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.
Browse details of 100
number of pages research report developed on Precision
Medicine Software Market @ https://www.researchcosmos.com/reports/precision-medicine-software-market/1128503666
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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