Rise in risk of infection in geriatric population and adoption of gene therapy in developed countries like UK is expected to promote the market over the forecast years, 2023-2027.
According to TechSci Research report, “United Kingdom Precision Medicine Market By Region, Competition Forecast & Opportunities, 2027”, the United Kingdom precision medicine market is expected to witness growth at a significant rate in 2023-2027. Precision medicine refers to an emerging way of disease prevention and management. It involves several tailored approaches such as predictive diagnostic, prevention, and treatment strategies for an individual on the basis of their genetic makeup and genetic modifications. Utilizing these approaches, drugs are designed to target specific mutations for better treatment and enhanced patient outcomes. The shifting preferences towards the precision medicine owing to the several benefits, such as it reduces the time, cost, and failure rate of pharmaceutical clinical trials, drives the market growth. Precision medicine is commonly used in diagnosing chromosomal abnormalities of the fetus and cancer, guiding therapy for chronic diseases, and predicting the risk of passing on genetic disorders to offspring. Technological developments in cancer biologics and the development of newer therapeutics approaches such as gene therapy for cancer treatment are primarily driving the market growth. The rising number of patients undergoing predictive diagnosis will continue to propel the market growth.
However, the growing cost of precision medicines and violation of privacy rule along with the potential threat to personal health data are expected to hamper the growth of the precision medicine market in the coming years.
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The United Kingdom precision medicine devices market is segmented into products and services, technology, application, end-user, regional distribution, and competitive landscape.
Based on product and services, the market is segmented into precision medicine platforms, precision medicine tools, precision medicine services. Precision medicine platforms is expected to grow at a significant CAGR in the upcoming years, 2023-2027. On account of the broad range of benefits associated with the use of on-premises software, including high security of data, low risk of data breaches, and full command over software upgrades & data storage.
Based on application, the market is categorized into oncology, immunology, cardiology, neurology, respiratory, others. Oncology segment accounted for the largest revenue in the market in the forecast years, 2023-2027. Elevating prevalence of cancer across United Kingdom is expected to flourish the demand for precision medicine for effective therapeutic approach.
Based on end user, the market is divided into pharmaceutical and biotechnology companies, healthcare IT, diagnostic companies, clinical research organization, research institutes. Healthcare IT segment is expected to significantly share in the market in the coming years, 2023-2027. This is due to the high in the number of tertiary/specialty care hospitals, growing incidence of chronic diseases, and expanding healthcare infrastructure propels the growth of the market. The escalating demand for quality healthcare and shift towards personalized/precision medicine is promoting the segmental growth.
To various key market players operating in the United Kingdom precision medicine market is:
- Thermo Fischer Scientific United Kingdom
- Qiagen Manchester Limited
- Illumina Cambridge Limited
- Quest Diagnostic Limited
- Agilent Technologies UK Limited
- GlaxoSmithKline Plc.
- Roche Diagnostics Limited
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“The elevating prevalence of cancer and the expanding number of drug candidates under clinical trials, escalates the need for precision medicine methods is primarily supporting the market growth. With this, the enhancing healthcare infrastructure and extensive funding in research and development (R&D) activities, is contributing to market growth. Continuous technological advancements including the launch of diagnostic tools assist doctors evaluate or carry out proper diagnosis of a disease which guide the patients with proper therapy are fuelling the growth of the market. Several key market players are introducing cost-effective, cutting-edge techniques, including whole-genome sequencing and targeted sequencing, which find numerous applications in the study of genomes and the creation of personalized therapies for treating different illnesses. Additionally, the growing adoption of big data in precision medicine that aids in the evaluation of the patient electronic health record and provide enhanced clinical decision support, is augmenting a favourable market outlook. All these factors are projected to aid the market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm”.
“United Kingdom Precision Medicine Market By Products and Services (Precision Medicine Platforms, Precision Medicine Tools, Precision Medicine Services), By Technology (Big Data Analytics, Artificial Intelligence, Bioinformatics, Whole Genome Sequencing, Companion Diagnostics, Next Generation Sequencing (NGS), Others), By Application (Oncology, Immunology, Cardiology, Neurology, Respiratory, Others), By End-User (Pharmaceutical and Biotechnology Companies, Healthcare IT, Diagnostic Companies, Clinical Research Organization, Research Institutes), By Region, Competition Forecast & Opportunities, 2027 has analyzed the future growth potential of United Kingdom precision medicine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and assist decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with significant drivers, challenges, and opportunities in United Kingdom precision medicine market.
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