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Private Healthcare Market Report 2010
Key Note Publications Ltd, Nov 2010
In 2009, the total UK market for private healthcare was worth almost £29bn, having risen in value terms by almost 22% compared with 2005. However, the annual rate of growth dropped from 5.6% to under 4% in 2009. Some of the best performing sectors during this time were acute care and psychiatric care, which rose in value terms by 24% and 42.4% respectively. The overall market has expanded within the last 5 years as a result of the growing shift from public to private provision, with the NHS making increasing use of private sector healthcare to cut waiting lists.
For the purposes of this report, the UK market for private healthcare is divided into the following market 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 — as a result of this the market remains heavily dependent on investment from government. The long-term care sector remains the market’s largest division, ahead of acute care.
It is estimated that 11% of the UK population currently has private health insurance, with penetration levels highest amongst the upper income groups. The majority of UK residents appear to be fairly loyal towards, and supportive of, the NHS, partly as a result of the reduction in waiting lists. Many people appear happy to have private medical insurance where it is part of their employment package.
From a supply perspective, the UK private healthcare market continues to attract attention and investment from overseas firms, as well as private equity operators. This is especially true within the acute care sector, although two of the UK’s leading providers of residential care home services have experienced turbulent period as a result of the economic situation. The industry remains relatively fragmented, with some operators (such as BUPA) present in more than one market sector.
The authors forecast that the total UK private healthcare market will increase in value by 23.7% between 2009 and 2014. Annual growth levels are expected to rise to over 5% in the years following 2012 as the economic situation improves, although this is dependent on Government healthcare policy and activity within the NHS. The long-term care sector is projected to remain the market’s largest, although its share of the overall market is forecast to shrink slightly from 45% to less than 44% by 2014.
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