Press release
Global Precision Medicine Software Market is poised to witness a lucrative CAGR of 10% by 2026 - Syapse, Fabric Genomics, Sophia Genetics, 2bprecise, PierianDx, PhenoTips
Move from the Dominant One-Size-Fits-All Approach to the Advanced Personalized Care Approach
The precision medicine approach promises better clinical results, safer medicines and cost savings. With the growing demand to provide value to the healthcare systems, all elading drug manufacturers have started to move away from the one-size-fits-all approach to the personalized care approach.
Favorable Government Initiatives for Precision Medicine Software Market
Realizing the long-term advantages of personalized care in improving the health of the patients and reducing healthcare costs, governments operating across the world are supporting advanced medical treatments such as precision medicine through initiatives, regulatory changes, and/or funding research.
For instance, in USA, The Oncology Care Model, a specialty payment and delivery model developed by the CMS Innovation Center is providing incentives which have led to a growth of large community provider networks implementing precision medicine initiatives.
Some of the other programs to advance the 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.
Ample Growth Opportunities in Oncology Market
Precision medicine holds a great promise for reshaping the way cancer is treated. The rising prevalence of cancer and growing fundings 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 are as follows:
• 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.
Upcoming Market Challenges: Precision Medicine Software Market
For the emergence of precision medicine in every medical segment, the market needs to know how to optimize the application of big data with the increase in the amount of genomics, health, and lifestyle information.
Further, the high costs of software deployment, issues related to the secure storage of large volumes of sequenced data, lack of reimbursement for precision medicine-based treatments and shortage of expert technicians and professionals are some of the major challenges faced by the market players operating in precision medicine software market.
Competitive Landscape Analysis: Precision Medicine Software Market
The global precision medicine software market is highly competitive and fragmented. Some of the established and new 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 Detailed Insights on Precision Medicine Software Market with a Sample Report PDF @ https://meditechinsights.com/precision-medicine-software-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
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.
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