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Private Healthcare Market Report 2009
Key Note Publications Ltd, June 2009, Pages: 143
This Market Report examines the UK private healthcare market. Private healthcare has so far withstood the economic downturn, and, in 2008, the market grew by 5.6% to reach an estimated value of £25.81bn at current prices. Between 2004 and 2008, the value of the market increased by 29.1%, with the growth being driven by increased NHS and public outsourcing towards the private sector.
For the purposes of this report, private healthcare is split into the following sectors: long-term care (for the elderly and physically disabled); acute care; psychiatric care; private medical insurance (PMI); and primary care. These sectors are mainly funded by the NHS and local authorities, and, therefore, a large proportion of the market is dependent on government investment. This has largely been sustained, if not increased, during the 2004 to 2008 review period.
The acute care and PMI sectors are under some threat due to the recession in the UK. Acute care is currently buoyed up by government outsourcing to the private sector, but aside from this driver, self-pay revenue in acute care is currently falling, despite growing demand for non-traditional treatment such as cosmetic surgery and weight-loss surgery. PMI is already a mature market, and is experiencing falling membership rates in individual PMI. The current recession may make this subsector, along with company-paid PMI, even more vulnerable in 2009.
The market is currently facing new challenges due to the improvements that are taking place in the NHS, with many hospitals now having reduced waiting times. Some experts believe that consumers are now being deterred from using private healthcare since they recognise that NHS treatment is becoming faster and better quality. In addition, consumers are now able to take advantage of the private sector through the NHS by using the extended patient choice scheme. This came into force in April 2008, and enables patients to choose where they wish to be treated when referred to a specialist.
The future for the private healthcare market does not appear to be under threat in the long term, as it is likely that NHS performance will fluctuate and demand for more individualised and privileged treatment will remain a priority for many people. However, a period of more modest growth in all sectors is emerging, where cost-effectiveness, in comparison with public provision, will be the key to survival. We forecast that the value of the market will increase to £32.62bn in 2013 — a growth of 63.2% compared with 2004.
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