The size of the home healthcare market in the United Kingdom was estimated to be USD 1,192.6 million in 2018 and is expected to grow to USD 1,951.7 million by 2026, exhibiting a CAGR of 6.4% during the forecast period (2019-2026). New healthcare systems, like home healthcare, are now required due to the growing financial strain on NHS healthcare spending. As a result, it has been discovered that the cost of home care as a percentage of GDP has gone up over the past ten years. By lowering the number of hospital stays, the concept of home healthcare is likely to lessen the financial burden of healthcare on society.
Global U.K. Home Healthcare Market Highlights:
The U.K. Home Healthcare Market report offers an in-depth analysis of the U.K. Home Healthcare industry and the demand drivers by highlighting information on several aspects of the market. Prudent Markets addresses all these aspects and provides the latest scoop and detailed eye-opening study on all major & emerging business segments. In addition to this, the report sheds light on the industry developments by key players, which are contributing to the expansion of this industry. The development scope, feasibility study, U.K. Home Healthcare market concentration, and maturity analysis is elaborated in this report.
Information given in the research report pertains to different technological advancements introduced in recent years, which allows for a meticulous analysis of the industry and offers a more comprehensive understanding to the readers..
Technological Advancements in Home Healthcare Devices to Accelerate Growth
According to the Central Bureau of Statistics (CBS), on 1 [st] January 2019, around 3.31 million people were above the age of 65 years in the U.K. It accounted for approximately 19.4% of the total population of the region. This proves that a rise in the aging population coupled with the prevalnece of chronic disorders, such as Alzheimer’s, hypertension, and mental illness are expected to augment the U.K. home healthcare market growth during the forecast period.
Furthermore, the introduction to numerous innovative technologies has aided in elevating the level of care of the elderly population. It also supports those patients that are undergoing treatment for chronic diseases at home healthcare facilities. Apart from that, the home healthcare facilities are providing several benefits that include ease of access, enhanced quality of care, reduced cost, close monitoring of healthcare parameters, and less dependency on healthcare professionals.
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Equipment and Housekeeping Supplies Segment to Lead Owing to Redesigning of Devices
In terms of product, the U.K. home healthcare industry can be divided into wound care, continence care, ostomy care, respiratory care, disposables, equipment and housekeeping supplies, and clinical nutrition. Out of these, the equipment and housekeeping supplies segment generated a share of 53.9% in 2018. It will dominate the market throughout the forecast period owing to the redesigning of medical devices that are extensively used by manufacturers for institutional care.