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. Also, emerging markets, cloud-based solutions, and artificial intelligence in precision medicine may act as an important boosting factor for the exponential growth of the precision medicine software market.
According to research report the precision medicine software market is projected to reach $2.0 billion by 2024 from $1.2 billion in 2019, at a CAGR of 11.5%.
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2bPrecise has a strong foothold in the precision medicine software market. The company caters to the healthcare technology and precision medicine needs of its global customers. 2bPrecise focuses on agreements and collaborations to expand its business operations.
In 2018, Foundation Medicine was one of the leading providers in the precision medicine software market. In order to maintain its leading position in the market, the company focuses on several partnerships with government and private institutes. For example, during 2016–2018, the company partnered with various healthcare organizations in the US.
In 2018, Syapse was among the key players in the precision medicine software market. The company focuses on partnerships and collaborations to expand its business operations. The company also offers qualitative software tools by adopting advanced technologies.
Top Segment -
•Based on applications, the precision medicine software market is segmented into oncology, pharmacogenomics, rare diseases, and other applications.
•On the basis of delivery mode, the precision medicine software market is segmented into on-premise and cloud-based delivery model.
•By end user, the market is segmented into healthcare providers, research centers & government institutes, pharmaceutical & biotechnology companies, and other end users.
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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.
Mr. Aashish Mehra
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Northbrook, IL 60062