United Kingdom Precision Medicine Market to Be Dominated by Oncology Segment Till 2027
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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