REDDING, Calif., April 29, 2021 /PRNewswire/ — According to a new market research report, “Precision Medicine Software Market by Deployment Mode (On-premise, Cloud-based), Application (Oncology, Pharmacogenomics, CNS), End User (Healthcare Providers, Research, Academia, Pharma, Biotech) – Forecast to 2028,” published by Meticulous Research®, the precision medicine software market is expected to grow at a CAGR of 11.2% from 2021 to reach $2.55 billion by 2028.
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For many years, various medicinal approaches have been used for providing accurate treatment to patients. Precision medicine is an upcoming approach to patient care through which physicians select a treatment method based on the patient’s genetic makeup and lifestyle habits. Using software in personalizing this treatment method further helps in the accurate analysis within time. Thus, the introduction of software with improved clinical workflows enhances patient care.
The paradigm shift in treatment, rising pressure to decrease healthcare costs, scientific & technological advances in the genomics field, and growing focus towards providing companion diagnostics & biomarkers for various therapeutic areas are some of the major factors expected to drive the growth of this market. However, the lack of awareness about precision medicine practices and fragmented healthcare systems in developing countries hinder the growth of this market to a certain extent.
Impact of COVID-19 on the Precision Medicine Software Market
With the healthcare industry facing a crisis amidst the pandemic, it has been working on various solutions to combat the pandemic. The healthcare industry is engaged in conducting precision medicine research to enable a better understanding of COVID-19 and to measure the impact caused by the virus to discover potential therapies. Governments have taken initiatives to accelerate the use of precision medicine for coronavirus. For instance, in July 2020, the San Antonio Partnership for Precision Therapeutics announced funding of three collaborative COVID-19 research efforts in San Antonio. These projects will support a strong foundation of transformative COVID-19 research happening in San Antonio. Cleveland Clinic also launched a genomic medicine project to identify genetic factors that drive susceptibility to the virus and use these to develop prevention and therapeutic strategies against the virus. Emory University researchers are also investigating an antiviral compound that works like Remdesivir, which inhibits viral replication.
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Apart from this, many research initiatives have been undertaken amidst the pandemic, thereby providing opportunities for the precision medicine software market in the upcoming years. For instance,
· A team at Texas Biomed is studying the role of a protein called furin that potentially impacts individual responses to COVID-19. There are indications that furin may be related to an increased risk of death from COVID-19 for individuals with underlying cardiovascular problems. Better understanding the role of furin and its unique effects on certain individuals may help develop patient-specific therapeutics that can be used to treat COVID-19. With the help of precision medicine, this study will understand why certain individuals have greater disease severity and why specific underlying conditions affect outcomes.
· A team at the University of Texas (UT) Health San Antonio is performing the second research initiative and examining how the COVID-19 virus evades the body’s immune system and can block certain aspects of the immune system in some individuals. The team’s goal is to identify antiviral compounds either among existing FDA-approved treatments or in vast libraries of drug-like molecules that could effectively combat the ability of the virus to evade the immune defense.
· The UT Health San Antonio is also studying specific pathways that allow the COVID-19 virus to evade the human immune system. This will allow researchers to understand how the disease caused by the virus behaves differently in different people.
Precision medicine emphasizes more precise diagnosis and treatment based on a range of biomarkers, including genetic variants, data about patients’ environment, lifestyle, and behaviors. These approaches may be useful in understanding variations in individuals’ susceptibility and responses to COVID-19. A better understanding of biological vulnerabilities could offer leads for targeted therapies. Apart from these, the advancements in the precision medicine industry and the innovations such as the use of next-generation sequencing (NGS) and big genomic data are expected to accelerate the growth of the precision medicine software market. Thus, the pandemic has surged the use of precision medicine treatments, which is expected to propel the demand for precision medicine software in the upcoming years.
Key Findings in the Precision Medicine Software Market Study
The precision medicine software market is mainly segmented based on deployment mode, application, end user, and geography.
Based on deployment mode, the precision medicine software market is segmented into on-premise and web & cloud-based. In 2020, the on-premise segment accounted for the largest share of the overall precision medicine software market. The large share of this segment is primarily attributed to the broad range of advantages associated with the use of on-premise software, such as high security of data, low risk of data breaches, and control over software upgrades & data storage. In addition, higher adoption among end-users and flexibility with connection bandwidth further support the growth of this market.
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Based on application, the precision medicine software market is segmented into oncology, pharmacogenomics, and other applications (rare diseases, CNS disorders, and cardio & metabolic disorders). In 2020, the oncology segment accounted for the largest share of the overall precision medicine software market. The large share of this segment is primarily attributed to the growing prevalence of cancer, shift towards personalized treatment, rising funding in cancer research, applications of precision medicine in oncology research, and increased investments by government organizations in precision medicine and related software industry.
Based on end user, the precision medicine software market is segmented into healthcare providers, research & government institutes, and pharmaceutical & biotechnology companies. In 2020, the healthcare providers segment accounted for the largest share of the overall precision medicine software market. The large share of this segment is primarily attributed to the rising number of tertiary/specialty care hospitals, rising incidence of chronic diseases, growing healthcare infrastructure, increasing demand for quality healthcare, and shift towards personalized/precision medicine. In addition, rising pressure to curtail soaring healthcare costs, technological advancements, and focus towards genomic-based treatment further supports the precision medicine software market for healthcare providers, worldwide.
This research report analyzes major geographies and provides comprehensive analysis for North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global precision medicine software market. The Asia-Pacific region is expected to register the highest growth during the forecast period. The growing shift in treatment from one-size-fits-all medicines to precision medicine, increased spending on healthcare, rising funds for research activities, and growing focus of international players to expand their presence in this region are some of the key factors expected to propel the growth of the precision medicines software market in Asia-Pacific region.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years (2018–2021). The precision medicine software market has witnessed several new software launches & approvals, collaborations & partnerships, expansions, and acquisitions in recent years. For instance, in 2020, 2bPrecise LLC (U.S.) partnered with Vidence, LLC (U.S.) for using the 2bPrecise platform, a precision medicine data delivery solution in precision oncology.
The key players operating in the global precision medicine software market are Syapse, Inc. (U.S.), Fabric Genomics, Inc. (U.S.), SOPHiA GENETICS SA (Switzerland), Human Longevity, Inc. (U.S.), GenomOncology LLC (U.S.), Sunquest Information Systems Inc. (U.S.), LifeOmic Health, LLC (U.S.), Translational Software Inc. (U.S.), N-of-One (U.S.), PhenoTips (Canada), PierianDx (U.S.), Foundation Medicine, Inc. (U.S.), and 2bPrecise (U.S.) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/precision-medicine-software-market-5011
Scope of the Report:
Precision Medicine Software Market, by Deployment Mode
Precision Medicine Software Market, by Application
Precision Medicine Software Market, by End User
Precision Medicine Software Market, by Geography
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SOURCE Meticulous Market Research Pvt. Ltd
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