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The Growing Demand For Personalized Healthcare Is Fueling The Growth Of The Market Due To Advancements In Genomic And Molecular Profiling: Strategic Insights Driving Smart Precision Medicine Software Market Momentum in 2025
Smart Precision Medicine Software
How Large Will the Smart Precision Medicine Software Market Size By 2025?
The market size for smart precision medicine software has been experiencing swift growth in recent times. The market size will see a rise from $2.89 billion in 2024, up to $3.42 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 18.0%. The historical growth phase is associated with the increased use of electronic health records (EHR), more investment in genomics studies, a rise in the incidence of chronic diseases, advancements in the field of bioinformatics tools, and the early deployment of clinical decision support systems.
How Big Is the Smart Precision Medicine Software Market Size Expected to Grow by 2029?
In the coming years, the smart precision medicine software market size is predicted to experience a swift expansion. It's projected to reach $6.55 billion by 2029, fueled by a compound annual growth rate (CAGR) of 17.7%. A surge in personalized healare needs, AI and machine learning advancements in diagnostics, increased focus on preventative medicine, a rise in wearable health device use, and multi-omics data integration for treatment strategy are all contributing to growth in the forecast period. The forecast period will also see the advent of AI-powered diagnostics enhancements, the emergence of cloud-based healare platforms, advancements in multi-omics data integration, enhancements in patient-oriented care models, and the evolution of predictive healare analytics.
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Which Key Market Drivers Powering Smart Precision Medicine Software Market Expansion and Growth?
The rise in preference for personalized healare is anticipated to stimulate the smart precision medicine software market's expansion. Personalized healare implies the adjustment of medical treatments to suit an individual's distinct genetic, environmental, and lifestyle characteristics. The popularity of personalized healare is increasing as genomic and molecular profiling aid in devising treatments adjusted to an individual's genetics, bolstering effectiveness and lessening side effects. Smart precision medicine software aids personalized healare by assessing a patient's genetic, clinical, and lifestyle data to provide tailored treatment plans and enhance decision-making, predict therapy responses, and maximize results while diminishing side effects. For example, in February 2024, the Personalized Medicine Coalition, a US-based hospital and healare organization, revealed that in 2023, the FDA approved 16 new personalized treatments for rare disease patients, an increase from six in 2022. Consequently, the escalating demand for personalized healare is fueling the smart precision medicine software market's growth.
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Which Fast-Growing Trends Are Poised to Disrupt the Smart Precision Medicine Software Market?
Prominent firms within the smart precision medicine software industry are concentrating on creating advanced tools like the care pathway intelligence platform. This aims to refine clinical decision processes and effectively enhance patient results. The care pathway intelligence platform is a kind of software that examines patient information to establish optimized, individualized treatment routes and boost the effectiveness of care and patient outcomes. For example, Tempus, an American firm specializing in artificial intelligence and precision medicine, introduced Tempus Next, an AI-powered care pathway intelligence platform, in April 2024. This platform employs AI to spot gaps in healare and offer clinicians actionable insights based on guidelines at the point of care. It integrates various data from electronic health records to hasten the adoption of precision medicine and enhance patient outcomes, with an initial focus on oncology, specifically lung and breast cancer. It has screened thousands of patients across different provider networks to address essential healare gaps and assist with real-time, personalized treatment choices.
What Are the Emerging Segments in the Smart Precision Medicine Software Market?
The smart precision medicine software market covered in this report is segmented as
1) By Type: Data Analysis, Data Management, Other Types
2) By Technology: Artificial Intelligence And Machine Learning, Bioinformatics Tools, Cloud Computing Solutions, Blockchain Technology, Wearable Technology Integration
3) By Delivery Mode: On-Premise Solutions, Cloud-Based Solutions, Hybrid Solutions, Mobile Applications, Software As A Service (SaaS)
4) By Application: Clinical Decision Support Systems (CDSS), Genetic Disease Management, Personalized Drug Discovery, Therapeutic Monitoring, Patient Management Solutions
5) By End-User: Healare Providers, Pharmaceutical Companies, Research Organizations, Diagnostic Laboratories, Healare Information Technology (IT) Vendors
Subsegments:
1) By Data Analysis: Genomic Data Analysis, Proteomic Data Analysis, Metabolomic Data Analysis, Clinical Data Analysis, Predictive Analytics, artificial intelligence (AI) Algorithms, Machine Learning (ML) Models
2) By Data Management: Electronic Health Records (EHR) Management, Laboratory Information Management Systems (LIMS), Clinical Trial Data Management, Data Integration Platforms, Cloud-Based Data Storage, Data Security And Compliance Solutions
3) By Other Types: Decision Support Systems, Population Health Management Tools, Patient Engagement And Monitoring Platforms, Precision Medicine Reporting Tools, Interoperability Solutions
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Who Are the Global Leaders in the Smart Precision Medicine Software Market?
Major companies operating in the smart precision medicine software market are Oracle Corporation, Siemens Healthineers AG, IQVIA Holdings Inc, Agilent Technologies Inc, Illumina Inc, Epic Systems Corporation, Athenahealth, Tempus AI Inc, Flatiron Health Inc, Human Longevity Inc, SOPHiA GENETICS SA, Velsera Inc, Bionano Genomics Inc, PierianDx Inc, 2bPrecise Inc, Translational Software Inc, Golden Helix Inc, PhenoTips Inc, bio.logis digital health GmbH, Geneyx Genomex Ltd.
Which are the Top Profitable Regional Markets for the Smart Precision Medicine Software Industry?
North America was the largest region in the smart precision medicine software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart precision medicine software report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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