The global precision medicine software market is anticipated to witness a CAGR of 10% by 2026, driven by the growing research in the segment of genomics/precision medicine, significant VC funding, rising government support, and the rapid move towards personalized treatments.
Precision medicine, sometimes known as "personalized medicine" is an innovative approach to tailoring disease prevention and treatment based on the individual’s unique characteristics and genetic make-up. Precision medicine software (platforms, data-sharing networks, clinical decision support software, AI-enabled, etc.) provides the healthcare/life sciences community with integrated data and data-driven insights to strengthen their precision medicine program.
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The Shift from the Dominant One-Size-Fits-All Approach to Personalized Care
The precision medicine approach promises better clinical outcomes, safer medicines, and less wastage/cost savings. With the increasing demand to provide value to healthcare systems, drug developers have started to move away from the traditional one-size-fits-all approach to the personalized care approach.
In 2020, the FDA approved 20 personalized drugs and biologics (39% of the new approvals). Precision medicines accounted for a quarter or more of all new drugs approved by the FDA each year in the past five years. With the growing interest and increasing opportunities in precision medicine, the demand for precision medicine software is also anticipated to grow.
Favorable Government Initiatives
Realizing the long-term benefits of personalized care in improving population health and reducing healthcare costs, governments across the globe are supporting advanced treatments like precision medicine through initiatives, regulatory changes, and/or funding research. For instance, in the US, The Oncology Care Model, a specialty payment and delivery model developed by the CMS Innovation Center is providing incentives that have led to a surge of large community provider networks implementing precision medicine initiatives. Some of the other programs to advance the research/use of precision medicine include The Precision Medicine Initiative (PMI), All of Us Research Program, precisionFDA, and Million Veteran Program. In addition, FDA issued seven guidance documents in 2020 related to precision medicine. All these efforts would eventually boost the demand for precision medicine software.
Vast Growth Opportunities in Oncology
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:
Key Challenges in Precision Medicine Software Market
For the emergence of precision medicine in every disease area, the industry needs to know how to optimize the use of big data with the increase in the amount of genomics, health, and lifestyle information.
Further, the high cost of deployment, issues related to the secure storage of large volumes of sequenced data, lack of reimbursement for precision medicine-based treatments, and the shortage of expert technicians/bioinformaticians are some of the key challenges faced in precision medicine software market.
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Competitive Landscape Analysis: Precision Medicine Software Market
The global precision medicine software market is highly competitive and fragmented. Some of the key/promising players in this market include 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.
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.
Contact:
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
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