Key Factors Driving Growth in Precision Medicine Software Market:
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. On the other hand, 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 lack of skilled IT professionals in healthcare are the key factors that are expected to challenge market growth to a certain extent during the forecast period.
According to research report the precision medicine software market is projected to reach USD 2.0 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 11.5%.
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Market by Segments:
Based on type, the autotransfusion systems market is segmented into autotransfusion products & accessories. The autotransfusion products segment accounted for the largest share of the autotransfusion systems market in 2019. Autotransfusion products are associated with several advantages, which are expected to boost its adoption in the coming years. These components prevent the transmission of transfusion-related blood-borne diseases in patients, and they also provide more compatible blood in comparison to autologous blood transfusions. These advantages are likely to increase the demand for autotransfusion products during the forecast period.
The cardiac surgeries segment, by application, is expected to register the highest growth rate in the autotransfusion systems market during the forecast period in 2019.
Based on application, the autotransfusion systems market is segmented into Cardiac Surgeries, Orthopedic Surgeries, Organ Transplantation, Trauma Procedures, and Other Procedures. The cardiac surgeries segment is expected to register the highest growth rate due to the high prevalence of cardiac diseases and recommendations for autologous transfusion (by entities such as the WHO) during cardiac surgeries
Top Players and Growth Strategies:
The major players in the precision medicine software market include Syapse, Inc. (US), 2bPrecise LLC (Israel), Foundation Medicine, Inc. (US), Fabric Genomics (US), and SOPHiA GENETICS SA (Switzerland). Analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product approvals, strategic acquisitions, and expansions along with partnerships & agreements were adopted by the market players to strengthen their product portfolios and maintain a competitive position in the precision medicine software market.
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Market by Geography:
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.