Frost & Sullivan names 10 big growth opportunities in precision medicine
The precision medical imaging market is pegged to grow from $120 million in 2017 to more than $8 billion by 2027, according to a new study from Frost & Sullivan. As it does, there’s huge opportunity for growth in a variety of technologies that can impact the way imaging is applied to personalized care.
WHY IT MATTERS
In the new report, Growth Opportunities in Precision Medical Imaging, Forecast to 2022, Frost & Sullivan assesses those market opportunities and how they jibe with the various stages of imaging as they exist today: image ordering, acquisition, interpretation, intervention, etc.
In the near-term future, there’s enormous potential for emerging technologies to make themselves felt in the market, the study shows, as personalization of diagnostic and therapeutic imaging paves the way for new applications of advanced, AI-enabled clinical decision support, sensors technology, deep learning, 3D printing and more.
Frost & Sullivan points to 10 big opportunities for imaging companies and other tech vendors:
- Evidence-based study ordering
- Advanced imaging techniques and personalized image acquisition protocols
- Adaptive, anatomical, and applied machine intelligence
- Precision reporting with informed and correlated study interpretation
- Quantitative imaging and radiomics
- Image-based, 3D-printed implants and anatomical guides.
- Real-time, image-guided interventions
- Precise oncologic radiation dose therapy
- Molecular imaging of theranostic radiotracers
- Imaging study value, quality, and outcomes analytics
THE LARGER TREND
“While most major imaging companies are keen to make the most of the opportunities in precision imaging, they are at various levels of adoption. For instance, Siemens Healthineers has fully embraced the precision trend since it offers multi-pronged value through its solutions portfolio,” said Siddharth Saha, vice president of research at Frost & Sullivan’s Transformational Health practice, in a statement.
“At Philips Healthcare, a few precision hot spots have been forming, notably in image-guided therapies and oncology informatics. GE Healthcare, on the other hand, is looking to combine the precision paradigm with applied intelligence,” he added.
Other advances in precision medicine are coming fast and furious already, of course. Consider the recently-announced GE Healthcare and Vanderbilt project, where AI will be applied to demographic, genomic, tumor, cellular, proteomic and imaging data from anonymized patient records to determine the best course of treatment.
Indeed, the demands of personalized care require more than mere EHRs, so scores of new technologies are emerging to help fill the void – faster than many policymakers are able to keep up.
Clearly, AI will be a big enabler of precision med’s promise, but so will a host of other new, emerging – perhaps still undreamed of – technologies that in the years ahead will elbow into an already-crowded marketplace of vendors catering to imaging professionals and other related specialties.
ON THE RECORD
“Precision medical imaging has tremendous potential to improve all aspects of the care continuum, thus supporting emerging care approaches that are more targeted, predictive, translational, personalized and effective,” said Saha.
“AI-enriched imaging equipment will help adapt and personalize the imaging protocols and procedures while precise radiomic and phenomic datasets from the given clinical context will enable deep learning, thereby reinforcing medical imaging’s contribution to precision medicine,” he added. “There are several firms in the ecosystem making very valuable contributions to the care pathways and this pool is set to exponentially grow in the short term.”
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