Artificial Intelligence
Precision Diagnostics Market to Reach USD 143.96 billion by 2028 Thanks to Growing Emphasis on Early Cancer Diagnostics and Increased Penetration of Advanced Diagnostics Technology
Westford, USA, July 14, 2022 (GLOBE NEWSWIRE) — The burden of wrong disease diagnosis in value-based healthcare is significant. A recent study by the Institute of Medicine (IOM) found that, on average, Americans receive the right diagnosis only 50%–60% of the time. That means that millions of people are misdiagnosed each year, and many of them will never know it. The IOM study found that the most common type of error was a false positive, where a person is told they have a disease or condition they don’t actually have. False negatives were also common, where a person is told they don’t have a disease or condition when they actually do. Wherein, the global precision diagnostics market is gaining high demand to overcome these problems to save cost as well lives.
Misdiagnosis can lead to unnecessary treatment and needless suffering. It can also cause financial hardship, as patients incur costs for tests and treatments that aren’t needed. In some cases, misdiagnosis can be fatal.
The demand for precision diagnostics market is growing as the costs of health care continue to rise and patients become more informed about their treatment options. With the advent of new technology, such as whole genome sequencing, precision diagnostics are becoming more accurate and less expensive. This is good news for patients, who can now receive a diagnosis earlier and with greater accuracy. However, it is also creating a challenge for physicians, who must now choose between traditional diagnostic methods and newer, more precise ones.
There are many reasons why the demand for precision diagnostics market is growing. First, as health care costs continue to rise, patients are increasingly looking for ways to reduce their costs. One way to do this is to receive a diagnosis earlier in the course of their disease. Second, patients are becoming more informed about their treatment options and are therefore more likely to ask for a specific test or procedure. Third, new technology, such as whole genome sequencing, is making precision diagnostics more accurate and less expensive. As a result of these factors, physicians must now decide which diagnostic method to use: traditional or precision?
Precision diagnostics have the potential to save both money and lives. When used effectively, they can help to identify diseases and conditions early, when treatment is most likely to be successful. This can avoid the need for more costly and invasive treatments later on. In addition, precision diagnostics can help to target therapies more effectively, reducing the chances of side effects and ensuring that patients receive the most appropriate care. All of this can lead to better health outcomes and lower costs overall.
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Increased Prevalence of Cancer and Growing Need for Early Diagnosis to Boost Precision Diagnostics Market Growth
Cancer is one of the leading causes of death worldwide, with approximately 14 million new cases and 10 million cancer-related deaths in 2020 alone. The global burden of cancer is expected to grow to 27 million new cases and 12 million cancer-related deaths by 2030. As per WHO, the death rate can be reduced by almost 50% if the cancers are diagnosed in early stages. As the population ages, the incidence of cancer is expected to increase, and with it, the demand for precision diagnostics market.
Precision diagnostics are tests that can identify the specific genetic mutations that cause a person’s tumor. This information can help doctors match a patient with the most effective treatment options and improve outcomes. Precision diagnostics market has gained immense popularity in the recent years as they already being used to guide treatment decisions for some types of cancer, such as lung cancer, breast cancer, and melanoma. However, this approach is not yet standard practice due to the lack of data on how well precision diagnostics work across all types of cancer
The increased prevalence of cancer and growing need for early diagnosis are driving demand for precision diagnostics. In addition, advances in technology are making precision diagnostics more accessible and affordable. As more data become available on the effectiveness of precision diagnostics, it is likely that this approach will become standard practice for all types of cancer patients.
Precision diagnostics market have become essential for early detection of cancer. They allow for more accurate identification of abnormal cells and help to guide treatment decisions. There are a variety of different types of precision diagnostics available, including next-generation sequencing (NGS), DNA methylation testing, biomarker identification, and circulating tumor cell (CTC) analysis. NGS is a powerful tool that can detect small changes in the DNA sequence that may indicate the presence of cancer. DNA methylation testing looks for changes in the way that genes are expressed, which can be an early sign of cancer development. CTC analysis involves capturing and analyzing tumor cells that have broken away from the primary tumor site and circulate in the blood stream.
Biomarker Identification and Genome Sequencing is Offering Opportunity to Participant in Precision Diagnostics Market
The term “precision medicine” is used to describe a new approach to disease treatment and prevention that takes into account an individual’s unique genetic make-up. As our understanding of the human genome expands, so too does our ability to develop targeted treatments for specific conditions.
One area of precision diagnostics market is seeing significant growth in market revenue is in the biomarker identification and genome sequencing for diagnostic purposes. By identifying specific mutations or changes in an individual’s DNA, doctors can more accurately diagnose and treat diseases. There are many reasons why the demand for these services is growing. First, as our understanding of genetics has grown, so too has our ability to identify potential biomarkers for diseases. Second, advances in technology have made it easier and less expensive to sequence genomes and detect mutations. Finally, as more insurance companies begin to cover these tests, they become more accessible to patients.
Biomarker identification and genome sequencing is offering opportunity to participant in precision diagnostics market. The demand for personalized medicines is increasing due to the presence of a large number of chronic diseases and the need for early diagnosis. The rapid growth in the field of genomics and proteomics is providing new insights into the pathogenesis of diseases, which is leading to the development of novel biomarkers and at the same time driving growth of precision diagnostics market.
The government support for genomic research and the increasing adoption of personalized medicine are some of the major drivers for the precision diagnostics market. In addition, the rising incidence of cancer and genetic disorders is expected to fuel the demand for precision diagnostics. However, lack of trained personnel and high cost associated with genomic tests are restraining factors for this market.
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Advances in Imaging technology and Growing Lab Digitization to Boost Growth of Precision Diagnostics Market
The adoption of advanced imaging technologies and the growing digitization of labs are expected to boost the growth of precision diagnostics market. Precision diagnostics is a rapidly growing field that uses sophisticated tools and techniques to accurately diagnose and treat diseases.
One of the key drivers of growth in precision diagnostics market is the increasing use of advanced imaging technologies. These technologies allow for more accurate diagnosis and treatment of diseases. For example, magnetic resonance imaging (MRI) can be used to create detailed images of the body’s organs and tissues. This information can then be used to develop tailored treatment plans for patients.
Another driver of growth in precision diagnostics market is the increasing adoption of smart labs. This trend is making it easier for lab professionals to access data and results, which can help them make more informed decisions about patient care. Additionally, digital lab platforms are becoming increasingly popular with patients, as they offer a convenient way to receive test results and connect with their health care providers. For instance, LabCorp and Inova Health System have teamed up to create the Inova Schar Cancer Institute (ISCI) Molecular Tumor Board, a precision oncology program that will provide advanced cancer patients with access to the latest genomic testing and personalized treatment options. The partnership between LabCorp and Inova will help ensure that patients receive the most accurate diagnosis and best possible care.
The ISCI Molecular Tumor Board is a multi-disciplinary team of experts who will review each patient’s case and recommend the most appropriate genomic tests and treatment options. The board includes oncologists, pathologists, genetic counselors, and other specialists who are experienced in precision oncology. ISCI will offer next-generation sequencing (NGS) testing services through LabCorp’s state-of-the-art reference laboratory. This comprehensive approach to cancer care will help improve outcomes for patients by providing them with access to the latest advances in genomic medicine.
In addition to its work with ISCI, LabCorp is also collaborating with leading academic medical centers across the country to establish molecular tumor boards at their institutions. These boards bring together experts from different disciplines to review cases and make recommendations about precision oncology testing and treatment.
Machine Learning and AI is On the Verge to Revolutionize the Precision Diagnostics Market
The potential for machine learning (ML) and artificial intelligence (AI) in precision diagnostics is significant. In many cases, these technologies have the potential to improve diagnostic accuracy and efficiency while reducing costs.
There are a number of factors driving the growing adoption of ML and AI in precision diagnostics market. First, the growth of data-intensive applications such as genomic sequencing has generated a need for more sophisticated methods of data analysis. ML and AI techniques are well-suited to this task, as they can rapidly analyze large datasets to identify patterns and correlations that would be difficult or impossible to discern using traditional methods.
Second, the increasing availability of high-quality training data sets is another important factor driving the adoption of ML and AI in precision diagnostics. In particular, the use of electronic health records (EHRs) provides a rich source of data that can be used to train machine learning models. EHRs contain detailed information on patients’ demographics, clinical history, laboratory test results, and other important variables that can be used to develop accurate predictive models.
Third, advances in computing power and storage capacity have made it possible to apply ML and AI techniques to increasingly large and complex datasets.
The potential for machine learning (ML) and artificial intelligence (AI) in precision diagnostics market is growing. Here, we review the current state of AI/ML adoption in precision diagnostics, focusing on clinical decision support tools. We also identify key challenges and opportunities associated with wider uptake of these technologies.
Precision diagnostics is an emerging field that uses data-driven approaches to improve disease detection, prognosis, and treatment selection.1 AI/ML technologies have the potential to transform precision diagnostics by providing new ways to analyze complex data sets, identify patterns, and make predictions.
To date, there have been several hundred AI/ML-based clinical decision support tools developed for a range of diseases and conditions. While many of these tools are still in development or early stages of commercialization, a few have been approved by the US Food and Drug Administration (FDA) or other regulatory bodies and are being used in routine clinical practice.
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Top Players in Precision Diagnostics Market
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Artificial Intelligence
Simplilearn and Degreed Collaborate to Transform Workforce Development with AI-Enhanced Learning
SAN FRANCISCO, Oct. 2, 2024 /PRNewswire/ — Simplilearn, the world’s leading digital skills training provider, and Degreed, the innovative learning platform, today announced their strategic partnership to offer premier educational content and platform solutions that drive skills-based learning. This collaboration introduces Simplilearn as one of the first to join Degreed’s AI-Ready partner category, integrating Simplilearn’s extensive educational offerings with Degreed’s advanced learning solutions to deliver transformative learning experiences for individuals and enterprises.
Simplilearn has been at the forefront of digital skills training for over a decade, supporting professionals and organizations worldwide with holistic learning experiences that are instructor-led and hands-on. Their comprehensive range of high-quality courses in artificial intelligence, machine learning, cloud computing, data science, and digital marketing is now seamlessly integrated into the Degreed platform. This AI-powered integration equips Learning & Development (L&D) professionals with a more targeted curation experience, simplifying the creation of personalized learning plans and development pathways tailored to the evolving needs of their teams and organizations.
As technology rapidly transforms industries and reshapes job roles, the demand for advanced, practical training is at an all-time high. Degreed’s ‘AI-Ready’ partner category makes it easier for customers to discover, organize, and access relevant learning materials. Through this partnership, a comprehensive suite of courses and resources is more easily discoverable, empowering individuals and organizations to upskill and stay competitive in the fast-evolving tech landscape.
Leveraging AI, the platform will offer personalized course recommendations based on each learner’s background and experience. This intelligent approach ensures that training is relevant and aligned with individual career goals and organizational needs. Additionally, the collaboration offers access to over 700 live classes each month, keeping teams updated with the latest industry trends and technological advancements. Complementing these live sessions are more than 500 courses and role-based learning paths covering essential areas such as AI, cybersecurity, data science, and machine learning.
Mr. Krishna Kumar, Founder and CEO, Simplilearn, said, “Partnering with Degreed represents a pivotal moment in our journey at Simplilearn. This collaboration underscores our commitment to harnessing cutting-edge technology and tailored learning experiences. By integrating Degreed’s advanced AI capabilities with our industry-leading programs, we are poised to redefine how individuals and organizations approach skill development, ensuring a more agile and role-ready workforce.”
Mr. Max Wessel, co-CEO of Degreed, said, “Our partnership with Simplilearn shows our dedication to equipping professionals with the most relevant skills for today’s fast-paced technology landscape. By using AI to power the integration of Simplilearn’s top-tier courses into Degreed, we enhance our ability to offer personalized, precise, and high-impact learning experiences – helping organizations turn the talent they have into the talent they need.”
About Degreed:
Degreed is the enterprise learning company, offering the world’s leading experience platform to drive skill driven development. Degreed enables organizations to collect, understand, and build skills to develop a workforce that’s ready for anything. To learn more about Degreed, visit www.degreed.com.
About Simplilearn:
Founded in 2010 and based in San Francisco, California, and Bangalore, India, Simplilearn, a Blackstone portfolio company, is the world’s leading digital skills provider, enabling learners across the globe. Simplilearn offers access to world-class work-ready training to individuals and businesses worldwide. Simplilearn offers 1,500+ live classes each month across 150+ countries, impacting over 8 million learners globally. The programs are designed and delivered with world-renowned universities, top corporations, and leading industry bodies via live online classes featuring top industry practitioners, sought-after trainers, and global leaders. From college students and early career professionals to managers, executives, small businesses, and big corporations, Simplilearn’s role-based, skill-focused, industry-recognized, and globally relevant training programs are ideal upskilling solutions for diverse career or business goals.
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Artificial Intelligence
Multinational Auto Manufacturer to Insource Service Operations with 3CLogic’s Integrated AI and Contact Center Solution for ServiceNow CSM and ITSM
Leading conglomerate selects 3CLogic’s CCaaS offering, purpose-built for ServiceNow CSM and ITSM, as it insources service desk operations to streamline workflows and save millions in operating costs.
ROCKVILLE, Md., Oct. 2, 2024 /PRNewswire/ — 3CLogic, the leading AI and cloud contact center solution for ServiceNow®, today announced the integration of its AI and CCaaS capabilities by a leading auto manufacturer as it seeks to optimize its service desk operations. Leveraging the company’s existing investment in ServiceNow IT Service Management (ITSM) and Customer Service Management (CSM), the collaboration is expected to enhance productivity, improve issue resolution, and significantly reduce operating expenses.
Manufacturing tens of millions of vehicles and equipment annually, supported by a vast network of over 150,000 associates and affiliates, the organization faced challenges due to the limited insights and services provided by its outsourced contact center. Among the most impactful was the lack of integration to its back-office ServiceNow IT and Customer workflows, where the siloed structure negatively impacted the organization’s visibility into performance, process improvements, and service speed.
“We are delighted to support this strategic initiative,” explains Denis Seynhaeve, CEO at 3CLogic. “This is yet another example of a large enterprise organization eager to reclaim ownership of its internal and external support services to enable better experiences through automation, simplification of its technology stack, and tactical use of AI for better insights.”
3CLogic’s integrated AI and contact center solution with ServiceNow CSM and ITSM will deliver a number of capabilities, including AI-powered call transcription and sentiment analysis, automated agent performance and coaching, after-hours voicemail transcription, integrated SMS alerts & notifications, and consolidated reporting with ServiceNow’s native performance analytics. The insourcing of services and process efficiencies are expected to generate approximately $2.6 million in ROI within the first three years of deployment. In addition, the organization is exploring the consolidation of its HR service delivery to unify its operations further.
As the first and only ServiceNow-certified Advanced Platform CCaaS partner, 3CLogic displays a unique approach to streamlined employee and customer workflows for ServiceNow and is expected to discuss its latest AI and contact center capabilities for ServiceNow ITSM, CSM, HRSD, and source-to-pay at the upcoming World Forums in Dallas, TX, on October 8th, 2024, in Munich, Germany, on October 23rd, 2024, and in New York City, NY, on November 7th, 2024.
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About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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Artificial Intelligence
Life Science Analytics Market to Hit USD 61.94 Billion by 2029 with 11.7% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 2, 2024 /PRNewswire/ — The global life science analytics market is projected to grow from USD 35.69 billion in 2024 to USD 61.94 billion by 2029, at a robust CAGR of 11.7%. Key drivers include advancements in analytical technologies that streamline data management and enhance insights from diverse sources like clinical trials and electronic health records, alongside rising demands for precision medicine. However, challenges such as data privacy concerns and a shortage of skilled professionals hinder progress. Noteworthy collaborations, like those between TetraScience and Databricks, exemplify the trend towards leveraging AI for improved outcomes in drug development and clinical trials. North America leads the market, fueled by high healthcare expenditure and a focus on innovation, while descriptive analytics currently dominates the market segments. Overall, the life science analytics landscape is evolving rapidly, presenting both opportunities and challenges that stakeholders must navigate to enhance research and operational efficiencies.
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Browse in-depth TOC on “Life Science Analytics Market”
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Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing life science analytics by enabling advanced data analysis, pattern recognition, and predictive modeling, which are crucial for enhancing drug discovery, clinical trials, and personalized medicine. Companies are investing in leveraging AI & ML across their product lifecycles. In February 2024, Trinity Life Sciences launched Brand Insights AI, a new tool designed to enhance biopharmaceutical brand research by ingesting data from various sources, accelerating analysis, and revealing hidden patterns. This powerful tool leverages Trinity’s AI expertise to refine insights and optimize the use of existing information, supporting impactful and efficient research across the pharmaceutical commercialization spectrum.
The global life science analytics market is segmented into descriptive, prescriptive, and predictive analytics, by type. The prescriptive analytics segmented is expected to register highest growth during the forecast period. The high growth of this market is. driven by its ability to offer actionable recommendations, optimize decision-making, and streamline complex processes such as clinical trial management and personalized medicine. Its advanced predictive capabilities help stakeholders minimize risks, enhance treatment outcomes, and improve operational efficiency. Additionally, the excrubating demand for precision medicine and real-time data-driven strategies further fuels its adoption.
The life science analytics market is divided into services, and software, by component. In 2023, the largest share of life science analytics market belonged to the services segment. The high adoption of life science analytics services over software is driven by the need for specialized expertise and tailored solutions that go beyond the capabilities of standalone software. Increased security, improved cost effectiveness, better usability & flexibility, and improved integration capabilities of services are a few factors impacting market growth. Moreover, the escalating user base and changing needs of companies looking for all-inclusive solutions and support, coupled with the adoption of life science analytics software, generate demand for a range of services, including modification, implementation, and consulting.
The surging adoption of advanced analytics in commercial operations within the life sciences sector is revolutionizing how companies cultivate market strategies & enhance business performance to optimize product launches by providing insights into market trends, competitive landscapes, and customer preferences. Companies are leveraging various organic & inorganic strategies to expand their offerings in commercial operations. For instance, in April 2024, IQVIA and Salesforce expanded their global strategic partnership to accelerate the development of Salesforce’s Life Sciences Cloud, a next-generation customer engagement platform. This collaboration will combine IQVIA’s Orchestrated Customer Engagement (OCE) platform with Salesforce’s CRM, offering an end-to-end solution for transforming healthcare professional and patient engagement in the life sciences industry.
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The prominent players operating in the Life science analytics market include Oracle (US), Merative (formerly IBM) (US), SAS Institute (US), Accenture (Ireland), IQVIA (US), Cognizant (US), Wipro (India), Veradigm (US), Optum (US), Microsoft (US), MaxisIT (US), ExlService Holdings (US), Inovalon (US), CitiusTech (US), Saama (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot (US), Salesforce (US), Google LLC (US), Amazon Web Services, Inc. (US), Veeva Systems (US), Elsevier (Netherlands), and Komodo Health, Inc. (US). These companies adopted strategies such as product launches, product updates, expansions, partnerships, collaborations, mergers and acquisitions to strengthen their market presence in the life science analytics market.
These players not only have a comprehensive and diverse product portfolio but also a strong geographic presence. Owing to the emergence of new application areas for life science analytics, these players can focus on technologies and offerings dedicated towards research & development, commercial operations, safety, etc.
These market players have offered a diverse range of products and services and have operations worldwide. They rely on technological advancements to avail themselves of innovative products and services and increase their global footprint. These players focus on acquisitions, collaborations, agreements, mergers, product launches & updates, partnerships, expansions, and other recent developments to expand their global reach and develop advanced life science analytics solutions.
Oracle (US) is one of the leading life science analytics companies across the globe. The company provides analytics software & services for various applications including research & development, commercialization, among others. The company focuses on continuously updating its products and meeting customer expectations. Oracle also continuously invests in expanding its solutions by partnerships & collaborations to provide tailored solutions to its end users. For instance, in February 2024, Oracle partnered with ObvioHealth, Inc. to integrate diverse data in decentralized clinical trials and analyze health data from several sources for clinical trials anywhere globally. The company holds a broad customer base and a wide geographic presence, making Oracle as a critical player in various IT software, hardware, and service-related markets, including the life science analytics market.
Merative (US) is one of the prominent players operating in the life science analytics market. Merative offers a comprehensive suite of informatics products and services for life science analytics. The company leverages advanced technologies such as artificial intelligence (AI), machine learning (ML), and other technologies to strengthen the accuracy and efficiency of evidence analysis. The company has a strong brand recognition and extensive product portfolio that has contributed to its success. The company serves life science systems, clinical trial sponsors, and medical device manufacturing industries. The company has established offices across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Healthcare Analytics Market
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Clinical Decision Support Systems Market
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