Precision Medicine Software Market by Delivery Mode (On-Premise & Cloud-Based), End User (Healthcare Providers, Research Centers & Government Institutes, Pharmaceutical & Biotechnology Companies), Application, and Region - Global Forecast to 2024
The precision medicine software market is projected to reach USD 2.0 billion by 2024, 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. However, 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 the dearth of skilled IT professionals in healthcare are expected to restrain market growth to a certain extent in the coming years.
By deployment mode, on-premise delivery mode is the largest contributor to the precision medicine software market.
On the basis of delivery mode, the precision medicine software market is segmented into on-premise and cloud-based delivery model. In 2018, the on-premise delivery mode segment accounted for the largest share of the precision medicine software market. The large share of this segment is primarily due to the wide range of advantages associated with the use of on-premise delivery models. These models allow end users to use solutions from multiple vendors and allow buyers to decide when to implement a software upgrade.
Rising emphasis on providing personalized medicine in hospitals will drive adoption of the precision medicine software among healthcare providers
By end user, the market is segmented into healthcare providers, research centers & government institutes, pharmaceutical & biotechnology companies, and other end users. The healthcare providers segment accounted for the largest market share in 2018. The large share of this segment can be attributed to the growing availability of precision medicine software and a rising emphasis on providing personalized medicine in hospitals. Precision medicine software is an important tool used by healthcare providers for screening prenatal aneuploidy, evaluating rare disorders, diagnosing infectious diseases, and identifying therapeutic targets in neoplasms.
Growing prevalence of cancer and rising funding in cancer research will drive the oncology segment in the precision medicine software market
Based on applications, the precision medicine software market is segmented into oncology, pharmacogenomics, rare diseases, and other applications. The oncology segment accounted for the largest market share in 2018. The large share of this segment can be attributed to the growing prevalence of cancer, rising funding in cancer research, promising applications of precision medicine in oncology research, and increased investments by government organizations in precision medicine software.
North America holds a significant share in the precision medicine software marketduring the forecast period
Geographically, the North American market accounted for the largest share of the precision medicine software in 2018. The large market share of North America in the precision medicine software market can be attributed to factors such as growing HCIT investments in the region, the presence of regulatory mandates supporting market growth in the US, and increasing digitalization and favorable funding initiatives by the Canadian government.
Prominent players of the global Precision Medicine Software Market are Syapse, Inc. (US), 2bPrecise LLC (Israel), Foundation Medicine, Inc. (US), Fabric Genomics (US), SOPHiA GENETICS SA (Switzerland), PierianDx, Inc. (US), N-of-One, Inc. (US), Human Longevity, Inc. (US), Translational Software, Inc. (US), Sunquest Information Systems Inc. (US), Gene42, Inc. (Canada), LifeOmic Health, LLC (US), NantHealth, Inc. (US), Tempus Labs, Inc. (US), Flatiron Health, Inc. (US), IBM Watson Group (US), and Koninklijke Philips N.V. (Netherlands) are the key players in the precision medicine software market.
Syapse is one of the leading players in the precision medicine software market. The companys dominant position can be attributed to its Syapse Oncology platform and Syapse Network solution. The company adopted various inorganic and organic growth strategies such as product launches, acquisitions, collaborations, and expansions to maintain and enhance its market share. In the past three years, Syapse partnered with various healthcare organizations in the US, some of which include the Medidata, Roche Pharmaceuticals, Aurora Cancer Care, and Catholic Health Initiatives (CHI) among others to expand its end-user base and develop innovative solutions. Syapse also opened a new office in Philadelphia (US) to reach out to more healthcare providers in different parts of the US. The company has a strategic focus on expansions in high-growth emerging markets, such as Asia and the Middle East.
2bPrecise is one of the major companies in the precision medicine software. The company 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 Clinics electronic phenotyping algorithms to incorporate new clinical protocols. This collaboration helped 2bPrecise to apply these new protocols in research to measure outcomes in patients with genetic cardiovascular disease.
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Scope of the Report
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Report Metric |
Details |
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Market Size Available for Years |
20172024 |
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Base Year Considered |
2018 |
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Forecast Period |
20192024 |
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Forecast Units |
Value (USD) |
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Segments Covered |
Delivery Mode, End User, Application, and Region |
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Geographies Covered |
North America (US & Canada), Europe (EU5 & RoE), Asia, RoW |
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Companies Covered |
Syapse, Inc. (US), 2bPrecise LLC (Israel), and Foundation Medicine, Inc. (US). 12 major players were covered. |
This research report categorizes the precision medicine software market based on delivery mode, end user, application, and region.
On the basis of delivery mode, the precision medicine software market has been segmented as follows:
- On-premise Delivery Mode
- Cloud-based Delivery Mode
On the basis of end user, the precision medicine software market has been segmented as follows:
- Healthcare Providers
- Research Centers and Academic Institutes
- Pharmaceutical and Biotechnology Companies
- Other End Users (non-profit organizations and diagnostic companies)
On the basis of application, the precision medicine software market has been segmented as follows:
- Oncology
- Pharmacogenomics
- Rare Diseases
- Other Applications (neurodegenerative diseases, genetic testing, and carrier screening testing)
On the basis of region, the precision medicine software market has been segmented as follows:
- North America
- US
- Canada
- Europe
- EU5
- RoE
- Asia
- Rest of the World (RoW)
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- What are the upcoming precision medicine software solutions?
- Which of the application segments will dominate the precision medicine software market in the future?
- Emerging countries have immense opportunities for the growth and adoption precision medicine software solutions. Will this scenario continue in the next five years?
- Where will all the advancements in precision medicine software offered by various companies take the industry in the mid to long term?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
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Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 17)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Industry Insights
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study
3 Executive Summary (Page No. - 26)
4 Premium Insights (Page No. - 29)
4.1 Precision Medicine Software: Market Overview
4.2 Geographic Analysis: North American Precision Medicine Software Market, By Delivery Mode
4.3 Us Precision Medicine Software Market
4.4 Geographical Snapshot of the Precision Medicine Software Market
5 Market Overview (Page No. - 33)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Government Funding in Precision Medicine Initiatives
5.2.1.2 Partnerships Among Pharmaceutical and Software Companies
5.2.1.3 Entry of New Players and Vc Funding
5.2.1.4 Growth in the Number of Cancer Patients
5.2.2 Restraints
5.2.2.1 High Cost of Deployment
5.2.3 Opportunities
5.2.3.1 Emerging Countries
5.2.3.2 Cloud-Based Solutions
5.2.3.3 Artificial Intelligence in Precision Medicine
5.2.4 Challenges
5.2.4.1 Secure Storage of Large Volumes of Sequenced Data
5.2.4.2 Lack of Reimbursement for Precision Medicine-Based Treatments
5.2.4.3 Lack of Skilled It Professionals in Healthcare
6 Precision Medicine Software Market, By Delivery Mode (Page No. - 39)
6.1 Introduction
6.2 On-Premise Delivery Mode
6.2.1 Benefits Offered By the On-Premise Delivery Model and Limited Penetration of Cloud-Based Technologies to Drive Market Growth
6.3 Cloud-Based Delivery Mode
6.3.1 Open-Access Nature of Cloud-Based Models Poses Security Challenges
7 Precision Medicine Software Market, By End User (Page No. - 44)
7.1 Introduction
7.2 Healthcare Providers
7.2.1 Precision Medicine is Used By Healthcare Providers to Determine Disease Susceptibility and Provide Personalized Treatments
7.3 Research Centers and Government Institutes
7.3.1 Increasing Funding for Research Will Drive the Usage and Adoption of Precision Medicine Software in This Segment
7.4 Pharmaceutical & Biotechnology Companies
7.4.1 Increasing Emphasis on Pharmacogenomics Due to Its Applications in Drug Development is to Drive Market Growth
7.5 Other End Users
8 Precision Medicine Software Market, By Application (Page No. - 53)
8.1 Introduction
8.2 Oncology
8.2.1 Oncology Segment to Witness the Highest Growth in the Precision Medicine Software Market
8.3 Pharmacogenomics
8.3.1 Pharmacogenomics is A Potential Solution to Reduce Healthcare Costs Associated With Ades and Poor Response to Pharmacotherapy
8.4 Rare Diseases
8.4.1 Increasing Incidence of Rare Diseases to Drive Market Growth
8.5 Other Applications
9 Precision Medicine Software Market, By Region (Page No. - 61)
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Government Funding to Support Market Growth in the US
9.2.2 Canada
9.2.2.1 Rising Incidence of Cancer in Canada Will Drive the Demand for Precision Medicine Software
9.3 Europe
9.3.1 Eu5
9.3.1.1 Favorable Funding Scenario Will Support Market Growth in Eu5
9.3.2 Rest of Europe
9.4 Asia
9.4.1 Growing Research Investments in China, Japan & India Will Contribute to Market Growth in Asia
9.5 Rest of the World
10 Competitive Landscape (Page No. - 80)
10.1 Overview
10.2 Market Ranking of Players, 2018
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Competitive Scenario
10.4.1 Solution Launches
10.4.2 Expansions
10.4.3 Partnerships, Agreements, and Collaborations
10.4.4 Acquisitions
11 Company Profiles (Page No. - 87)
(Introduction, Products & Services, Strategy, & Analyst Insights, Developments, MnM View)*
11.1 Syapse, Inc.
11.2 2bprecise, LLC
11.3 Fabric Genomics, Inc.
11.4 Foundation Medicine, Inc.
11.5 Sophia Genetics Sa
11.6 Pieriandx, Inc.
11.7 N-Of-One, Inc. (A Subsidiary of Qiagen N.V.)
11.8 Human Longevity, Inc.
11.9 Translational Software Inc.
11.10 Sunquest Information Systems, Inc.
11.11 Gene42, Inc.
11.12 Lifeomic Health, LLC
*Details on Marketsandmarkets View, Introduction, Product & Services, Strategy, & Analyst Insights, New Developments Might Not Be Captured in Case of Unlisted Companies.
12 Appendix (Page No. - 107)
12.1 Discussion Guide
12.2 Knowledge Store: Marketsandmarkets Subscription Portal
12.3 Available Customizations
12.4 Related Reports
12.5 Author Details
List of Tables (66 Tables)
Table 1 Government Initiatives in the Field of Precision Medicine Software
Table 2 Start-Up Companies in the Precision Medicine Software Market
Table 3 Market, By Delivery Mode, 20172024 (USD Million)
Table 4 On-Premise Precision Medicine Software Market, By Region, 20172024 (USD Million)
Table 5 North America: On-Premise Precision Medicine Software Market, By Country, 20172024 (USD Million)
Table 6 Europe: On-Premise Precision Medicine Software Market, By Region, 20172024 (USD Million)
Table 7 Cloud-Based Precision Medicine Software Market, By Region, 20172024 (USD Million)
Table 8 North America: Cloud-Based Precision Medicine Software Market, By Country, 20172024 (USD Million)
Table 9 Europe: Cloud-Based Precision Medicine Software Market, By Region, 20172024 (USD Million)
Table 10 Market, By End User, 20172024 (USD Million)
Table 11 Market for Healthcare Providers, By Region, 20172024 (USD Million)
Table 12 North America: Market for Healthcare Providers, By Country, 20172024 (USD Million)
Table 13 Europe: Market for Healthcare Providers, By Country, 20172024 (USD Million)
Table 14 Market for Research Centers and Government Institutes, By Region, 20172024 (USD Million)
Table 15 North America: Market for Research Centers and Government Institutes, By Country, 20172024 (USD Million)
Table 16 Europe: Market for Research Centers and Government Institutes, By Country, 20172024 (USD Million)
Table 17 Market for Pharmaceutical and Biotechnology Companies, By Region, 20172024 (USD Million)
Table 18 North America: Market for Pharmaceutical and Biotechnology Companies, By Country, 20172024 (USD Million)
Table 19 Europe: Market for Pharmaceutical and Biotechnology Companies, By Country, 20172024 (USD Million)
Table 20 Market for Other End Users, By Region, 20172024 (USD Million)
Table 21 North America: Market for Other End Users, By Country, 20172024 (USD Million)
Table 22 Europe: Market for Other End Users, By Country, 20172024 (USD Million)
Table 23 Market, By Application, 20172024 (USD Million)
Table 24 Market for Oncology, By Region, 20172024 (USD Million)
Table 25 North America: Market for Oncology, By Country, 20172024 (USD Million)
Table 26 Europe: Market for Oncology, By Region, 20172024 (USD Million)
Table 27 Market for Pharmacogenomics, By Region, 20172024 (USD Million)
Table 28 North America: Market for Pharmacogenomics, By Country, 20172024 (USD Million)
Table 29 Europe: Market for Pharmacogenomics, By Region, 20172024 (USD Million)
Table 30 Market for Rare Diseases, By Region, 20172024 (USD Million)
Table 31 North America: Market for Rare Diseases, By Country, 20172024 (USD Million)
Table 32 Europe: Market for Rare Diseases, By Region, 20172024 (USD Million)
Table 33 Market for Other Applications, By Region, 20172024 (USD Million)
Table 34 North America: Market for Other Applications, By Country, 20172024 (USD Million)
Table 35 Europe: Market for Other Applications, By Region, 20172024 (USD Million)
Table 36 Market, By Region, 20172024 (USD Million)
Table 37 North America: Market, By Country, 20172024 (USD Million)
Table 38 North America: Market, By Delivery Mode, 20172024 (USD Million)
Table 39 North America: Market, By End User, 20172024 (USD Million)
Table 40 North America: Market, By Application, 20172024 (USD Million)
Table 41 US: Market, By Delivery Mode, 20172024 (USD Million)
Table 42 US: Market, By End User, 20172024 (USD Million)
Table 43 US: Market, By Application, 20172024 (USD Million)
Table 44 Canada: Market, By Delivery Mode, 20172024 (USD Million)
Table 45 Canada: Market, By End User, 20172024 (USD Million)
Table 46 Canada: Market, By Application, 20172024 (USD Million)
Table 47 Europe: Market, By Region, 20172024 (USD Million)
Table 48 Europe: Market, By Delivery Mode, 20172024 (USD Million)
Table 49 Europe: Market, By End User, 20172024 (USD Million)
Table 50 Europe: Market, By Application, 20172024 (USD Million)
Table 51 Eu5: Market, By Delivery Mode, 20172024 (USD Million)
Table 52 Eu5: Market, By End User, 20172024 (USD Million)
Table 53 Eu5: Market, By Application, 20172024 (USD Million)
Table 54 ROE: Market, By Delivery Mode, 20172024 (USD Million)
Table 55 ROE: Market, By End User, 20172024 (USD Million)
Table 56 ROE: Market, By Application, 20172024 (USD Million)
Table 57 Asia: Market, By Delivery Mode, 20172024 (USD Million)
Table 58 Asia: Market, By End User, 20172024 (USD Million)
Table 59 Asia: Market, By Application, 20172024 (USD Million)
Table 60 RoW: Market, By Delivery Mode, 20172024 (USD Million)
Table 61 RoW: Market, By End User, 20172024 (USD Million)
Table 62 RoW: Market, By Application, 20172024 (USD Million)
Table 63 Solution Launches
Table 64 Expansions
Table 65 Partnerships, Agreements, and Collaborations
Table 66 Acquisitions
List of Figures (23 Figures)
Figure 1 Research Methodology: Precision Medicine Software
Figure 2 Research Design
Figure 3 Sampling Frame: Primary Research
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation Methodology
Figure 7 Market Share, By Delivery Mode, 2018
Figure 8 Market Share, By End User, 2018
Figure 9 Market Share, By Application, 2018
Figure 10 Geographic Snapshot of the Precision Medicine Software Market
Figure 11 Rising Government Funding in Precision Medicine Initiatives to Drive Market Growth During the Forecast Period
Figure 12 On-Premise Delivery Mode Accounted for the Largest Share of the North American Precision Medicine Software Market in 2018
Figure 13 Healthcare Providers Accounted for the Largest Market Share in 2018
Figure 14 North America to Witness the Highest Growth Rate During the Forecast Period
Figure 15 Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Market, By Region, 2019 vs. 2024 (USD Million)
Figure 17 North America: Market Snapshot
Figure 18 Europe: Market Snapshot
Figure 19 Asia: Market Snapshot
Figure 20 RoW: Market Snapshot
Figure 21 Key Developments in the Precision Medicine Software Market Between 2016 and 2019
Figure 22 Market Ranking, By Key Player (2018)
Figure 23 Market (Global), Competitive Leadership Mapping, 2018
The study involved four major activities to estimate the current market size for precision medicine software. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as D&B Hoovers, Bloomberg Businessweek, and Factiva have been referred to so as to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases.
Primary Research
The precision medicine software market comprises several stakeholders such as healthcare IT service providers, healthcare institutions/providers (hospitals, medical groups, physician practices, diagnostic centers, pharmacies, ambulatory care centers, and outpatient clinics). Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the precision medicine software market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and markets have been identified through extensive secondary research
- The industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Data Triangulation
After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the precision medicine software industry.
Report Objectives
- To define, describe, and forecast the global precision medicine software market with respect to delivery mode, end user, application, and region
- To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape of market leaders
- To forecast the size of the precision medicine software market with respect to four main regionsNorth America, Europe, Asia Pacific, and the Rest of the World
- To profile the key players in the global precision medicine software market and comprehensively analyze their core competencies
- To track and analyze competitive developments such as agreements and partnerships, mergers, and acquisitions of the leading players in the precision medicine software market
Available customizations
With the given market data, MarketsandMarkets offers customizations as per the companys specific needs. The following customization options are available for the report:
Geographic Analysis
- Further breakdown of the EU5 and Asian precision medicine software markets
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
Generating Response ...
Growth opportunities and latent adjacency in Precision Medicine Software Market