Healthcare Industry in the U.K. to Reach $585.5 Billion by 2024
- Published: May 2019
The report Healthcare Ecosystem Insights provides analysis of the healthcare industry in the U.S., Germany, U.K., France, China, Japan, and Singapore. The healthcare industry in China is expected to reach $542.4 billion by 2024, registering a CAGR of 3.6% during the forecast period. The factors driving the growth of the industry in these countries include increasing prevalence of chronic diseases, government initiatives and improved healthcare infrastructure, and increasing GDP and healthcare expenditure, according to P&S Intelligence.
Insights into the Market Segments
Based on payment mechanism, the healthcare industry can be classified into self-pay, fee-for-service, and value-based reimbursement. Fee-for-service is the most commonly utilized payment mechanism in the U.K. healthcare industry, and is expected to hold 70.1% share by 2024. The category is expected to advance at a CAGR of 3.0% during the forecast period, mainly on account of rising preference of people for this payment mechanism, due to the provision of paying individually for different services.
Based on the type of diagnostic equipment, the healthcare industry is categorized into X-ray, ultrasound devices, magnetic resonance imaging (MRI) systems, computed tomography (CT) scanners, mammography equipment, endoscopes, and others. X-ray is estimated to be the largest as well as the fastest growing category in all the countries covered in the report. It is expected to occupy 40.4% share in Singapore’s healthcare industry by 2024, advancing at a CAGR of 6.4% during the forecast period. The increasing usage of this equipment in the diagnosis of various diseases and injuries is a key factor driving the growth of this category. Additionally, in terms of volume, X-ray will also the largest category in the country’s healthcare industry, with over 7 thousand units expected to be installed by 2024.
On the basis of in-vitro diagnostics (IVD) technology, the healthcare industry is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, microbiology, hematology, urinalysis, and others. Immunoassays/immunochemistry held the largest share, of 43.8%, in the French healthcare industry, and the category is expected to advance at a CAGR of 4.2% during the forecast period. Increasing advancements in immunoassays/immunochemistry have led to the greater adoption of this technology. Furthermore, the market in the categories of molecular diagnostics and hematology is expected to hold a revenue share of 14.2% and 6.6%, respectively by 2024, in the French industry, mainly because of advancement in genetic testing and due to the fact that both of them are used for specific testing of sample.
U.S. to Witness the Fastest Growth in the Healthcare Industry
The healthcare industry in the U.S. is expected to witness fastest growth, progressing at a CAGR of 6.6% during the forecast period.
The industry growth in the U.S. can be largely attributed to the increasing prevalence of chronic diseases. According to the National Center for Chronic Disease Prevention and Health Promotion 2019, about six in 10 adults in the U.S. have a chronic disease. The country ranks 5th in the world for age-standardized rates for all cancer. In 2018, the age-standardized rate for all cancer was 352.2 per 100,000 in the U.S. This rising prevalence of cancer is expected to spur the demand for advanced diagnostic imaging systems, to determine the prognosis of the disease for appropriate treatment; thus, contributing to the growth of the industry in the country.
Other key factors driving the growth of the market are increasing use of point-of-care (POC) diagnostics solutions, and introduction of advanced technologies in the country. Rise in the adoption of healthcare insurance also leads to the greater adoption of healthcare facilities, as it lowers the financial burden on patients. According to the American Federation of Labor and Congress of Industrial Organizations, in 2014, out of 283.2 million people in the U.S had some type of health insurance, with 66% of people covered by a private health insurance plan.
Further, rise in the geriatric population has significantly contributed to the healthcare industry in the country, as age is directly linked to the risk of developing chronic diseases, such as CVDs, cancer, and type 2 diabetes. According to the World Bank, in the U.S., population aged 65 years and above increased from 48.6 million in 2016 to 50.2 million in 2017; thus, increasing the demand for healthcare facilities in the country.
Browse report overview with detailed TOC on "Ecosystem of Healthcare Industry Research Report: By Disease Type, Payment Mechanism, Diagnostic Equipment Type, In-vitro Diagnostic Technology, Channel, Hospital Bed Capacity, Payer Type, Provider Type, Care Pathway Stage, Disease Stage Type, Regional Insight (U.S., U.K, France, Germany, China, Japan, Singapore) – Growth Prospect and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/healthcare-ecosystem-insights
Healthcare Industry Competitive Landscape
Key players operating in the healthcare industry are acquiring other players to strengthen their product portfolio and increase their market share. For instance, in January 2019, Shimadzu Medical Systems USA, a subsidiary of Shimadzu Corporation, acquired Core Medical Imaging Inc., a medical imaging products and services company. This acquisition by Shimadzu aimed at expanding its healthcare business in North America.
Further, in September 2018, Zurich Insurance Group acquired Adira Insurance, a leading insurer in Indonesia. This acquisition was a part of the company’s geographical expansion in the APAC region. In July 2018, AIA Group Limited completed the acquisition of Commonwealth Bank of Australia’s life insurance business in New Zealand. This partnership will last for 20 years. The company will be selling its solutions and services through bancassurance.
HEALTHCARE ECOSYSTEM – INSIGHTS, REPORT SEGMENTATION
Market Segmentation by Disease Type
- Cardiovascular and Circulatory Diseases
- Cancer
- Chronic Respiratory Diseases (CRD)
- Neuropsychiatric Disorders
- Diabetes, Blood, and Endocrine Disorders
- Musculoskeletal Disorders
- Chronic Liver Diseases
- Others
Market Segmentation by Payment Mechanism
- Fee-for-Service
- Self-Pay
- Value-based Reimbursement
Market Segmentation by Diagnostic Equipment Type
- X-ray
- MRI
- Ultrasound
- CT
- Mammography
- Endoscopes
- Others
Market Segmentation by IVD Technology
- Immunoassay/immunochemistry
- Clinical Chemistry
- Molecular Diagnostics
- Hematology
- Microbiology
- Urinalysis
- Others
Market Segmentation by Channel
- Non-Profit
- For-Profit
- State/Local
- Others
Market Segmentation by Hospital Bed Capacity
- <100
- 100-199
- 200-499
- >=500
Market Segmentation by Payer Type
- Medicare
- Medicaid
- Private Payers
- Others
Market Segmentation by Provider Type
- Nursing Care
- Primary Care
- Specialty Care
- Cardiology
- Oncology
- Neurology
- Gastroenterology
- Hematology
- Endocrinology
- Gynecology
- Urology
- Others
Market Segmentation by Care Pathway Stage
- Primary Prevention
- Early Management
- Treatment
- Prevention and Management of Complications
Market Segmentation by Disease Stage Type
- Chronic
- Acute
Market Segmentation by Geography
-
U.S. Healthcare Industry
- By disease type
- By payment mechanism
- By diagnostic equipment type
- By IVD technology
- By healthcare channel
- By hospital bed capacity
- By payer type
- By provider type
- By care pathway stage
- By disease stage
*By payer type segmentation is only provided for the U.S.
-
U.K. Healthcare Industry
- By disease type
- By payment mechanism
- By diagnostic equipment type
- By IVD technology
- By healthcare channel
- By hospital bed capacity
- By provider type
- By care pathway stage
- By disease stage
-
France Healthcare Industry
- By disease type
- By payment mechanism
- By diagnostic equipment type
- By IVD technology
- By healthcare channel
- By hospital bed capacity
- By provider type
- By care pathway stage
- By disease stage
-
Germany Healthcare Industry
- By disease type
- By payment mechanism
- By diagnostic equipment type
- By IVD technology
- By healthcare channel
- By hospital bed capacity
- By provider type
- By care pathway stage
- By disease stage
-
China Healthcare Industry
- By disease type
- By payment mechanism
- By diagnostic equipment type
- By IVD technology
- By healthcare channel
- By hospital bed capacity
- By provider type
- By care pathway stage
- By disease stage
-
Japan Healthcare Industry
- By disease type
- By payment mechanism
- By diagnostic equipment type
- By IVD technology
- By healthcare channel
- By hospital bed capacity
- By provider type
- By care pathway stage
- By disease stage
-
Singapore Healthcare Industry
- By disease type
- By payment mechanism
- By diagnostic equipment type
- By IVD technology
- By healthcare channel
- By hospital bed capacity
- By provider type
- By care pathway stage
- By disease stage