Press release
Precision Medicine Software Market Size,Share,Growth,Industry Analysis and Forecast (2024-2031)
Therapeutics, a biotech company that develops precision medicines collaborated to advance novel in-vivo base editing for a rare disorder, Beam therapeutics has developed a platform for precision medicine that includes gene editing and delivery technologies which make accurate, predictable and easy single base changes, at target sequence without altering the DNA.
Precision medicine offers personalized medicines and patient-centric care for distinct individuals with genetic characteristics, markers or prerequisites. The technology needed to facilitate this transformative treatment model transits from data generated at the edge to data science workloads on High-Performance Computing (HPC) platforms in the cloud or on-premises. Academic research, clinical Application Types, pharmaceutical discovery and manufacturing need robust instrumentation, analytics and HPC.
These technologies enable healthcare providers to collect and analyze patient data, identify genetic variations, and develop targeted therapies. The increasing availability of electronic health records (EHRs) and the adoption of cloud-based platforms are driving the growth of the precision medicine software market.
Market Trends :
The Increasing Market Developments are Fueling the Growth of the Global Precision Medicine Software Market
The rising market developments such as product introductions, collaborations, acquisitions and others are boosting the global precision medicine software market growth in the forecast market.
For instance, in May 2021, AdventHealth launched a data-driven precision medicine initiative and extended its genomics program to structure and merge longitudinal patient data with molecular testing data, building a dataset and disease network standards to assist the health system satisfactorily forecasting the growth of disorders and responses to therapies.
Also, in September 2021, AstraZeneca and Thermo Fisher Scientific collaborated to co-develop next-generation sequencing (NGS)-based companion diagnostics (CDx). Likewise, in March 2021, the National Institute of Health (NIH) funded the next iteration of a public-private alliance to advance precision medicine research for Alzheimers.
The Technical Issues Associated With the Medicine Software Will Hamper the Market Growth.
However, the issues associated with securing the enormous volumes of sequenced data, the insufficiency of skilled IT professionals working in healthcare, the high cost of deployment and the absence of promising repayment for medicines established in precision medicine hampers the global precision medicine software market in the forecast period.
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Market Segmentation :
The global Precision Medicine Software market is segmented based on Delivery Mode, Application Type and region.Cancer Precision Medicine Software is estimated to grow at the fastest CAGR during the forecast period (2024-2031).
In the application type segment, the intramuscular category is expected to have the highest market share of about 37.9% for the forecast period. Cancer precision medicine software is expected to dominate the global precision medicine software during the forecast period owing to the increasing incidences of cancer cases and market developments for cancer precision medicine.
For instance, according to WHO statistics, cancer caused over 10 million deaths in 2020 and about 1 in 6 deaths were from cancer. About 70% of cancer deaths occurred in low- and middle-income countries; the most familiar kind of cancer are breast, with 2.26 million cases in 2020, lung cancer, with around 2.21 million cases in 2020 and colon & cancers accounting for 1.93 million cases in 2020.
Furthermore, in January 2022, AstraZeneca collaborated with Scorpion Therapeutics to discover, design and commercialize precision medicines against formerly hard-to-target cancer proteins, potentially changing oncology treatment. Also, in February 2022, SEngine Precision Medicine Inc. and Oncodesign collaborated to Research and Develop new personalized cancer treatments for aggressive and untreatable tumors.
Moreover, there were online conferences scheduled in May 2022 in New Jersey, United States and in November 2022 in Berlin, Germany. These conferences provided a medium for healthcare professionals, industry, patient groups, research, payers and governments to intercommunicate their experiences and ideas for a future of improved cancer patient results. Thus, the mentioned data indicates that the growing cases of cancer and cancer-related precision medicine development initiatives will ensure the dominance of oncology precision medicine software during the forecast period.
Geographical Share :
North America Holds the Largest Global Precision Medicine Software Market Share.
The North American market is estimated to grow at the second-highest CAGR of 12.0% throughout the forecast period (2023-2030) owing to the rising cancer cases in this region and the presence of key market players in North America. For instance, according to National Cancer Institute, approximately 1,806,590 new cases were analyzed with cancer which led to 606,520 deaths in 2020.
Moreover, the American Cancer Society identified 1.9 million cancer cases in 2021 and over 608,570 deaths were cancer-related. Similarly, CDC assessed that annual new cancer cases will be 29.5 million by 2040.
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Competitive Landscape
The major global players in the market include Syapse, Inc., 2bprecise, LLC, Fabric Genomics, Inc., Sophia Genetics SA, Foundation Medicine, Inc., Pieriandx, Inc., Velsera, MediCardia Health, Translational Software Inc. and LifeOmic Holdings LLC among others.
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