The UK Telemedicine Market is Set to Grow at a CAGR of Around 11.04% by 2027, Fueled by High Penetration of Smart Phones and Increasing Demand for such Services Among Geriatric Population and Women, Says Absolute Markets Insights
The primary market participants in UK telemedicine market include Babylon, Doctor Care Anywhere, Immedicare, Telemedicine Clinic, Push Dr, HomeTouch Care Ltd
PUNE, India, Jan. 28, 2020 /PRNewswire/ -- UK Telemedicine Market is witnessing a notable growth. Adoption of Telemedicine services is helping patients to have access to various healthcare services even while they are away from a doctor or a healthcare institution. Telemedicine services are connecting remote patients with healthcare professionals via telemedicine platforms. These platforms are basically software that connects a doctor with patients. Hence, such services are relatively cost effective and convenient as they can be easily assessed from home or while on-the-go. UK is one of the attractive markets for such technology based solutions as it exhibits a high internet penetration and has majority of its population accessing smart phones. In the market, there are different set of customers that are being targeted by participants, with such solutions. The most lucrative ones include geriatric individuals and women. In the UK, around 30% of the population is above 55 years of age. Health problems that are most prevalent among this set of population are diabetes, arthritis, back and joint pain, digestive issues, cholesterol, blood pressure and similar others. Telemedicine is an efficient way through which doctors are providing consultation and medication for such health issues to this population. Telemedicine services that are in demand among women include skin problems, birth control, reproductive and sexual health and similar others.
The possibility of access to the patient's private information by a third party other than the healthcare provider leading to a data breach cannot be completely ruled out. Such concerns pertaining to the data security is having a restraining effect on the overall telemedicine market. The advent of the Artificial intelligence would help in customizing solutions as per specific patient requirements and also automating the data collection and analysis part of this process. In terms of revenue, UK telemedicine market generated USD 139.4 Mn in the year 2019 and is expected to reach USD 322.8 Mn by the year 2027, growing at a CAGR of 11.04% over the forecast period.
The detailed research study provides qualitative and quantitative analysis of the UK telemedicine market. The geographical analysis done emphasizes on each of the major countries across the UK that are England, Scotland, Wales and Northern Ireland.
Software, hardware and telemedicine services are the three basic components studied in the report. Out of these three, the telemedicine services segment that basically includes healthcare consulting services accounts for majority of the market revenue.
Remote Monitoring is observed to be major revenue generating segment in the telemedicine type segment as it is a convenient way to access healthcare services from remote location.
In terms of specialty areas, orthopedics is observed to be major revenue generating segment due to increasing geriatric population and rising number of the chronic joint related illnesses.
England holds a major market share in the UK telemedicine market and would grow at a CAGR of over 11.3% by 2027, reaching USD 265 Mn. Proliferation of Smart phone users coupled with growing government funding in the region are attributed to be major factors for market growth.
The primary market participants in UK telemedicine market include Babylon, Doctor Care Anywhere, Immedicare, Telemedicine Clinic, Push Dr, HomeTouch Care Ltd., Now Healthcare Group Limited, Square Health Limited, Involve Visual Collaboration Limited, amongst several others.
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