Global Precision Medicine Software Market is expected to witness a healthy CAGR of 10%

Precision medicine, sometimes known as "personalized medicine" is an innovative approach to tailoring disease prevention and treatment based on the individual’s unique characteristics and genetic make-up. Precision medicine software (platforms, data-sharing networks, clinical decision support software, AI-enabled, etc.) provides the healthcare/life sciences community with integrated data and data-driven insights to strengthen their precision medicine program.

Shift from the Dominant One-Size-Fits-All Approach to Personalized Care Approach

The precision medicine approach promises better clinical outcomes, safer medicines, and less wastage/cost savings. With the increasing demand to provide value to healthcare systems, drug developers have started to move away from the traditional one-size-fits-all approach to the personalized care approach.

In 2020, the FDA approved 20 personalized drugs and biologics (39% of the new approvals). Precision medicines accounted for a quarter or more of all new drugs approved by the FDA each year in the past five years. With the growing interest and increasing opportunities in precision medicine, the demand for precision medicine software is also anticipated to grow.

Favorable Government Initiatives for Precision Medicine Software Market

Realizing the long-term benefits of personalized care in improving population health and reducing healthcare costs, governments across the world are supporting advanced treatments like precision medicine through initiatives, regulatory changes, and/or funding research. 

For instance, in the US, The Oncology Care Model, a specialty payment and delivery model developed by the CMS Innovation Center is providing incentives that have led to a surge of large community provider networks implementing precision medicine initiatives.

Upcoming Growth Opportunities in Oncology

Precision medicine holds a significant promise for reshaping the way cancer is treated. The growing prevalence of cancer and increasing funding for cancer research would propel the adoption of precision medicine in oncology. High-quality patient datasets are the foundation to bring precision oncology into clinical practice. Thus, providing great opportunities for precision oncology software providers. Some of the recent activities in this space include:

  • In Apr 2022, BostonGene, a precision cancer software start-up raised $150 million Series B funding.
  • In Nov 2021, GE Healthcare announced collaborations with SOPHiA GENETICS, The University of Cambridge and Optellum as part of its vision to advance care, make precision health more accessible, and ultimately improve outcomes for cancer patients.

Market Challenges: Precision Medicine Software Market

For the emergence of precision medicine in every medical area, the industry needs to know how to optimize the use of big data with the increase in the amount of genomics, health, and lifestyle information.

Further, the high costs of deployment, issues related to the secure storage of large volumes of sequenced data, lack of reimbursement for precision medicine-based treatments, and the shortage of expert technicians/bioinformaticians are some of the key challenges faced by this market players.

Competitive Landscape Analysis: Precision Medicine Software Market

The global precision medicine software market is highly competitive and fragmented. Some of the key and emerging players operating in the precision medicine software market are Syapse, Fabric Genomics, Sophia Genetics, 2bprecise, PierianDx, PhenoTips, Foundation Medicine, GenomOncology, LLC, Translational Software, LifeOmic Health, Sunquest Information Systems, Tempus, Human Longevity and N-of-One Inc.

Get Customized Market Research Report on Precision Medicine Software Market @ https://meditechinsights.com/precision-medicine-software-market/

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