Precision Medicine Software Market Size and Growth Rate:
According to the Research Report by Research Cosmos, the global precision medicine software market was at $ 40,000 million in 2017 and is expected to have a CAGR of 9.9% over the forecast period 2017-2024.
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Precision Medicine Software Market Overview:
Medical advancements have been taking place since long period in a very innovative way to enhance and avail the people with more advanced techniques. With an immense potential to transform the healthcare industry, precision medicine is an emerging approach that evaluates the genetic makeup of a patient to investigate the presence of various diseases in the body, which consequently helps in providing tailored therapeutic treatment to each patient. Streams likeNext-generation sequencing, Molecular biomarker analysis, Bioinformatics, Big data analytics and others have given a raise for precision medicine software development.
Several developed countries such as the U.S., the U.K., Germany, France, and Canada, among others, are taking vigorous steps to develop actionable measures in order to control the prevalence of cancer. The factors responsible primarily for this high growth are increasing cases of hypersensitivity, allergy, and immunodeficiency around the world.
Precision Medicine Software Market Growth Drivers and Restraints:
The market growth for this approach is gaining momentum, as it takes into account individual variability in genes, environment, and lifestyle, while developing drugs and vaccines. Increasing online collaborative forums, increasing efforts to characterize genes, and advancement in cancer biology are the major factors fuelling the growth of the precision medicine software market. Sharing the information available through online collaborations helps in exchanging useful information between different research groups, which helps the growth of the global market. Additionally, increasing efforts to characterize genes and advancement in cancer biology are also responsible for the growth of the precision medicine market.
Data integrity is the limiting factor for the market, which has been impacted by duplicate records and patient misidentification. Criminals are stealing information through breached cybersecurity to reach beyond the victim’s bank accounts. The integrity of data in health IT systems can also be compromised due to data entry errors, missing data or delayed data delivery, copying and pasting older information into a new report, use of both paper and electronic systems for patient care, and patient/data association errors. Since inaccurate data has the potential to become a major health risk for patients and a huge liability for providers, which is a key factor restraining the growth of the precision medicine software market.
Additionally, high cost associated with precision medicine and declining trends in FDA Pharmacotherapy approval rate are restraining the boom of the global market.
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Precision Medicine Software Market Geographical Insights:
North America with its advanced healthcare infrastructure and favorable reimbursement policies, offers huge growth opportunities for this market.
KeyPlayers of the Precision Medicine Software Market:
Key players of the market are Biocrates Life Sciences AG, Nanostring Technologies, Intomics, Pfizer Inc., Eagle Genomics Ltd, Teva Pharmaceuticals, Laboratory Corporation of America Holdings, Medtronic, Novartis AG, Qiagen NV, Quest Diagnostics Incorporated, and F. Hoffmann-La Roche AG.
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