The size of the Latin American precision medicine software market is predicted to grow at a healthy CAGR during the forecast period.
The growing cancer patient population across the Latin American region is one of the key factors propelling the growth of the precision medicine software market in Latin America. In Latin America, an estimated 1.5 million new cancer cases every year, and out of which, approximately 700,000 dies. The trend of increasing usage trend of precision medicine among cancer patients can be seen in recent years and this is expected to accelerate in the coming years and contribute to the regional market growth. The information related to the manufacturing of precision medicine in different development stages and the patient details is stored in precision medicine software which helps further studies for the manufacturers and researchers in developing novel cancer drugs. Precision medicine software helps reduce the investment and time taken to manufacture new drugs. It also helps manufacture preventive medicine for people who have inherited cancer.
The growing support from the Latin American governments and increasing investments from governmental and non-governmental organizations for the manufacturing of precision medicine fuel the growth rate of the Latin American market. To improve patient health, the governments of Latin American countries have several initiatives to promote the adoption of precision medicine software among hospitals. Numerous awareness programs and demos of precision medicine software to educate healthcare providers about its uses and benefits have been conducted by Latin American countries in recent years. Furthermore, the growing adoption of technological advancements in the development of precision medicine software supports the growth rate of the regional market. Researchers and key market players have been increasingly focussing on using machine-leading technologies and artificial intelligence in the software to predict patient data accurately.
High costs involved with the development and maintenance of precision medicine software primarily hamper the market’s growth rate in Latin America. In addition, the scarcity of skilled professionals, lack of reimbursement facilities for precision medicine treatment, studying a large amount of data, and the threat to privacy and security of data stored in the software further hinder the market growth.
This research report on the Latin America precision medicine software market has been segmented and sub-segmented into the following categories:
By Delivery Mode:
By Application:
By End User:
By Country:
Geographically, Latin America held a considerable share of the worldwide market in 2022 and is estimated to grow at a healthy CAGR during the forecast period owing to the increasing adoption of precision medicine software in many healthcare sectors. In Latin America, approximately seven 7000 rare diseases can be seen in the people. According to a recent survey, nearly 50 million people in Latin America suffer from rare diseases. Due to the increasing number of rare diseases in Latin America, researchers and healthcare providers are focused on developing precision medicine for the person by taking several patient tests. They store the details of the patient and the respective diseases in some software like electronic health records. However, the search process for rare diseases may become difficult due to the large amount of data in EHR. Precision medicine software is designed to record the diseases and the respective medicine, which may help further the person's treatment, diagnosis, and analysis.
Brazil had the major share of the Latin American market in 2022 and is expected to hold the dominating share of the Latin American market during the forecast period owing to the growing number of research centers for precision medicine in Brazil. In addition, the Genomes Brazil Program has been conducted recently in Brazil, which helps improve the development of science and technology and the areas of genomic and precision medicines. As a result, to store the data during precision medicine research, precision medicine software plays a significant role in the development of the market. Furthermore, to improve healthcare outcomes, the Argentinian government has also taken several initiative steps in the adoption of advanced software for gathering medical-related information.
KEY MARKET PLAYERS:
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. are some of the notable companies in the Latin American precision medicine software market.
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