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:
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Industry Key Players
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:
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On the basis of geography, North America is estimated to have significant market share in the global precision medicine software market during the forecast period. The is mainly due to the rising initiatives by the government for the use of precision medicine, coupled with the increasing digitization in the healthcare industry and rising cancer research funding in the region. High healthcare expenditure can have an important role in the development of cancer-based therapies and precision medicine products.
The global Precision medicine software market report summarizes the positive growth rate in upcoming years, and market size with competitive analysis. Our experts have analyzed the historical data to compare with the current market scenario to calculate the market growth in the coming years. The study provides an exhaustive report that includes an executive summary, scope, and forecast of the market.
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The key questions answered in the Precision Medicine Software Market study:
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