Global Precision Medicine Software Market is Expected to Grow at CAGR 12.3% from 2019 to 2027 Owing to the Increase in the Number of People who are Suffering from Chronic Diseases: Says Absolute Markets Insights
PUNE, India, Jan. 27, 2020 /PRNewswire/ -- Precision medicine is a prototype in healthcare which provides the customization of healthcare with medical decisions, practices, treatments, and products for patients in person. It states about right therapeutic approach for the right patient at the right time. The use of precision medicine is to identify which treatment approach is effective for patients on the basis of genetic, environment, and lifestyle factors. Precision medicine software allows the healthcare professionals (HCPs) to provide personalized treatment plans to patients based on their genetic content. It gives a wide range of applications in both the clinical and diagnostic areas and it combines genetic and clinical data to cater targeted patient care, which is increasing the demand of precision medicine software market.
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The global precision medicine software market is experiencing lucrative growth owing to the increase in the number of patients suffering from chronic diseases such as cancer, heart diseases, and diabetes. For instance, as per the data presented by International Agency for Research on Cancer (IARC), in 2018, the cancer burden was 18.1 million new cases and 9.6 million deaths across the world. One in five men and one in six women around the globe develop cancer during their lifetime, and one in eight men and one in 11 women die from the disease.
Koninklijke Philips N.V. (Philips Healthcare), a multinational electronics company focusing on healthcare, offers precision medicine platform, namely, IntelliSpace. It enables end-to-end oncology care or cancer management. The platform unifies and streamlines oncology care throughout the patient journey from molecular diagnostics to therapy recommendations. IntelliSpace, a precision medicine oncology solution integrates information over different clinical domains such as pathology, electronic health record (EHR) systems, radiology, and genomics. It consolidates all key patient and medical data in one location to represent a clear, comprehensible view of patient status in its disease and enable data driven clinical decision support, which in turn is propelling the precision medicine software market.
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Precision medicine with the integration of artificial intelligence (AI) will go to the next level with more accuracy and prediction of outcome for patients. Its major benefit for precision medicine is that it predicts outcomes as well as enables healthcare professionals to predict patient's probability of having diseases in the future, thus driving the demand of precision medicine software market. Oracle, an American multinational computer technology corporation offers precision medicine software that enables researchers, cinicians, and molecular pathologists to work together. The software addresses data aggregation, normalization and workflow issues, knowledge exchange which restricts timely creation of patient molecular profiles and it also enables spectrum testing from gene panels through whole genome sequencing, and integration with electronic health record systems for seamless clinical workflow.
The detailed research study provides qualitative and quantitative analysis of the global precision medicine software market. The precision medicine software market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of revenue, global precision medicine software market is expected to reach US$ 2,747.64 million by 2027 attributed to the rising burden of chronic diseases such as cancer, diabetes, and cardiovascular diseases (CVDs), among others
- On the basis of access systems, data warehouse segment is expected to grow exponentially over the forecast period as the enterprise data warehouse (EDW) enables all data from an organization with numerous inpatient and outpatient facilities to be integrated and analyzed.
- Based on the deployment, cloud based deployment is projected to hold substantial market share over the forecast period as cloud computing in healthcare sector reduces the cost of storage, time and quality of treatment
- Some of the prominent players operating in the precision medicine software market include 2bPrecise, Syapse, Inc., IBM Corporation, Koninklijke Philips N.V. and Oracle, amongst others.
Global Precision Medicine Software Market
- By Access Systems
- Electronic Health Records
- Data Warehouses
- Other Systems
- By Deployment
- By End User
- Healthcare Providers
- Research & Academic Institutes
- Government Institutes
- Pharmaceutical and Biotechnology Companies
- Testing Labs
- By Region:
- North America
- United States
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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SOURCE Absolute Markets Insights
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