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Global Precision Medicine Software Market is anticipated to witness a lucrative CAGR of 10%

·3-min read
Medi-Tech Insights
Medi-Tech Insights

Medi-Tech Insights: The global precision medicine software market is driven by the growing research in the field of genomics/precision medicine, significant VC funding, rising government support, and the rapid shift toward personalized treatments.

Brussels, Belgium, June 06, 2022 (GLOBE NEWSWIRE) --

Description:

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.

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

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

Realizing the long-term benefits of personalized care in improving population health and reducing healthcare costs, governments across the globe 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. Some of the other programs to advance the research/use of precision medicine include The Precision Medicine Initiative (PMI), All of Us Research Program, precision FDA, and Million Veteran Program. In addition, FDA issued seven guidance documents in 2020 related to precision medicine. All these efforts would eventually boost the demand for precision medicine software.

Vast Growth Opportunities in Oncology

Precision medicine holds great promise for reshaping the way cancer is treated. The increasing prevalence of cancer and growing 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

  • In Feb 2021, Synapse, a provider of software to support precision oncology care and drug discovery closed a $68 million growth equity investment round to expand in RWE-driven precision medicine

Key Challenges: Precision Medicine Software Market

For the emergence of precision medicine in every disease 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 cost 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 industry.

Competitive Landscape Analysis: Precision Medicine Software Market

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

Explore Detailed Insights on Precision Medicine Software Market @ https://meditechinsights.com/precision-medicine-software-market/

About Medi-Tech Insights:

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

Contact Us:

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com


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