Government Funding Lead to the Growth of Precision Medicine Software Market

The global precision medicine software market is a multimillion market growing at a significant CAGR during the forecast period. Precision medicine software is used for gathering and analyzing clinical and molecular data at scale. The software can run genomic tests on DNA, RNA, and proteomic data. Further, the software can also generate clinical notes, lab reports, pathology images, and radiology reports to provide therapeutic, and outcomes data. The demand for precision medicine is increasing for the patient diagnosed with cancer. Precision medicine can help in providing different treatment to a patient with a different stage of cancer.

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Pharmacogenomics is a part of precision medicine and studies the effects of genes and how a patient response to particular drugs. It is a combination of pharmacology and genomics to develop effective and safe medications. Additionally, each tumor or cancer is different and should be treated individually depending on its distinctive molecular dysfunctions and lead the promising applications of precision medicine software market.

Moreover, precision medicine software is accessible in on-premise and cloud-based systems. The cloud-based software solutions are affordable, flexible, scalable and require low capital expenses and operational cost, that contributed to the high growth as compare to on-premise systems for precision medicine software market. Rising government funding in precision medicine initiatives is significantly contributing to the market.

Few Funding initiatives:

• Supplemental funding for mouse models of human disease 2018-2019
• Vagelos Precision Medicine Pilot Grant program 2018-2019
• Junior Faculty and Post-doctoral Travel for Child Care Subsidy Program (Rolling)

The market players include 2bPrecise, LLC, Diaceutics Group, DNA Software Inc., Fabric Genomics, Inc., Foundation Medicine, Inc., IBM Corp., Koninklijke Philips N.V., Labcyte Inc., LifeOmic Health, LLC, MolecularMatch Inc., NantHealth, Inc., Qiagen N.V., and Translational Software Inc.

Few recent activities in the precision medicines software industry:

In 2019, Syapse and Amgen enter precision medicine collaboration in oncology leads to develop real-world evidence-based standards to support and bring new oncology treatments and empower decision-making tools to improve patient care.

In 2017, 2bPrecise collaborated with Mayo Clinic to leverage Mayo Clinic’s electronic phenotyping algorithms to incorporate new clinical protocols which assist in applying new protocols in research to measure outcomes in patients with genetic cardiovascular disease.

Current Market Trends Covered in the Market Report:

• The companies are focusing on the development of innovative solutions in a competitive market.
• Collaboration between precision medicine and software companies assist in the development of the market.
• Research on precision medicine to identify potential therapies for rare genetic diseases.

Global Precision Medicine Software Market – Segmentation

By Application

• Oncology
• Pharmacogenomics
• Rare diseases

By End-User

• Pharmaceutical and Biotechnology Companies
• Hospital and Clinics
• Research Centers and Government Institutes

Global Precision Medicine Software Market- Region

North America

• US
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

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