Market Size
The Global Precision Medicine Software Market size reached US$ 1,550.7 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 3,706.4 million by 2031.
Therapeutics, a biotech company specializing in precision medicines, has entered into a collaboration to advance novel in-vivo base editing for a rare disorder. Beam Therapeutics, the collaborative partner, has developed a precision medicine platform comprising gene editing and delivery technologies. This ... moreMarket Size
The Global Precision Medicine Software Market size reached US$ 1,550.7 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 3,706.4 million by 2031.
Therapeutics, a biotech company specializing in precision medicines, has entered into a collaboration to advance novel in-vivo base editing for a rare disorder. Beam Therapeutics, the collaborative partner, has developed a precision medicine platform comprising gene editing and delivery technologies. This platform enables accurate, predictable, and straightforward single-base changes at the target sequence without altering the DNA.
Precision medicine, offering personalized medicines and patient-centric care tailored to individuals with specific genetic characteristics, markers, or prerequisites, relies on advanced technology. The transition of data generated at the edge to data science workloads on High-Performance Computing (HPC) platforms, whether in the cloud or on-premises, is crucial for facilitating this transformative treatment model. Robust instrumentation, analytics, and HPC play vital roles in academic research, clinical applications, pharmaceutical discovery, and manufacturing within the precision medicine field.
These technologies empower healthcare providers to collect and analyze patient data, identify genetic variations, and develop targeted therapies. The precision medicine software market is experiencing growth driven by the increasing availability of electronic health records (EHRs) and the widespread adoption of cloud-based platforms in the healthcare industry
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Market Dynamics
The global precision medicine software market is experiencing growth fueled by increasing market developments, including product introductions, collaborations, and acquisitions. These advancements are contributing to the expansion of the market in the forecast period.
For example, in May 2021, AdventHealth launched a data-driven precision medicine initiative, extending its genomics program. This initiative involves structuring and merging longitudinal patient data with molecular testing data, creating a comprehensive dataset and disease network standards. This enables the health system to forecast the growth of disorders and responses to therapies effectively.
Similarly, in September 2021, AstraZeneca and Thermo Fisher Scientific collaborated to co-develop next-generation sequencing (NGS)-based companion diagnostics (CDx). Additionally, in March 2021, the National Institute of Health (NIH) funded the next iteration of a public-private alliance dedicated to advancing precision medicine research for Alzheimer's.
Despite the positive momentum, the market growth faces challenges due to technical issues associated with medicine software. These challenges include securing vast volumes of sequenced data, a shortage of skilled IT professionals in healthcare, high deployment costs, and the lack of promising reimbursement models for medicines established in precision medicine. These factors pose hurdles to the global precision medicine software market during the forecast period. Efforts to address these technical challenges will be crucial for sustaining and fostering the market's development.
Key Market Players
The major global players in the precision medicine software market include Syapse, Inc, 2bprecise, LLC, Fabric Genomics, Inc., Sophia Genetics SA, Foundation Medicine, Inc., Pieriandx, Inc., Velsera, MediCardia Health, Translational Software Inc., and LifeOmic Holdings LLC, among others.
Key Players
The major global players in the precision medicine software market include Syapse, Inc, 2bprecise, LLC, Fabric Genomics, Inc., Sophia Genetics SA, Foundation Medicine, Inc., Pieriandx, Inc., Velsera, MediCardia Health, Translational Software Inc., and LifeOmic Holdings LLC, among others.
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