Rapidly Rising trend toward individualized therapies, major VC financing, expanding government backing, and expanding research in genomics and precision medicine are all factors driving the demand for this software globally.
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.).
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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.
Twenty customized medicines and biologics received FDA clearance in 2020, accounting for 39% of all new approvals. In each of the previous five years, a quarter or more of all new pharmaceuticals authorized by the FDA were precision medicines. Precision medicine software is expected to be in greater demand as a result of the increased potential and interest in the field.
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. The Precision Medicine Initiative (PMI), All of Us Research Program, Precision FDA, and Million Veteran Program are a few further initiatives to promote the study and use of precision medicine. Additionally, the FDA released seven precision medicine-related guideline publications in 2020. All of these initiatives would ultimately increase demand for precision medicine software.
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
Key Obstacles: Market for Precision Medicine Software
With the expansion in the number of genomes, health, and lifestyle information, the industry has to understand how to maximize the use of big data for the advent of precision medicine in every disease area.
Additional difficulties for this business include the high deployment costs, problems with the secure storage of enormous amounts of sequenced data, a lack of insurance coverage for therapies based on precision medicine, and a dearth of qualified technicians and bioinformaticians.
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.
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