The size of the North American precision medicine software market is estimated to be growing at a significant CAGR during the forecast period.
The market has experienced significant development over the past decade. The number of companies, government, and private research institutes involved in the industry has grown steadily. The continued and tireless efforts of scientists to assess the human genome and identify genomic biomarkers have been successful. In addition, government initiatives have also played an important role in the development of the market. For example, in 2015, the U.S. government launched the Precision Medicine Initiative to create a national research cohort of more than one million Americans who donate their genetic information to help find several new ways to improve disease identification and treatment. With all of these ongoing efforts, the number of drugs approved for precision medicine increases, thus driving the precision medicine software market.
The increase in R&D activities for other diseases is expected to increase the number of drugs for cardiovascular, infectious, and neurological diseases. The number of precision medicine software is expected to have a lucrative growth rate, and the continued expansion of precision medicine software will drive industry growth.
On the other hand, the high cost and the potential threat to personal health data are factors that can hamper the expansion of the North American precision medicine software market.
Impact of COVID-19 on the North American Precision Medicine Software Market:
In the midst of the current pandemic, the precision medicine software market is advancing at breakneck speed. As a result, the healthcare industry focuses on precision medicine and genetic research to better understand the response to COVID-19, measure its impact, and uncover potential therapies. Additionally, the COVID-19 pandemic affected the regional economy and had a major impact on the functioning of general hospital care for non-COVID-19 patients across the region.
Precision medicine has seen collaborative efforts between governments, institutions, and researchers to develop effective treatments. For instance, the San Antonio partnership for precision medicine collaborated funds for projects; these projects focus on cellular interactions like proteins from the immune system and the respiratory tract, generate responses to the virus, and how researchers benefit from this data to develop therapies.
This research report on the North American precision medicine software market has been segmented and sub-segmented into the following categories:
By Delivery Mode:
By End User:
Geographically, improved healthcare infrastructure and massive R&D spending are expected to fuel the precision medicine software market in the United States. There have been significant advances in precision medicine for certain types of cancer treatments, such as colorectal cancer and breast cancer. According to the American Cancer Society, approximately 1.9 million new cancer cases and 606,550 cancer deaths were diagnosed in the United States. This should help in the development of precision cancer treatments. The precision medicine initiative in the United States includes continued efforts through the Department of Veterans Affairs (VA), which has enrolled more than 450,100 veterans in the Million Veteran (MVP) program, a research cohort directed by the participants to develop one of the largest databases in the world for precision medicine.
According to the United States National Clinical Trials Registry, approximately 195 registered clinical trials related to precision drugs are expected to drive market growth in the future. In addition, the Food and Drug Administration, the Office of the National Health IT Coordinator, and the Office for Civil Rights in the United States announced in 2016 that they would develop research and data capabilities, tools techniques, and policies to accelerate precision medicine software, thereby driving the overall growth of the market in the country.
Canada launched a national program to promote the clinical implementation of precision medicine software to build a national rare disease cohort. This is expected to support the growth of the market in the coming years.
KEY MARKET PLAYERS:
Companies such as 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. are estimated to play a significant role in the North American precision medicine software market during the forecast period.