Global Precision Medicine Software Market is projected to witness a healthy growth rate of 10% in the upcoming years

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 provides the healthcare and life sciences community with integrated data and data-driven insights to strengthen their precision medicine program.

Move from the Traditional 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.

Favorable Government Initiatives is Driving the 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 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.

Upcoming Growth Opportunities in Oncology

Precision medicine holds a tremendous 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. 

Rising Market Challenges: Precision Medicine Software Market

For the emergence of precision medicine in every medical sector, the medical industry needs to know how to optimize the utilization 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 leading and emerging players operating in the global precision medicine software market are Syapse, Fabric Genomics, Sophia Genetics, 2bprecise, PierianDx, PhenoTips, Foundation Medicine, GenomOncology, Translational Software, LifeOmic Health, Sunquest Information Systems, Tempus, Human Longevity and N-of-One Inc.

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