The precision medical software market was estimated to be worth USD 2.4 billion globally in 2024, and a compound annual growth rate (CAGR) of 16.1% is anticipated over the course of the forecast period. It refers to computer programs or software created to help medical professionals provide each patient with individualized treatment based on lifestyle, genetics, and environmental factors.

The demand for more accurate diagnostic and therapeutic instruments is being fueled by the growing number of patients with chronic illnesses. The market for precision medical software is expanding due to government healthcare organizations' increasing investments in healthcare IT infrastructure.

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Growth Drivers

The market is expanding significantly due to technological developments and the sharp rise in the number of people suffering from chronic illnesses. The creation of more complex precision medical software solutions is being propelled by the application of artificial intelligence and machine learning. The industry is expanding due to rising consumer knowledge of personalized medicine and their desire for greater control over their healthcare options.

Having a patient record became more important after the epidemic to prevent any chaotic situations. Significant market growth was also fueled by the post-pandemic adoption of telemedicine consultations. The government's increasing investment in healthcare IT infrastructure has greatly fueled market expansion. Precision medical software can use the abundance of patient data generated by the broad implementation of electronic health record systems in healthcare facilities to enhance clinical judgment and patient outcomes.

Segmentation

End-User

·         Healthcare Providers

·         Research Centers

·         Pharmaceutical and Biotechnology Companies  

·         Non-profit Organizations and Diagnostic Companies

Delivery Type

·         On-Premise

·         Cloud-based        

Applications

·         Oncology

·         Rare Diseases

·         Pharmacogenomics  

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Key Players

·         Qiagen

·         Pfizer Inc

·         Roper Technologies

·         IBM Watson Group

·         Human Longevity Inc

·         SOPHIA GENETICS SA

·         Glaxo SmithKline Plc

·         NantHealth Inc.

·         N-of-One Inc

·         PierianDX Inc

·         Other Players

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