PrecisionMedicine Software Market by Delivery Type (On Premise and Cloud-Based), by Application(Oncology, Pharmacogenomics, Rare Diseases, and Others), by End Users (ResearchCenters, 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 anemerging approach for the prevention and treatment of diseases such as cancer,rare illness, and infectious diseases. It is a combination of molecular biologysystems and techniques. These techniques are helpful to the clinicians andphysicians for efficiently monitoring the patient. Precision medicine softwareis used for advancements in genetic research and genomics.
Global Precision Medicine SoftwareMarket Drivers
New launches of bioinformaticsplatforms is expected to drive the global precision medicine software marketgrowth. For instance, in January 2019, XIFIN launched its new precisionmedicine informatics platform (VisualSrata), which is helpful for thehealthcare professionals to gain insights, make decisions, and improve patientcare and outcome.
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Furthermore, new molecularstrategy launches is expected to propel the global precision medicine softwaremarket growth. For instance, in April 2018, Harvard’s Wyss Institute launchednew molecular strategy (NuProbe). NuProbe is a type of DNA nanotechnology-basedvariant-detecting method. It is a fast, low-cost, and multiplexed moleculardiagnostic tool for the diagnosis of various diseases including cancer andinfectious diseases.
Moreover, launches of new genomictools is expected to support the global precision medicine software marketshare. For instance, in September 2018, Ariel Precision Medicine, Inc. launchedits new genomics tool ArielDx for personalized management and early diagnosisof pancreatic diseases.
Global Precision Medicine MarketSoftware Restraints
Product recall is the majorchallenge, which is expected to hinder the global precision medicine softwaremarket growth. For instance, in January 2018, Phillips Medical System Inc.,received product recall letter from U.S Food and Drug Administration (FDA) forits Brilliance Big Core CT. This software is recalled as error has beendetected in production of X-ray tubes. That may result in inability to generateComputed Tomography (CT) images.
Global Precision Medicine SoftwareMarket Regional Analysis
North America is expected to holddominant position in the global precision medicine software market, owing toincreasing government initiative over the forecast period. For instance, inJanuary 2019, NIH (National Institutes of Health) and Fitbit launched theirfirst digital health technology initiative for the advanced precision medicinestudy. This initiative is known as All of Us Research Program. It is expectedto improve the prevention and treatment of diseases, which are based onindividual differences in lifestyle, environment, and genetics.
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Furthermore, increasing newplatform launches in the U.S. is expected to propel the global precisionmedicine software market growth. For instance, in November 2016, American HeartAssociation (AHA) announced its new launch of cloud-based precision medicineplatform in collaboration with Amazon Web Services (AWS). Main aim of thisplatform is to assist the clinicians and researchers in collection of the dataand to accelerate solutions for cardiovascular disease treatments.
Moreover, Asia Pacific is alsoprojected to witness significant growth in the global precision medicinesoftware market, owing to increasing business expansion activities by key players.For instance, in September 2018, Konica Minolta, Inc. announced the launch ofits new business in precision medicine Konica Minolta Precision Medicine, Inc.in Japan. They focus on development of technologies, medicine platform, anddiscovering new therapies.
Key players operating in theprecision 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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