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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. 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. 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.
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.
Several recent developments have taken place in the field of 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.
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.
Amongst other elements, the market research report features the following:
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).
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.