Recent trends in the precision medicine market are propelled by a number of research initiatives by various organizations across the world.
Recent trends in the precision medicine market are propelled by a number of research initiatives by various organizations across the world. One such study published in the January 2021 issue of the Journal of Nuclear Medicine (JNM) states that physicians following AI advice are likely to be considered less liable for medical malpractice.
The study reportedly furnishes the first data associated with the potential liability of physicians for the deployment of AI in personalized medicine, which often shows deviation from standard care. According to Kevin Tobia, JD, Ph.D., Assistant Professor of Law, Georgetown University Law Center, the new AI tools can help physicians in treatment, diagnostics and recommendations, comprising the interpretation of medical images.
Such studies are touted to impel the penetration of personalized medicine through the forthcoming years. On this note, the global precision medicine market size is anticipated to register appreciable gains by 2026, cites the latest research by Global Market Insights, Inc.
This growth is attributed to the surging number of scientific breakthroughs and technological advancements that have impelled the assessment of pathogenesis. Precision medicine is useful in the alleviation of suffering associated with medical care, on account of unintended side effects arising from the one-size-fits-all approach.
Few major trends driving precision medicine industry expansion comprise:
Rising capital infusion in the MEA
Evolving healthcare dynamics have been instrumental in enhancing capital infusion in the MEA market. Prominent personalized medicine companies believe that MEA is set to emerge as a key hub for industry growth.
The regional market recorded a valuation of more than USD 3.0 billion in 2019 and is expected to exhibit a remarkable CAGR of over 10.0 per cent through 2026. Growing regional population is one of the key factors boosting the regional business landscape.
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Escalating use of precision medicine in healthcare IT companies
The surging demand for technologically advanced equipment for rapid integration, analysis, and storage of patient data is responsible for increasing the use of precision medicine in healthcare IT companies.
To that end, numerous firms have started providing software and operation tools for improving the capabilities in data acquisition, data analysis, and analytics-based decision making. The healthcare IT companies segment accounted for nearly USD 16 billion of the global precision medicine market revenue in 2019.
Increasing adoption of big data analytics in precision medicine
Big data is becoming increasingly popular in tracking and predicting major outbreaks and also helps in disseminating healthcare messages to patients via social media. Numerous precision medicine companies have depicted escalated traction towards big data analytics given that it streamlines public health surveillance and complements clinical care.
The big data analytics segment in the precision medicine industry held a substantial share of 12 per cent in 2019 and is estimated to witness appreciable growth through the forecasted period. This upsurge is mainly due to the rising deployment of sensing technologies.
In a nutshell, the escalating inclination towards personalized medicine for the selection of treatments on the basis of a genetic understanding of the patient’s disease will augment precision medicine market size through the estimated span.
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