PRECISION MEDICINE SPENDING TO REACH US$132 BLN BY 2027 -- JUNIPER RESEARCH

KUALA LUMPUR, Nov 15 (Bernama) -- The total spending on precision medicine will reach US$132.3 billion (US$1=RM4.54) globally by 2027, an increase of 270 per cent, from only US$35.7 billion in 2022, according to a new Juniper Research study.

In a statement, Juniper Research said this strong growth is attributed to emerging technologies and infrastructure, such as artificial intelligence (AI), which aids precision medicine by predicting risks for certain diseases.

It said 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.

The research predicts that benefits such as reductions in adverse reactions from ineffective medication, improving the efficacy of treatment plans via personalisation, and cutting patient spending on medication, will be the primary drivers of precision medicine adoption among 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,” it said.

The 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.

The research also anticipates that the most significant issue surrounding precision medicine will arise from patient data privacy concerns.

“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,” it said.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

-- BERNAMA