Precision medicine, sometimes known as „personalized medicine,“ is an innovative approach to tailoring disease prevention and treatment in light of an individual s unique qualities and genetic composition. With the use of precision medicine software (platforms, data-sharing networks, clinical decision support software, AI-enabled, etc.), the healthcare/life sciences community may strengthen their precision medicine program.
The Shift from the Dominant One-Size-Fits-All Approach to Personalized Care
It is anticipated that the use of precision medicine would lead to safer pharmaceuticals, enhanced clinical outcomes, and cost savings. The traditional one-size-fits-all strategy has started to give way to the customized treatment approach as drug producers respond to the rising need to improve healthcare systems.
Twenty individualized pharmaceuticals and biologics were approved by the FDA in 2020, making about 39% of all new approvals. A quarter or more of all new drugs allowed by the FDA in each of the preceding five years were precision medicines. Due to the growing potential and interest in the subject, demand for precision medicine software is anticipated to rise.
The market for precision medicine software is driven by favorable government initiatives.
As they realize the long-term advantages of individualized treatment in improving population health and reducing healthcare costs, governments all over the world are pushing cutting-edge therapies like precision medicine through programs, legislative reforms, and/or financial aid for research. For instance, in the US, The Oncology Care Model, a specialty payment and delivery model from the CMS Innovation Center, is providing incentives that have prompted an increase in the adoption of precision medicine programs by large community provider networks. A few such programs to encourage the research and use of precision medicine are the Precision Medicine Initiative (PMI), All of Us Research Program, Precision FDA, and Million Veteran Program. Additionally, the FDA released seven precision medicine-related guideline publications in 2020. All of these initiatives would ultimately increase demand for precision medicine software.
Explore In-depth Precision Medicine Software Market Insights @ https://www.globenewswire.com/en/news-release/2022/06/06/2456870/0/en/Global-Precision-Medicine-Software-Market-is-anticipated-to-witness-a-lucrative-CAGR-of-10.html
Vast Growth Opportunities in Oncology Fuel the Precision Medicine Software Market
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
Market for software for precision medicine is a major barrier.
The industry must comprehend how to optimize the use of big data in order for precision medicine to become a reality in every disease area due to the growth in the number of genomes, health, and lifestyle-related data. High implementation costs, issues with the secure storage of vast volumes of sequenced data, a lack of insurance coverage for medicines based on precision medicine, and a shortage of experienced technicians and bioinformaticians are further challenges for 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 Global Precision Medicine Software Market @ https://meditechinsights.com/precision-medicine-software-market/