Precision Medicine Spend to Exceed $132 Billion Globally by 2027; Driven by Efficiency Gains for Healthcare Providers
Basingstoke, UK – 15th November 2022: 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. This strong growth of 270% is a result of 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 into precision medicine.
Precision medicine leverages advances in personal genomics to enable healthcare providers to prepare preventative plans and disease treatments based on gene variability.
• To find out more, see the new report: Precision Medicine: Key Trends, Regional Analysis and Market Forecasts 2022-2027
• Download the free whitepaper: Precision Medicine ~ Diagnosing Data Privacy Concerns
Cost Savings and Better Outcomes Drive Growth
The research predicts that benefits such as reductions in adverse reactions from ineffective medication, improving the efficacy of treatments plans via personalisation, and cutting patient spend on medication, will be the primary drivers of precision medicine adoption amongst healthcare providers. To maximise these benefits, the report identified the use of AI to ingest and process large amounts of healthcare data to increase the future accuracy of diagnoses.
Research author Cara Malone remarked: “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 5 years.”
Genetic Predispositions vs Healthcare Premiums
The research anticipates that the most significant issue surrounding precision medicine will arise from patient data privacy concerns. In many countries, but predominantly the US, there are fears that uncovering genetic predispositions using precision medicine will lead to insurance providers leveraging these insights to increase healthcare premiums. To allay these concerns, vendors must consider voluntarily adopting strong codes of conduct around data privacy, as well as creating independent advisory councils, to reassure users and limit the scope of data sharing.