A new study from Juniper Research found that the total spend on precision medicine will reach $132.3 billion globally by 2027, increasing from only $35.7 billion in 2022.
Juniper Research said that this 270 percent growth resulted from emerging technologies and infrastructure, such as AI, which aids precision medicine by predicting risks for certain diseases.
These technological advancements, combined with the healthcare sector’s need to increase efficiencies in the face of an economic downturn, will encourage healthcare providers to invest further in precision medicine.
Precision medicine uses advances in personal genomics to enable healthcare providers to prepare preventative plans and disease treatments based on gene variability.
Juniper Research predicts that benefits such as reductions in adverse reactions from ineffective medication, improving the efficacy of treatment plans via personalisation, and cutting patient spend on medication, will be the primary drivers of precision medicine adoption amongst healthcare providers.
As far as the Channel is concerned, the report identified the use of AI as a way into the market to ingest and process large amounts of healthcare data to increase the future accuracy of diagnoses.
Research author Cara Malone said: “The rapid increase in accuracy, as systems become more advanced, will create a virtuous cycle of continuous improvement, catalysing further growth and adoption of precision medicine in healthcare sectors over the next five years.”
Precision medicine adoption will face challenges from patient data privacy concerns. In many countries, but predominantly the US, some fears uncovering genetic predispositions using precision medicine will lead to insurance providers using the data to increase healthcare premiums.
Malone said that vendors must consider voluntarily adopting strong codes of conduct around data privacy and creating independent advisory councils to reassure users and limit the scope of data sharing.
