Precision Medicine Software Market is estimated to expand at a healthy CAGR of ~10% by 2026

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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.

The global precision medicine software market is anticipated to witness a CAGR of ~10%, driven by the growing research in the field of genomics/precision medicine, significant VC funding, increasing government support, and rapid shift towards personalized treatments.

The Change from the Leading 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 growing demand to deliver value to healthcare systems, drug developers have begun to move away from the traditional one-size-fits-all approach to the personalized care approach.

In 2020, the FDA approved 20 personalized medicines and biologics (39% of the new approvals). Over the past five years, precision medicines have accounted for a quarter or more of all new drugs approved by the FDA each year. With the rising interest and growing opportunities in precision medicine, the demand for precision medicine software is also anticipated to grow.

Favorable Government Initiatives
Recognizing the long-term benefits of personalized care in improving population health and reducing healthcare costs, governments around the world are supporting advanced treatments such as 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 on precision medicine in 2020. All of these efforts would ultimately drive demand for precision medicine software market.

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Huge Growth Opportunities in Oncology: Precision Medicine Software Market
Precision medicine is a promising approach to reshape the treatment of cancer. The rising prevalence of cancer and increasing funding for cancer research will drive the adoption of precision medicine in oncology. High-quality patient datasets are the foundation to bring precision oncology into clinical practice. This offers 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 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 usage of big data with the increase in the amount of genomics, health, and lifestyle information.

In addition, the high cost of deployment, issues related to secure storage of large amounts of sequenced data, lack of reimbursement for precision medicine-based treatments, and lack of experienced technicians/bioinformaticians are some of the key challenges faced by this industry.

Competitive Landscape Analysis of 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.

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Ruta Halde
Associate, Medi-Tech Insights
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