The UK Healthcare Diagnostic market is expected to grow from USD xx million in 2019 to USD xx million by 2028, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period from (2019-2028).
Diagnostics market in the UK is in its growth phase due to increase in incidence of chronic diseases such as arthritis, cancer, cardiovascular diseases, neurodegenerative disorder, and diabetes. According to WHO, 75% of the total population in UK suffers from one chronic condition, while 50% with two or more conditions. Thus, high rate of such diseases increases the demand for this market.
Certain factors that are driving the market growth include the prevalence of chronic diseases, growing adoption of advanced technologies in medical imaging, and an increase in the geriatric population.
The geriatric population is more prone to musculoskeletal diseases and joint problems. Osteoarthritis is the most common problem for old age people of more than 65 years and is accompanied by increased mortality, and decreased quality of life. The regional rise in incidence of chronic and life-threatening diseases are the major drivers for the market.
The emergence of automated diagnostic imaging scanners and on-going R&D development in diagnostic imaging are also expected to propel the market growth. In spite of these factors driving the market, there are other factors restraining the growth of the market, such as expensive procedures and equipment, and certain side effects of diagnostic imaging procedures.