UK HealthTech Market Share, Growth Drivers, Latest Trends, CAGR Status, Competitive Analysis and Future Opportunities by 2033: SPER Market Research
Using information and communication technology to manage chronic diseases from remote locations is known as digital health in the healthcare industry. Wearable technology, telemedicine and telehealth, health information technology (IT), mobile health (mHealth), and personalised medicine are all part of the digital health market. With the help of its many services, customers can manage chronic illnesses and receive an early diagnosis of potentially fatal illnesses.
According to SPER market research, ‘United Kingdom Digital Health Market– By Component, By Technology, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the United Kingdom Digital Health Market is predicted to reach USD 75.13 billion by 2033 with a CAGR of 19.3%.
The rise in investment from private and public organisations for mHealth startups, the rise in the prevalence of chronic diseases, the advancement of technology in the healthcare industry, and the increased demand for remote monitoring services are the main factors driving the growth of the digital health market.
Several factors are propelling the nation’s digital health industry forward, including the expansion of the Internet of Things (IoT), technological advancements, increasing consumer reliance on mobile devices and the Internet, and a rising demand for population health management. Anticipated to experience substantial growth, this market is driven by heightened public awareness of digital health, growing acceptance among healthcare professionals, and evidence showcasing the efficacy of integrating this technology. Long-term expansion is further facilitated by government support, evident through subsidies and investments in health technology. Thus, with factors like expanding IoT, technological innovation, mobile technology adoption, and government initiatives, the market is poised for considerable growth in the forecast period.
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Nevertheless, concerns about patient data security will hinder the industry’s future expansion. Lack of a centralised funding model for digital health solution reimbursement is one of the main barriers to market growth. The market is believed to be influenced by a number of factors, despite its significant expansion, such as insufficient reimbursement, a lack of systematic supervision, data security, and regulatory authorities’ cooperation.
Impact of COVID-19 on UK HealthTech Market
As a result of the lockdown and social distancing measures put in place by the UK government in response to the COVID-19 pandemic, hospital and clinic operations and visits were drastically reduced. This, in turn, increased demand for, awareness of, and acceptance of digital healthcare services in 2020. Through smartphones and remote monitoring, mobile health solutions also became a lifeline for consultation. Digital solutions for preventing COVID-19-related disorders and tracking patients’ health have been introduced by a number of businesses. Test findings and immunisation history can be verified on an app with a digital passport, protecting the individual’s privacy. For the duration of the forecast period, the outbreak is therefore expected to have a generally beneficial impact on the nation’s digital health sector.
UK Digital Health Market Key Players:
Additionally, some of the market key players are Allscripts Healthcare Solutions Inc., AMD Global Telemedicine Inc., International business Machinery Corporation (IBM), McKesson Corporation, Others.
United Kingdom HealthTech Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Component: Based on the Component, United Kingdom Digital Health Market is segmented as; Software, Hardware, Services.
By Technology: Based on the Technology, United Kingdom Digital Health Market is segmented as; Healthcare Analytics, mHealth, Tele-healthcare, Digital Health Systems.
By End User: Based on the End User, United Kingdom Digital Health Market is segmented as; Diagnostic Centres, Healthcare Payers, Healthcare Research Centres, Hospitals & Clinics, Nursing Care Centres, Others.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
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United Kingdom Digital Health Market outlook
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