Precision medicine software market Market Is Expected To Grow With A CAGR of 11.70% From 2022 To 2028
Precision medicine (PM) also
called personalized medicine targets each patient with their complex genome
and history. Precision medicine is focused on finding the perfect treatment
based on data about a patient’s family health history, genetic characteristics,
and even lifestyle. In general, healthcare providers recommend drugs and their
doses, procedures, and predict diseases with the help of personal medical data.
The implementation of precision medicine software has improved data recording
capabilities, standardized patient data, integrate data access and sharing via
APIs, and given genetics training to clinicians.
The growth in the number of cancer patients owing to an increase in tobacco use, alcohol consumption, physical inactivity, unhealthy diet, and air pollution is anticipated to augment the growth of the Precision medicine software market market during the forecast period. Cancer is considered to be one of the leading causes of death across the globe. According to World Health Organization, in 2020, nearly 10 million deaths were estimated, or nearly one in six deaths due to cancer. The most common causes of cancer death in 2020 were lung with 1.80 million deaths, colon, and rectum with 9,16,000 deaths, liver (8,30,000 deaths); stomach (7,69,000 deaths); and breast (6,85,000 deaths). Approximately 4,00,000 children develop cancer every year. This has resulted in an increase in the demand for precision medicine software in the years to come.
However, the lack of reimbursement for precision medicine-based treatments and the high-cost requirements of deployment along with the lack of skilled IT professionals working in healthcare are anticipated to hinder the growth of the market in the years to come. Moreover, an increase in partnerships among pharmaceutical and software companies and integration of advanced technologies like cloud-based solutions and artificial intelligence in precision medicine are expected to create immense opportunities for the growth of the market within the forecast period.
North America held the largest shares in 2021. This is attributable to the growing HCIT investments along with the rising incidence of cancer in the region. Furthermore, the growing digitalization and favorable funding initiatives are also expected to fuel the regional growth of the market. Additionally, the presence of favorable regulatory mandates is also expected to support the growth of the Precision medicine software market market in the region.
Some of the prominent players operating in the global Precision medicine software market market include Syapse, Inc., 2bprecise, LLC, Fabric Genomics, Inc., Foundation Medicine, Inc., Sophia Genetics Sa, Pieriandx, Inc., N-Of-One, Inc. (A Subsidiary of Qiagen N.V.), Human Longevity, Inc., Translational Software Inc., Sunquest Information Systems, Inc., Gene42, Inc., Lifeomic Health, LLC.
Browse the full Report - Precision medicine software market Size, Share & Trends Analysis Report by Delivery Mode (On-premise Delivery Mode, Cloud-based Delivery Mode), by End User (Healthcare Providers, Research Centers and Academic Institutes, Pharmaceutical and Biotechnology Companies, Other End Users (non-profit organizations and diagnostic companies)), by Application (Oncology, Pharmacogenomics, Rare Diseases, Other Applications (neurodegenerative diseases, genetic testing, and carrier screening testing)), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)