The size of the precision medicine software market in the APAC region is forecasted to be growing at a CAGR of 10.2% from 2021 to 2026.
The paradigm shift in treatment, the increasing pressure to reduce healthcare costs, scientific and technological advancements in genomics, and the increasing focus on providing complementary diagnostics and biomarkers for various therapeutic areas are some of the key factors that are expected to drive the precision medicine software market growth in this region.
The APAC precision medicine software market is expected to register substantial growth in the near future, driven by increased collaboration between research institutes and enterprises, increased licensing agreements, and business-to-business partnerships. Furthermore, the increased investment in precision medicine R&D. Additionally, increasing government funding for precision medicine initiatives and a growing cancer patient base are fueling the growth of the precision medicine software market.
Another major driver of the market includes developing a new generation of clinical minor sequencing, whole-genome technology, diagnostics, and accompanying augmentation. Due to genetic disease to ensure the rapid recovery of the patient and software specially developed for specific drugs used in the treatment of chronic diseases, it is expected that there will be a great future development of the market. With the growth of the precision medicine software market, software technologies increase in the near future, like big data analysis and gene therapy, to increase the acceptance of gene sequencing. Furthermore, the introduction of artificial intelligence and cloud-based solutions in precision medicine and the increase in genomic, metabolic, and proteomic data generated from research studies and clinical trials are expected to provide significant opportunities for the growth of market players in the upcoming years.
However, the lack of knowledge of precision medicine technology and the fragmentation of healthcare systems in developing countries in the APAC region are hampering the growth of this market to some extent.
Impact of COVID-19 on the APAC precision medicine software market:
With the health sector facing a crisis in the midst of the pandemic, he has been working on various solutions to tackle the pandemic. The healthcare industry is dedicated to precision medicine research to understand COVID-19 better and measure the impact caused by the virus to uncover potential therapies. Many governments have taken initiatives to speed up the use of precision coronavirus drugs. For example, researchers at Emory University are studying an antiviral compound that works like Remdesivir, which inhibits viral replication. This market has aided in the fight against the covid-19 virus.
This research report on the APAC precision medicine software market has been segmented and sub-segmented into the following categories:
By Delivery Mode:
By End User:
Geographically, the APAC region is expected to be the fastest-growing regional precision medicine software market for the global market during the forecast period. China is expected to be a world leader in precision medicine software. China, the world's second-largest economy, is expected to reach a projected market size of $ 547.8 million by 2028, with a CAGR of 13.9% over the review period 2021-2028. On the other hand, with well-developed healthcare and research infrastructure, Japan is expected to grow by 7.6% for the forecasted period.
The Chinese population and their government's penchant for data sharing are beneficial for AI (Artificial Intelligence) companies. China strengthened its emerging field of precision medicine after investing in WuXi NextCode. The investment has generated commercial interest on the continent in terms of precision medicine. In addition, the country targets heart disease and specific cancers such as liver and stomach cancers. These factors should allow the precision medicine software market to develop in China.
Other APAC regions are also expected to have lucrative growth rates in countries such as Japan, South Korea, Australia, Singapore, and India. With the government grappling with declining traditional exports to South Korea, biotechnology is seen as a potential new growth engine. In addition, state-of-the-art infrastructure, standardized electronic medical records (EMRs), and integration of EMRs and genomic information are established to improve the South Korean healthcare system. These factors are expected to facilitate healthy market growth in South Korea in the upcoming years.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the APAC precision medicine software market profiled in this report are SOPHiA GENETICS SA, Syapse, Inc., Foundation Medicine, Inc., 2bPrecise LLC, Fabric Genomics, Human Longevity, Inc., Translational Software, Inc., Gene42, Inc., IBM Watson Group, LifeOmic Health, LLC, Sunquest Information Systems Inc., Koninklijke Philips N.V., and Flatiron Health, Inc.