UK Medical Information Market Analysis

UK Medical Information Market Analysis


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UK medical information market is projected to grow from $xx Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. The market is anticipated to grow due to the increase in demand for the creation of new drugs, the creation of technologically advanced healthcare solutions, and the ease with which information about healthcare products can be accessed. The major key players in this market are Accenture Plc, Change Healthcare Inc., Cognizant Technology Solutions Corp., Ergomed Plc, HCL Technologies Ltd., Infosys Ltd., IQVIA Holdings Inc., MakroCare, Parexel International Corp., ProPharma Group Holdings LLC.

ID: IN10GBPH330 CATEGORY: Pharmaceuticals GEOGRAPHY: UK AUTHOR: Riddhi Solanki

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UK Medical Information Market Analysis Summary

UK Medical Information Market is valued at around $82.7 Mn in 2022 and is projected to reach $129.9 Mn by 2030, exhibiting a CAGR of 5.8% during the forecast period 2023-2030.

Medical Information (MI) services are a valuable resource for information for the pharmaceutical industry. It offers rarely accessible information regarding their items. Examples include documentation on the availability and usage of unlicensed or experimental medications, unpublished stability data, and excipient information for commercial drugs. The rate of Covid-19 infections is increasing, which is causing the research and development activities to speed up. The bulk of pharmaceutical manufacturers handle MI management tasks internally; some contract out a portion of the work to outside vendors. Manufacturers choose to outsource MI duties to CROs in response to mounting demand from regulatory agencies and to cut overall operating costs. The market is anticipated to grow due to the increase in demand for the creation of new drugs, the creation of technologically advanced healthcare solutions, and the ease with which information about healthcare products can be accessed. The major key players in this market are Accenture Plc, Change Healthcare Inc., Cognizant Technology Solutions Corp., Ergomed Plc, HCL Technologies Ltd., Infosys Ltd., IQVIA Holdings Inc., MakroCare, Parexel International Corp., ProPharma Group Holdings LLC.

Market Dynamics

Market Growth Drivers

Patients are more likely to seek medical advice if healthcare costs are rising and drug side effects are becoming more well known. Use of social media to discuss side effects, components, and other drug-related information is growing. The market is growing as a result of more clinical studies being conducted and the high incidence of chronic diseases. The escalating expenditures of pre-clinical research, drug development, clinical trials, and post-marketing surveillance are the main causes of the increased demand for medical information services that are outsourced.

Market Restraints

Since medical information comprises sensitive and private data, privacy and security are crucial. In the US, it can be challenging to guarantee adherence to requirements like the Health Insurance Portability and Accountability Act (HIPAA). Maintaining data integrity and protecting against unauthorised access, breaches, or cyberattacks are still severely constrained. Privacy and security are essential since medical information contains sensitive and private information. In the US, ensuring compliance with regulations like the Health Insurance Portability and Accountability Act can be difficult. The ability to protect against breaches, hacks, and unauthorised access while maintaining data integrity is still severely limited.

Competitive Landscape

Key Players

  • Accenture Plc
  • Change Healthcare Inc.
  • Cognizant Technology Solutions Corp.
  • Ergomed Plc
  • HCL Technologies Ltd.
  • Infosys Ltd.
  • IQVIA Holdings Inc.
  • MakroCare
  • Parexel International Corp.
  • ProPharma Group Holdings LLC

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

UK Medical Information Market Segmentation

By Service Provider

  • In house
  • Contract outsourcing

By Therapeutic Area

  • Oncology
  • Neurology
  • Cardiology
  • Immunology
  • Others

By Company Size

  • Small
  • Medium
  • Large Scale

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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This report addresses

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  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 27 February 2024
Updated by: Riya Doshi

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