Precision
Medicine Software Market by Delivery Type (On Premise and Cloud-Based), by Application
(Oncology, Pharmacogenomics, Rare Diseases, and Others), by End Users (Research
Centers, Government Institutes, Pharmaceutical and Biotechnological Companies,
and Others), and by Region (North America, Europe, Asia Pacific, Latin America,
Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019
– 2026
Precision medicine software is an
emerging approach for the prevention and treatment of diseases such as cancer,
rare illness, and infectious diseases. It is a combination of molecular biology
systems and techniques. These techniques are helpful to the clinicians and
physicians for efficiently monitoring the patient. Precision medicine software
is used for advancements in genetic research and genomics.
Global Precision Medicine Software
Market Drivers
New launches of bioinformatics
platforms is expected to drive the global precision medicine software market
growth. For instance, in January 2019, XIFIN launched its new precision
medicine informatics platform (VisualSrata), which is helpful for the
healthcare professionals to gain insights, make decisions, and improve patient
care and outcome.
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Furthermore, new molecular
strategy launches is expected to propel the global precision medicine software
market growth. For instance, in April 2018, Harvard’s Wyss Institute launched
new molecular strategy (NuProbe). NuProbe is a type of DNA nanotechnology-based
variant-detecting method. It is a fast, low-cost, and multiplexed molecular
diagnostic tool for the diagnosis of various diseases including cancer and
infectious diseases.
Moreover, launches of new genomic
tools is expected to support the global precision medicine software market
share. For instance, in September 2018, Ariel Precision Medicine, Inc. launched
its new genomics tool ArielDx for personalized management and early diagnosis
of pancreatic diseases.
Global Precision Medicine Market
Software Restraints
Product recall is the major
challenge, which is expected to hinder the global precision medicine software
market growth. For instance, in January 2018, Phillips Medical System Inc.,
received product recall letter from U.S Food and Drug Administration (FDA) for
its Brilliance Big Core CT. This software is recalled as error has been
detected in production of X-ray tubes. That may result in inability to generate
Computed Tomography (CT) images.
Global Precision Medicine Software
Market Regional Analysis
North America is expected to hold
dominant position in the global precision medicine software market, owing to
increasing government initiative over the forecast period. For instance, in
January 2019, NIH (National Institutes of Health) and Fitbit launched their
first digital health technology initiative for the advanced precision medicine
study. This initiative is known as All of Us Research Program. It is expected
to improve the prevention and treatment of diseases, which are based on
individual differences in lifestyle, environment, and genetics.
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Furthermore, increasing new
platform launches in the U.S. is expected to propel the global precision
medicine software market growth. For instance, in November 2016, American Heart
Association (AHA) announced its new launch of cloud-based precision medicine
platform in collaboration with Amazon Web Services (AWS). Main aim of this
platform is to assist the clinicians and researchers in collection of the data
and to accelerate solutions for cardiovascular disease treatments.
Moreover, Asia Pacific is also
projected to witness significant growth in the global precision medicine
software market, owing to increasing business expansion activities by key players.
For instance, in September 2018, Konica Minolta, Inc. announced the launch of
its new business in precision medicine Konica Minolta Precision Medicine, Inc.
in Japan. They focus on development of technologies, medicine platform, and
discovering new therapies.
Key players operating in the
precision medicine software market include Syapse, Inc., 2bPrecise LLC,
Foundation Medicine, Inc., Fabric Genomics, SOPHiA GENETICS SA, Gene42, Inc.,
LifeOmic Health, LLC, NantHealth, Inc., and Koninklijke Philips N.V.
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