Precision medicine, sometimes known as “personalized medicine” is an innovative approach to tailoring disease prevention and treatment based on the individualâ€™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.
Move from the One-Size-Fits-All Approach to Personalized Care Approach
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 for Precision Medicine Software Market
Realizing the long-term benefits of personalized care in improving population health and reducing healthcare costs, governments across the world 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, precision FDA, 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.
Upcoming Market Challenges: Precision Medicine Software Market
For the emergence of precision medicine in every medical segment, the market 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 costs 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 major challenges faced by the market players.
Competitive Landscape Analysis: Precision Medicine Software Market
The global precision medicine software market is highly competitive and fragmented. Some of the top and emerging players operating in the precision medicine software market are Syapse, Fabric Genomics, Sophia Genetics, 2bprecise, PierianDx, PhenoTips, Foundation Medicine, GenomOncology, LLC, Translational Software, LifeOmic Health, Sunquest Information Systems, Tempus, Human Longevity and N-of-One Inc.
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