Global Precision Medicine Software Market: Surge in Demand Predicts a 12% CAGR Opportunity

BRUSSELS - Oct. 12, 2023 - PRLog -- Precision medicine, sometimes referred to as "personalized medicine," is a cutting-edge strategy for customizing illness prevention and treatment in light of a person's particular traits and genetic makeup. The healthcare/life sciences community may boost their precision medicine program with the help of precision medicine software (platforms, data-sharing networks, clinical decision support software, AI-enabled, etc.).

The Transition to Personalized Care from the Dominant One-Size-Fits-All Approach

The use of precision medicine is expected to result in safer medications, improved clinical results, and cost savings. Drug developers have begun to switch from the conventional one-size-fits-all method to the individualized care approach in response to the growing need to add value to healthcare systems.

Favorable Government Initiatives Drive the Precision Medicine Software Market

Governments all around the world are promoting cutting-edge therapies like precision medicine through initiatives, legislative reforms, and/or financial assistance for research as they recognize the long-term benefits of tailored care in enhancing population health and lowering healthcare costs. For instance, in the US, the CMS Innovation Center's The Oncology Care Model, a speciality payment and delivery model, is offering incentives that have sparked a rise in the adoption of precision medicine programs by big community provider networks.

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

Competitive Landscape Analysis: Precision Medicine Software Market

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/