Background of the UK Health and Social Care Industry
The UK health and social care industry is one of the fastest growing and one of the most contributing sectors to the growth and development of the UK. Due to the presence of several external environmental factors influencing business operations, the organizations operating within this sector face constant challenges and threats (Fulop & Ramsay, 2019). However, there are a number of positive aspects and opportunities available in this sector that cannot be neglected (Berkowitz, 2021).
The success of the industry depends on identifying the challenges and converting them into opportunities (Van Os et al., 2019). One of the positive aspects of the industry is the emerging technology, and one of the concerning aspects is the rapidly aging population in the UK.
Future Trends, Developments, and Impact on Health and Social Care
The health and social care industry in the UK has experienced tremendous shifts in its future trends and developments, which can guarantee a boosted health service delivery to its citizens. Some of the key trends and developments include the integration of artificial intelligence and virtual reality technology into the field of health and social care. Individualized medical care and other services have also been provided to individual users (Goodman et al., 2020). Other aspects, such as genomics and the manipulation of genetic material utilization of nanotechnology, as well as research into nanoparticles, have also defined the future of the health and social care industry (Akhlaghinia et al., 2018; Oechtering, 2020). The rise of consumer culture throughout the sector has also resulted in the emergence of newer technologies and critical changes in their marketing strategy (Van et al., 2019). These aspects have resulted in favorable trends that have led to increased profits and the introduction of new processes and methods in the sector.
Analysis of Trends and Developments
SWOT Analysis
For evaluating some of the current and future trends in the UK health and social care sector, a SWOT analysis was executed on the industry. It has revealed some of the internal factors affecting the operations of the corporations within the industry. These are the strengths and weaknesses factors impacting the industry. For example, one of the major strengths of the industry is the provision of quality health and social care services at affordable costs. The country also has a strong primary healthcare system (Chaves et al., 2021) and universal coverage, which is extremely equitable (Himawan & Wening, 2021). The most notable weakness is the lack of effectiveness in the rationing of the needed health and social care services. Additionally, most of the healthcare institutions are over-stretched and underfunded. On the other hand, the sector enjoys some opportunities that entail high public confidence, which encourages the service providers to improve their services (Malik et al., 2019). They also explore the less-unexplored markets in the rural areas and areas with the minority and ethnic communities. They also offer more accessible and affordable care services to ethnic and minority communities. Key threats include the rapidly aging population, the increasing number of chronic ailments, and issues of underfunding and privatization.
PESTEL Analysis
The evaluation of the current and future trends has also been conducted with the application of PESTEL analysis of the health and social health of the United Kingdom. The political environment of the nation influences the sector to a large extent. A stable environment is provided by the government of the United Kingdom that helps in the growth and expansion of the industry. Government regulations support the industry’s growth and expansion (Panch et al., 2019). The economic factors include the increasing cost of service delivery that is affecting the operations of this sector. However, the economy of the United Kingdom is quite stable and recovering from the covid-19 pandemic (Flynn et al., 2020). The sector is also affected by the changing patterns in the social and cultural aspects (Kepler et al., 2022). For example, the demand for online services, especially after the Covid-19 pandemic, has increased ((Samerski, 2019). There is a need to improve high-quality healthcare access in rural areas and ethnic minority communities.
In terms of technology, the UK is one of the most advanced nations, and this has a positive influence on the health and social care services sectors. The healthcare sector in the UK is implementing technologies like AI, robotics, data analytics, AR, VR, and several others to improve quality and outcomes (Akhlaghinia et al., 2018). The Covid-19 pandemic has made environmental considerations more essential in the sector. Other environmental concerns, like pollution, energy conservation, etc., need to be considered by the organizations in this sector (Gilleen et al., 2021). The other environmental concerns are pollution, energy conservation, etc (Anderson et al., 2021). The regulatory and legal frameworks in the UK associated with the healthcare sector need to be ethically and diligently followed by all organizations (Fulop & Ramsay, 2019). The changing regulatory norms, depending on the market dynamic, can pose a significant threat to the operations of the organizations in this sector to be considered by the organizations in this sector (Fisk et al., 2020).
Selection of Two Key Scenario Dimensions That Will Drive the Industry
One of the key factors emerging from the industry analysis of the UK health and social care industry having a positive influence on the industry is the ‘Emerging technologies in healthcare.’In contrast, one of the key factors having a negative influence on the UK health and social care industry is the ‘Aging population.’ While, the emergence of technologies in the sector, like the utilization of big data, predictive analytics (Hou et al., 2018), artificial intelligence (AI), robotics, Virtual Reality (VR), Augmented Reality (AR), and several others have enriched the services and patient outcomes in the industry, the increasingly aging population of the UK, is offering one of the major challenges to the future of the health and social care sector in the UK (Fulop & Ramsay, 2019). It is by combining both these factors and building future likely scenarios that the health and social care industry in the UK can successfully prepare for future uncertainties (Kosorok & Laber, 2019).
Scenario Dimensions in the Health and Social Care Industry
From the probable two important factors, four dimensions within the UK health and social care industry can be developed. From these four dimensions, it is possible to develop four likely industry scenarios.
Scenario 1
This scenario encompasses a high consideration for both the key factors, such as emerging technologies and the aging population. In this scenario, the health and social care service providers will prioritize investment in technologies to offer more improved services to the patients, considering their fast aging (Shaheen, 2021). This will also be profitable for the industry.
Scenario 2
This scenario envisages a low consideration for both emerging technologies and the aging population. This scenario will create a highly negative impact on patient services and outcomes. It will create massive patient dissatisfaction and reduce industry profitability rapidly (Tun et al., 2021).
Scenario 3
The scenario encompasses a high consideration for the aging population and a low consideration for emerging technologies. This scenario will lead to more awareness and concern for aging patients, but in the absence of high consideration for emerging technologies, effective services and patient outcomes will not be achieved (Vaishnavi et al., 2019).
Scenario 4
This scenario includes a low consideration for the aging population and a high consideration for emerging technologies. In this situation, putting more consideration on emerging technologies without adequate consideration for aging patients will not yield the expected outcomes from the services, and this will increase patient dissatisfaction and reduce the profitability of the sector (Abdi et al., 2018).
Selection of the Most Likely Scenario
The reason behind considering this scenario to be the most likely and feasible one for the industry is that the healthcare sector in the UK and the bodies like the NHS are quite competent and committed to extending the best possible services to patients in the UK, irrespective of their age (Goy et al., 2019). The operators in the industry are aware of the aging population and their latent and emerging needs in terms of advanced medications and treatments depending on old and obsolete technologies (Hanna & Markham, 2019). Similarly, several modern equipment and machines have emerged in the sector that have made healthcare highly advanced and increased patient satisfaction (Gracia et al., 2022). Hence, this is the most likely scenario that most of the health and social care organizations in the UK are likelier to consider.
Selected Strategies for the Most Likely Scenario
The strategies that will suit the most likely scenario of high consideration for both the aging population and the emerging technologies in the UK health and social care sectors are product development strategy, which encompasses the creation or development of a new product or service for the existing target segment of consumers (Shishehgar et al., 2018). This strategy is adopted by a business to offer new products to the customers and thereby increase its market share, growth, and profitability (Stark et al., 2019). Market development strategy, on the other hand, encompasses targeting a new market with the existing products and services. The UK health and social care industry should also implement this strategy to increase its future growth, profitability, and sustainability (Malik et al., 2019). Lastly is the online business model strategy whereby the health and social care sector in the UK needs to enhance its online presence, looking at the changing industry trends and consumer demands (Ara et al., 2021).
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