bio, Inc. (Japan), Agilent Technologies, Inc. (US), bioMérieux S.A. (France), Fluid...
Read more

Sinus Dilation Devices Market Size And Share Report, 2027

-
The sinus dilation devices market is on track for significant growth in the coming years, projected to reach USD 3.8 billion by 2027, up from USD 2.8 billion in 2022. This represents a compound annual growth rate (CAGR) of 6.6% during the forecast period. The market's expansion is largely driven by the increasing availability of reimbursements and rising cases of chronic sinusitis. However, the market faces challenges due to the availability of non-surgical treatments for chronic sinusitis and a shortage of skilled ENT surgeons. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=64349810 Key Market Drivers Increasing Availability of Reimbursements: The growing availability of reimbursements for sinus dilation procedures is making them more accessible to patients, thereby driving demand for sinus dilation devices. Rising Incidence of Chronic Sinusitis: The prevalence of chronic sinusitis is on the rise globally, leading to an increase in d...
Read more