Market Size of UK Health And Medical Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.17 Billion |
| Market Size (2029) | USD 10.21 Billion |
| CAGR (2024 - 2029) | 4.56 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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UK Health Insurance Market Analysis
The UK Health And Medical Insurance Market size in terms of premium value is expected to grow from USD 8.17 billion in 2024 to USD 10.21 billion by 2029, at a CAGR of 4.56% during the forecast period (2024-2029).
The market for private healthcare services is projected to reach USD 13.8 billion by 2025 due to the rise in NHS waiting times and referrals to the private sector. Health coverage has become the highest public priority. By voters, healthcare is most frequently cited 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 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). The NHS across the United Kingdom spent nearly USD 160 billion in 2019. This is equivalent to USD 2799 for every person in the UK and represents 7.1% of the UK GDP.
During the Pre-COVID years from 2016- 2020, household expenditure on all lines of insurance observed a continuous decline, but as the virus spread globally at the end of 2020 and people start realizing the importance of Insurance household expenditure on insurance lines observed an increase from the level of USD 23.7 billion in 2020 to USD 24.51 billion in 2021.
The United Kingdom has a coexistence of public hospitals, private non-profit hospitals, and private for-profit hospitals. While hospitals are mainly publicly owned and independently operated, they are organized as hospital trusts with three hierarchical levels: community hospitals, district hospitals, and regional or inter-regional hospitals, as well as several specialized hospitals offering advanced treatment. In line with the EU average, health services are predominantly financed from general taxation.
The industry currently has a total annual turnover of over USD 85.77 billion. Around USD 36.76 billion of this is made up of exports, indicating that the demand for life science goods and services on a global scale remains strong. Health businesses that choose to invest in life sciences will find that they have access to a range of financial opportunities and the venture capital community.
