UK's healthcare insurance market is projected to grow from $52.68 Bn in 2022 to $81.46 Bn by 2030, registering a CAGR of 5.6% during the forecast period of 2022-30. The main factors driving the growth would be the rising cost of medical services, the increasing number of daycare procedures, and government initiatives. The market is segmented by component, provider, coverage, health insurance plans, and end-user. Some of the major players include Bupa, Aviva, VitalityHealth, Simplyhealth and Saga.
UK's healthcare insurance market is projected to grow from $52.68 Bn in 2022 to $81.46 Bn by 2030, registering a CAGR of 5.6% during the forecast period of 2022-30. In 2020, the UK spent $314.10 Bn on healthcare or $4,682.21 per person. This spending increased from 9.9% of GDP in 2019 to 12.0% of GDP in 2020. In 2020, the government covered almost 83% of all healthcare costs, or $ 260.2 Bn, an increase of 14.9% in real terms.
The UK health insurance market is a sizable and fiercely competitive sector that offers businesses and individuals private medical coverage. Access to private hospitals and clinics, faster treatment waiting time, and availability of specialized consultants are just a few of the advantages that private health insurance can provide. Large providers like Bupa, Aviva, and Vitality, as well as more niche companies like WPA and Freedom Health Insurance, make up the UK health insurance market. These companies provide a variety of plans to suit various financial situations and medical requirements.
Individuals may purchase health insurance plans directly from providers or through insurance brokers, who can assist them in finding the plan that best suits their needs. As part of their benefits package, businesses can also acquire health insurance for their staff members. The National Health Service (NHS), which handles the majority of medical procedures and treatments, is a free healthcare program run by the UK government. Private health insurance, however, may provide extra advantages and access to healthcare that the NHS might not.
Market Growth Drivers
The UK healthcare Insurance market is expected to be driven by factors such as:
Market Restraints
The following factors are expected to limit the growth of the healthcare insurance market in the UK:
Key Players
August 2022- With the purchase of a division from the London-based insurance company Azur Underwriting, leading UK insurance carrier Aviva plans to increase the size of its customer base. As part of its effort to dominate this industry, Aviva purchased the division of Azur Underwriting that manages wealthy clientele. After the acquisition is complete, Aviva Private Clients will oversee that division of Azur Underwriting.
July 2023- The British Insurance awards 2023 is organised on 5th July at Royal Albert Hall, London. It honours the creativity and outstanding accomplishments of the UK insurance business during the previous 12 to 18 months.
1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Provider (Revenue, USD Billion):
It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.
By Coverage Type (Revenue, USD Billion):
In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes
By Health Insurance Plans (Revenue, USD Billion):
By Demographics (Revenue, USD Billion):
There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.
By End-user (Revenue, USD Billion):
A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.
Methodology for Database Creation
Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.
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How Do We Get It?
Our database is created and maintained through a combination of secondary and primary research methodologies.
1. Secondary Research
With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:
With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:
2. Primary Research
To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:
Combining Secondary and Primary Research
By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:
Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.