(PharmaNewsWire.Com, May 03, 2022 ) The UK Private Healthcare Market is bound to reach a CAGR of 2.8% between 2017-2025. The current scenario is such that on-demand healthcare storage is being asked for. Cloud computing thus curtails operational expenses and capital as it simplifies sharing medical records, creates and maintains telehealth apps, and automates backend operations. This would be the scene with the healthcare vertical in the upcoming period.
The decline in individual purchases of private medical insurance and low medical cover pay-outs to clinics and hospitals will continue to negatively impact the U.K. private healthcare market. Besides, the country has a well-defined public healthcare structure for its permanent residents. At the point of need, public healthcare coverage is subsidized or offered completely free and is usually paid through general taxation. The U.K. private healthcare market is set to expand at a sluggish 2.8% CAGR during the forecast period (2017–2025).
In addition, this market is anticipated to represents an absolute $ opportunity of US$ 321.4 Mn in 2018 over 2017. According to PMR findings, the U.K’s private healthcare sector is much smaller than the public sector. However, a rise in self-pay elective procedures and introduction of attractive packaged pricing is expected to support the country’s private healthcare sector in the near future.
PMR’s report titled “Private Healthcare Market: U.K. Industry Analysis, 2012 – 2016 and Forecast, 2017 – 2025” further identifies some of the key trends governing the U.K.’s private healthcare market under the influence of multiple factors. Leading private healthcare providers in the country are now offering several fixed packages for various procedures and treatments in an attempt to lure more patients.
The focus has shifted toward a more meticulous marketing of medical services to patients. Some of the private companies are using local media and medical scheme membership brochures to reach out to more number of people. Market players are also investing in improving out-patient services, setting up day clinics and sub-acute beds in order to increase their services offerings.
As per the report, increasing waiting times for various treatment and procedures at public healthcare centers is prompting patients to opt for private healthcare services. This, in turn, is expected to create lucrative market opportunities for private healthcare organizations during the forecast period.
The demand for private acute care services, private specialist services, and private patient care services is projected to remain higher as compared to other private healthcare services over 2025. By 2017-end, private hospitals that provide acute care services are expected to account for more than 57% value share of the market.
Based on end-users, self-pay individuals and NHS referrals are expected to collectively account for a massive market share in terms of revenue. Over the next couple of years, increasing out-of-pocket spending on healthcare expenses is projected to create further demand for private healthcare services in the country.
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