Published on November 9, 2023, 3:49 am
Global spending on precision medicine is set to skyrocket, according to Juniper Research. The forecast predicts that by 2027, the investment in precision medicine will reach a staggering US$132.3 billion across the globe, representing a growth of 270% since 2022.
This exponential increase is attributed to the emergence of technologies like artificial intelligence (AI), which plays a crucial role in advancing precision medicine. By leveraging AI, healthcare providers can predict disease risks and develop preventative plans and treatments based on gene variability.
The combination of these technological advancements and the need for increased efficiency in the healthcare sector during challenging economic times is expected to drive further investments in precision medicine. Providers aim to leverage the benefits it offers, such as reducing adverse reactions from ineffective medications, improving treatment efficacy through personalization, and lowering patient spending on medication.
To fully maximize these advantages, Juniper Research suggests employing AI to ingest and process vast amounts of healthcare data. This approach will not only enhance accuracy but also enable more precise diagnoses in the future.
However, amidst this promising growth, concerns regarding patient data privacy loom large, especially in countries like the United States. There are worries that uncovering genetic predispositions through precision medicine could result in insurance providers using this information to increase healthcare premiums.
Addressing these concerns requires vendors to voluntarily adopt robust codes of conduct surrounding data privacy. Additionally, establishing independent advisory councils could provide reassurance to users and restrict the scope of data sharing.
Cara Malone, a research author at Juniper Research, believes that as systems become more advanced and accurate over time, a virtuous cycle of continuous improvement will drive further growth and adoption of precision medicine within the healthcare industry over the next five years.
In conclusion, while precision medicine holds immense potential for cost savings and improved patient outcomes through personalization and AI integration, careful attention must be given to ensuring patient data privacy. With strong measures in place to safeguard sensitive information, precision medicine can revolutionize healthcare and pave the way for more effective treatments and preventative measures in the future.