The size of the European precision medicine software market is estimated to showcase a CAGR of 12.55% from 2022 to 2027.
The emergence of precision medicine has responded to the pressing need for better diagnostic and analytical tools. Precision medicine software combines clinical and molecular data to provide valuable information for determining the ideal treatment.
The increased use of complex biomarkers, growing prevalence, and diagnosis of cancer are expected to drive the growth of the precision medicine software market in the European region. In addition, the market has also been introduced to improve clinical workflow. It will increase the likelihood that large amounts of genetic information will be stored to ensure the rapid recovery of patients, which may drive the growth of the precision medicine software market in this region.
Recent advancements in the applications of big data technology for accurate disease detection will positively impact the market share during the forecast period. Additionally, introducing software with improved clinical workflow will likely increase the capacity to store a large amount of genetic data to ensure rapid patient recovery. This, in turn, will drive the growth of the precision medicine software market in the years to come. In addition, software specially designed to develop precision drugs used in the treatment of chronic diseases and genetic diseases that ensure rapid recovery of patients will increase the size of the market in the years to come. The growing acceptance of big data analysis and gene therapy gene sequencing will increase market growth in the near future.
Factors such as concerns about data privacy, data thefts, and the need to comply with regulatory requirements while working with patient data are limiting the market growth. Additionally, the high cost of implementation, lack of reimbursement for precision drug treatments, and the need for highly skilled IT professionals for the highly complex data associated with precision medicine software are limiting the growth of the European precision medicine software market.
Impact of COVID-19 on the European precision medicine software market:
The outbreak of the COVID19 pandemic has wreaked havoc around the world and negatively affected the financial and health sector. The growth rate of the world economy has started to decline to a lesser extent and will take many more years to recover. Several companies and industries have suffered heavy financial losses and experienced a lower phase of the market growth rate. The closure restrictions have resulted in the closure of many industrial operations and manufacturing processes. However, in the Precision Medicine software market in Europe, the market has maintained its growth rate even in these difficult times. By helping discover new drugs in precision medicine that aids against the COVID-19 virus
This research report on the European precision medicine software market has been segmented and sub-segmented into the following categories:
By Delivery Mode:
By End User:
The European region has better diagnostic tools, medicines, and electronic medical records, which is expected to provide lucrative opportunities for market growth in the future. In the European region, the United Kingdom precision medicine software market is expected to lead during the forecast period due to the higher disposable income and better healthcare infrastructure become available.
In Europe, the German precision medicine software market is expected to grow at a CAGR of around 7.9% during the forecast period. The German market is expected to experience strong growth during the forecast period. This growth can be attributed to the increase in the geriatric population suffering from chronic diseases like cancer. This precision medicine software market is expected to grow in the coming years. In addition, the growing burden of genetic diseases in the Netherlands will drive demand for gene therapies in the European region.
KEY MARKET PLAYERS:
Some of the prominent companies operating in the European precision medicine software market profiled in this report are SOPHiA GENETICS SA, Syapse, Inc., Foundation Medicine, Inc., 2bPrecise LLC, Fabric Genomics, Human Longevity, Inc., Translational Software, Inc., Gene42, Inc., IBM Watson Group, LifeOmic Health, LLC, Sunquest Information Systems Inc., Koninklijke Philips N.V., and Flatiron Health, Inc.
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