Dublin, April 29, 2025 (GLOBE NEWSWIRE) -- The "UK Health And Medical Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025-2030)" has been added to ResearchAndMarkets.com's offering.
The UK Health and Medical Insurance Market is set to expand significantly, with premium values expected to rise from USD 8.54 billion in 2025 to USD 10.68 billion by 2030, marking a compound annual growth rate (CAGR) of 4.56%.
As NHS waiting times increase, referrals to the private sector have surged, pushing the market for private healthcare services to a projected USD 13.8 billion by 2025. Health coverage remains a top public priority, reflected in voter demands and future government spending plans. Data from the Association of British Insurers (ABI) indicates that 1.7 million UK citizens currently hold private medical insurance (PMI).
The UK's healthcare system integrates public hospitals with private non-profit and for-profit counterparts, operating primarily on general taxation. The industry boasts an annual turnover exceeding USD 85.77 billion, with USD 36.76 billion derived from exports. This robust export figure highlights the global demand for UK life sciences and healthcare services. Investors in this sector can benefit from a wealth of financial opportunities and substantial interest from the venture capital community.
Trends in the UK Health Insurance Market
The global economic slowdown and improved government insurance services have influenced attitudes toward private medical insurance, which covers only about 11% of the population. However, the demand for lower-cost policy options has increased the popularity of healthcare cash plans and self-pay choices. Significant market developments reveal shifts in consumer preferences, driven by enhanced NHS satisfaction, increased public healthcare funding, and changing labor market conditions. While the interest in private medical insurance might dwindle slightly, it remains an essential option for specific medical needs outside public healthcare coverage.
Impact of Employer-Sponsored Health Coverage
The NHS sustains the UK's extensive social security framework, but employer-sponsored health coverage also plays a crucial role. Many employers prioritize health and wellness, with up to 45% incorporating employee wellness into their company objectives within their first three years. The UK's robust economic growth, low inflation, and unemployment rates have bolstered this trend. Nevertheless, UK employees generally feel less financial strain compared to their US counterparts, evident in lower percentages of financial concerns across various areas.
Market Insights
The UK health insurance industry, despite its concentration, faces limitations due to insufficient competition among private hospitals, which impacts insurers' bargaining power and inflates claims costs. This, along with declining customer numbers, has driven insurers to increase premiums to preserve profitability. Major market players such as AA, Aviva, BUPA, Direct Line, RAC, Admiral, AXA, and Sainsbury's Bank, acknowledged for their brand presence, are well-positioned to leverage NHS reforms to expand their market share in the sector.
A selection of companies mentioned in this report includes, but is not limited to:
- BUPA
- AXA PPP
- PT Astra Aviva Life
- Freedom Health Insurance
- Cigna Life Insurance Company of Europe S.A. N.V.
- Simplyhealth Group Ltd.
- WPA - Western Provident Association
- Vitality Health
- Aviva
- SAGA
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porters 5 Force Analysis
4.5 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
5.1 By Product Type
5.2 By Procurement type
6 COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE GROWTH PROSPECTS OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/qn8g3r
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