United Kingdom Healthcare Provider Market 2023 To Show Startling Growth During Forecast Period 2023-2028

Report Overview

The UK Healthcare provider market size stood at USD xx million in 2019 and is projected to reach USD xx million by 2028, exhibiting a CAGR of 3.2% during the forecast period of 2019-2028.

Health cover has become the highest public priority. Healthcare is most frequently cited, by voters, as the most important aspect of government spending. The NHS has, thus, become a protected department, with the awareness of all political parties about NHS spending on the overall health coverage. According to the data published by the Association of British Insurers (ABI), 1.7 million people in the United Kingdom had private medical insurance (PMI).

Market Growth Drivers

Drivers:

NHS crisis, due to uncertainty around Brexit issue, led to a rise in the private health insurance sales driving up the future demand.

Rising disposable income and increased awareness in health coverage possibilities.

Patients possess greater expectations of quality healthcare.

Increasingly knowledgeable patients may want the best treatment, even if very expensive.

Restraints:

UKs PHI market remains difficult, with strong competitor activity and pressures on customer affordability.

Prices of premiums have been increasing at rates significantly higher than general inflation for many years, which is dampening the demand.

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Major Players

Despite being a concentrated market, lack of competition among private hospitals has constrained insurers the bargaining power, thereby, resulting in inflated claims costs. Coupled with the reduction in customer numbers, this has been the biggest driver for premium growth, as insurers responded to the burden on profitability by raising prices for customers.

The consumer shift away from private medical insurance is unlikely to be fully reversed. Favourable forces may support a modest CAGR of 2% for gross written premiums, over the forecast period.

A recent recovery in economic growth may improve wage and employment conditions in the United Kingdom. Also, NHS reforms are expected to advance the role of private healthcare in the insurance sector. On the other hand, UK's evolving demographic profile may increase the strain on the public healthcare system.

Bupa continues be the market leader in the UK health and medical insurance market, holding more than 50% of the market share. Its annual revenue from the health insurance business segment accounted for more than 80%. The market concentration is 'high', as it is dominated by four companies, namely, BUPA, Axa PPP, Aviva, and Prudential, which contributed a cumulative market share of greater than 90%.

The United Kingdom Healthcare Provider Market 2023 Report makes available the current and forthcoming technical and financial details of the industry. It is one of the most comprehensive and important additions to the Prudent Markets archive of market research studies. It offers detailed research and analysis of key aspects of the global United Kingdom Healthcare Provider market. This report explores all the key factors affecting the growth of the global United Kingdom Healthcare Provider market, including demand-supply scenario, pricing structure, profit margins, production, and value chain analysis.

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Market Segmentation

By Product:

Based on the product type, UK market is segmented into Private Medical Insurance, Healthcare Cash Plans, Dental Insurance Plans. Private Medical Insurance subscribers have grown by more than 2%. Total spending on the UK private medical cover, which includes insured and self-insured healthcare trusts, grew by 2.8% in 2015. Premium income generated from the sales of insured policies grew by 2.1%, leading to a rise in insurance gross margins to 26.7%, in comparison to 25.9% in 2014. In the future years, the rising taxes and Brexit may pose a tough time for private insurance providers.

Significant developments in premiums believe the underlying trends in demand. Factors driving the apparent shift in attitudes include improved levels of satisfaction with NHS, increased public healthcare spending, and deterioration in labour market conditions. The consumer shift away from private medical insurance is unlikely to be fully reversed.

By Terms:

Based on terms, UK market is segmented into Short term provider & Long-term providers. Long term constitutes of 68% of the total market while short term insurance have remaining 32% of market share.

By Procurement Type:

Based on the application, UK market is segmented into Self Pay Health Coverage and Employee Sponsored Health Coverage.

Major Players

Despite being a concentrated market, lack of competition among private hospitals has constrained insurers the bargaining power, thereby, resulting in inflated claims costs. Coupled with the reduction in customer numbers, this has been the biggest driver for premium growth, as insurers responded to the burden on profitability by raising prices for customers.

The consumer shift away from private medical insurance is unlikely to be fully reversed. Favourable forces may support a modest CAGR of 2% for gross written premiums, over the forecast period.

A recent recovery in economic growth may improve wage and employment conditions in the United Kingdom. Also, NHS reforms are expected to advance the role of private healthcare in the insurance sector. On the other hand, UK's evolving demographic profile may increase the strain on the public healthcare system.

Bupa continues be the market leader in the UK health and medical insurance market, holding more than 50% of the market share. Its annual revenue from the health insurance business segment accounted for more than 80%. The market concentration is 'high', as it is dominated by four companies, namely, BUPA, Axa PPP, Aviva, and Prudential, which contributed a cumulative market share of greater than 90%.

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The report covers the competitive analysis of the market. As the demand is driven by a buyer's paying capacity and the rate of item development, the report shows the important regions that will direct growth. This section exclusively shares insight into the budget reports of big-league members of the market helping key players and new entrants understand the potential of investments in the Global United Kingdom Healthcare Provider Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Strategic Points Covered in Table of Content of Global United Kingdom Healthcare Provider Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the United Kingdom Healthcare Provider market
Chapter 2: Exclusive Summary - the basic information of the United Kingdom Healthcare Provider Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the United Kingdom Healthcare Provider
Chapter 4: Presenting the United Kingdom Healthcare Provider Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the United Kingdom Healthcare Provider market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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In conclusion, the United Kingdom Healthcare Provider Market report is a genuine source for accessing the research data which is projected to exponentially grow your business. The report provides information such as economic scenarios, benefits, limits, trends, market growth rates, and figures. SWOT analysis and PESTLE analysis is also incorporated in the report.

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