Precision Medicine Software Market

Precision Medicine Software Market by Target Therapeutic Indication, Key Geographical Regions and Types of End Users: Industry Trends and Global Forecasts, 2021-2031

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Precision Medicine Software Market Overview

The precision medicine software market is estimated to be worth $18 million in 2021 and is expected to grow at compounded annual growth rate (CAGR) of 30% during the forecast period. 

Various studies have indicated that the genetic composition of two individuals is unlikely to be similar. This can be attributed to the fact that the genetic makeup of an individual is influenced by various factors, such as family history, as well as environmental and health conditions. Therefore, one treatment cannot be expected to be successful in every patient suffering from the same disorder. It is worth highlighting that the inability to report a health issue to a medical practitioner in its initial stage is expected to cost productivity losses worth over USD 40-90 billion, each year. Further, frequent hospitals visits can cause additional financial burden on patients.

In order to mitigate the aforementioned challenges, healthcare professionals are shifting towards the use of personalized / precision software for medicine. This approach, as opposed to the one-size-fits-all approach, enables healthcare professionals to offer a precise treatment option for a specific disease that is likely to prove effective for a group of individuals. This domain has the ability to reduce treatment burden across many therapeutic areas including oncological disorders, rheumatology disorders.

Given the various advantages offered by precision medicine, healthcare organizations are gradually becoming more interested in adopting such solutions. Further, with the advent of bioinformatics and artificial intelligence tools, there has been a significant rise in the adoption of such applications. For instance, in June 2020, Infosys launched its proprietary personalized medicine solution, equipped with latest SAP S/4HANA® technology, to gain intelligent insights to deliver personalized experience to patients. In September 2023, Deep 6 AI, launched its genomics module.

This precision medicine software utilizes AI to mine genomics data across an EMR system for cancer patients and disparate genetic reports to find patients with specific genetic markers in real time. This would accelerate the enrollment for precision medicine and thus support oncology research. It is worth highlighting that precision software for medicine are widely used by healthcare providers for the diagnosis, as well as prognosis, of the disease. However, the scope is being continuously expanded in order to include the prevention and recovery of life threatening diseases.

At present, several software applications integrate clinical and diagnostic data, along with financial data, offering deeper and precise insights to healthcare providers, as well as helping them improve patient outcomes. Players engaged in the development of precision medicine software applications have observed a significant growth over the past few years. More than 120 software solutions have been developed and are available commercially. It is also worth highlighting that over USD 2 billion has been invested in precision medicine software market by various stakeholders in the last four years.

In January 2024, Precision medicine software platform Sano Genetics, the only platform customized to run precision medicine clinical trials, raised USD 11.4 million funding, led by Plural. As per a research article, in 2024, over 30% of the clinical trials are precision-driven and this is estimated to reach 80 percent by 2025. As a result of the rising adoption and preference for precision medicine software applications, coupled to the ongoing efforts of software providers to further improve the current software solutions, we believe that the precision medicine software services market is likely to witness significant market growth during the forecast period.

This image highlights the context of Precision Medicine Software Developers Market report. Advances in the field of information technology have enabled the development of several novel and efficient precision medicine software solutions / platforms, which are capable of catering to the existing unmet needs in the healthcare sector This image provides list of Precision Medicine Software Application Developers. Over 125 software applications have either been commercialized or are being developed to provide precise treatment across different therapeutic areas This image presents current market landscape of Precision Medicine Software Developers. The market is highly fragmented, featuring the presence of players that offer software applications for varied purposes; these are also capable of handling different data types across a wide range of therapeutic areas

Key Precision Medicine Companies Engaged in Precision Medicine Software Market

Examples of key precision medicine companies engaged in developing software (which have also been profiled in this market report; the complete list of precision oncology companies is available in the full report) include AceTech, Ariel Precision Medicine, C2i Genomics, Genedata, Inspirata, IQVIA, Fabric Genomics, GenomOncology, Human Longevity, SOPHiA GENETICS and Syapse. This precision medicine market report includes an easily searchable excel database of all the precision medicine companies providing precision medicine software, worldwide.

Recent Developments in Precision Medicine Software Market

We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

  • In March 2024, Teva UK collaborated with Closed Loop Medicine to advance the development of personalized medicines, improving the drug efficacy and related outcomes in patients with specific chronic disorders, combining dose-optimized drug therapy with digital care.
  • In January 2024, SimBioSys received its first FDA clearance to commercialize its first precision medicine software application, TumorSight™.
  • In May 2023, Google launched AI-powered tools, namely Multiomics Suite and Target and Lead Identification Suite, to accelerate drug discovery in the field of precision medicine. 
  • In April 2023, Fujitsu collaborated with BSC with an aim to advance research in personalized medicine and quantum computing.
  • In February 2023, Accenture invested in Ocean Genomics in order to accelerate AI-driven drug discovery and the development of personalized medicines.

Scope of the Precision Medicine Software Market Report

The “Precision Medicine Software Developers Market by Target Therapeutic Indication (Oncological Disorders, Cardiovascular Disorders, Neurological Disorders, Metabolic Disorders), Key Geographical Regions (North America, Europe, Asia-Pacific) and Types of End Users (Healthcare Providers, Research and Government Institutes, Pharmaceutical and Biotech Companies): Industry Trends and Global Forecasts, 2022-2032” market report features an extensive study of the current market landscape, market size, market forecast and future opportunities for the precision software for medicine in healthcare industry, during the forecast period. The market research report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in precision medicine software market.

This image highlights competitive analysis of players engaged in the domain of Precision Medicine Software. In pursuit of building a competitive edge, service providers are actively upgrading their existing capabilities and adding new competencies in order to augment their respective portfolios This image provides information on patents that have been filed / granted related to Precision Medicine Software. Around 200 patents related to precision medicine software applications have been granted / filed over the past few years, strengthening the intellectual property portfolio This image highlights the partnership activity undertaken by players engaged in Precision Medicine Software Development. 220+ partnerships have been established to further advance the development / enable the improvement of a variety of proprietary software solutions

Amongst other elements, the market research report features the following:

  • A detailed overview of the current market landscape of precision medicine software developers, along with information on several relevant parameters, such as year of establishment, company size, location of headquarters, types of precision medicine platform (cloud-based and on-premises), purpose of software (diagnosis, analysis, treatment), type of data (genomic data, clinical data, image data and others), therapeutic area (oncological disorders, cardiovascular disorders, neurological disorders, metabolic disorders) and types of end users (healthcare providers, research and government institutes, pharmaceutical and biotech companies). 
  • Elaborate profiles of key players engaged in the development of precision medicine software applications. Each profile features a brief overview of the company, along with its information on technology / service portfolio, recent developments and an informed future outlook.
  • A detailed analysis of the various patents that have been filed / granted within precision medicine software market, since 2018. It highlights the key trends associated with these patents across several relevant parameters, such as publication year, geographical location / patent jurisdiction, CPC symbols, emerging focus areas, type of organization, leading patent assignees and most active players (in terms of number of patents filed). In addition, it includes a patent benchmarking analysis and patent valuation.
  • An analysis of the recent partnerships inked between various players engaged in precision medicine software market, during the period 2018-2021, based on several relevant parameters, such as year of partnership, type of partnership model adopted, regional distribution (continent and country-wise) and most active players (in terms of number of partnerships inked).
  • A detailed analysis of various investments made by players engaged in precision medicine software market, based on several relevant parameters such as year of investment, number of funding instances, amount invested and type of funding (venture capital financing, debt financing, grants / awards, initial public offering (IPO)) undertaken by precision medicine software providers, during the period 2018-2021.
  • A detailed analysis based on a proprietary 2×2 representation, highlighting the current market scenario (in terms of existing competition and growth opportunities) across emerging and established market segments.
  • A detailed discussion on affiliated trends, key drivers and challenges, under a SWOT framework, which are likely to impact the industry’s evolution, along with a Harvey ball analysis.

One of the key objectives of this market report is to provide a detailed market forecast analysis in order to estimate the existing market size and future opportunity for precision medicine software developers, during the forecast period. Further, we have provided an informed estimate of the market’s evolution, during the forecast period 2021-2031, based on several relevant parameters, such as adoption trends, and expected price variations for these products. The market report features the likely distribution of the current and forecasted opportunity within the precision medicine software market across [A] Therapeutic Indication (Oncological Disorders, Cardiovascular Disorders, Neurological Disorders, Metabolic Disorders), [B] Key Geographical Regions (North America, Europe, Asia-Pacific), [C] Types of End Users (Healthcare Providers, Research and Government Institutes, Pharmaceutical and Biotech Companies).

This image provides information on funding and investments undertaken by companies engaged in this domain. Private and public investors have made substantial capital investments, worth USD 2.5 billion, to support the ongoing innovation in this field This image provides information on the current and future market trends and potential growth of Precision Medicine Software Developers Market. We anticipate the market to grow at an annualized rate of ~30% in the coming decade; the opportunity is likely to be well distributed across different therapeutic areas, type of end-users and key geographical regions  

All actual figures have been sourced and analyzed from publicly available information forums and secondary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.

Frequently Asked Questions

Question 1: What is precision medicine?

Answer: Precision medicine takes into consideration the genetics, surrounding and lifestyle of an individual, and selects the best possible treatment that could work for them.

Question 2: What is the precision medicine software market size?

Answer: The precision medicine software market size is estimated to be worth $18 million in 2021.

Question 3: What is the projected market growth of the precision medicine software market?

Answer: The precision medicine software market is expected to grow at compounded annual growth rate (CAGR) of 30% during the forecast period 2021 - 2031.

Question 4: Who are the leading precision medicine companies developing software in the precision medicine software market?

Answer: Examples of key precision medicine companies engaged in developing software (which have also been profiled in this market report; the complete list of companies is available in the full report) include AceTech, Ariel Precision Medicine, C2i Genomics, Genedata, Inspirata, IQVIA, Fabric Genomics, GenomOncology, Human Longevity, SOPHiA GENETICS and Syapse.

Question 5: How many companies are currently engaged in the precision medicine software market?

Answer: Over 115 companies are currently engaged in the precision medicine software market.

Question 6: How many patents related to precision medicine software have been filed over the last few years?

Answer: More than 210 patents related to precision medicine software applications have been filed since 2018.

Question 7: Which region is the hub for precision medicine companies engaged in the development of software?

Answer: North America emerged as the hub for precision medicine companies engaged in the development of software, with 75% of the players established in the region.

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