Precision Medicine Software Market - Global Opportunity Analysis and Industry Forecast (2021-2028)

PUNE, India - Dec. 29, 2022 - PRLog -- Meticulous Research^®– a leading global market research company published a research report titled "Precision Medicine Software Market by Deployment Mode (On-premises, Cloud-based), Application (Oncology, Pharmacogenomics, CNS), End User (Healthcare Providers, Research, Academia, Pharma, Biotech) - Forecast to 2028". According to this latest publication from Meticulous Research^®, the global precision medicine software market is expected to grow at a CAGR of 11.2% from 2021 to reach $2.55 billion by 2028. The high growth of this market is mainly attributed to the paradigm shift in treatment, rising pressure to decrease healthcare costs, scientific & technological advances in the genomics field, and growing focus towards providing companion diagnostics & biomarkers for various therapeutic areas. On the other hand, the lack of awareness about advanced diagnostic capabilities and fragmented healthcare systems in developing countries are some of the factors hindering the growth of this market.

Precision Medicine Software Market: Future Outlook

The precision medicine software market is mainly segmented based on deployment mode, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

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Scope of the Report:

Precision Medicine Software Market, by Delivery Mode

• On-premises
• Web & Cloud-based

Precision Medicine Software Market, by Application

• Oncology
• Pharmacogenomics
• Other Applications

Precision Medicine Software Market, by End User

• Healthcare Providers
• Research & Government Institutes
• Pharmaceutical & Biotechnology Companies

Precision Medicine Software Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• Japan
• China
• India
• Rest of APAC (RoAPAC)
• Latin America
• Middle East and Africa

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Based on deployment mode, the global precision medicine software market is segmented into on-premises and web & cloud-based. In 2020, the on-premises segment accounted for the largest share of the global precision medicine software market. The large share of this segment is primarily attributed to the broad range of advantages associated with the use of on-premises software, such as high security of data, low risk of data breaches, and control over software upgrades & data storage. In addition, higher adoption among end-users and flexibility with connection bandwidth further support the growth of the market.