The UK health insurance market size is anticipated to reach USD 437.8 billion by 2030 and is anticipated to expand at a CAGR of 6.5% from 2023 to 2030. Due to the increasing prevalence and public awareness of numerous chronic conditions, health insurance has elevated to the top of people’s priority list in the UK. Another key aspect fueling market expansion is the rising cost of healthcare.
In the United Kingdom, healthcare is publicly funded and mainly financed by taxes. However, the country has a separate private healthcare system wherein medical care is obtained through private health insurance. Normally, this is paid as part of a healthcare plan that is supported by the employer or by the patient directly.
There is a huge backlog of patients waiting for treatments and procedures as a result of the COVID-19 pandemic's significant burden on the NHS. Long waiting times combined with a severe shortage of doctors, nurses, and other critical healthcare personnel have put the national health service at a critical point. Thus, driving many individuals to purchase private health insurance. For instance, in March 2023, UK insurance provider Aviva Plc stated that the National Health Service has been under pressure since the pandemic, and this has raised the demand for private health insurance. Sales of health insurance increased by 14%, and it is anticipated that this trend will continue as more people look for alternatives to the NHS.
Several government initiatives are further expected to boost market growth over the forecast period. For instance, to help more businesses, and maintain workers employed, the Association of British Insurers (ABI) proposed reforms to the pension tax relief system and the health insurance tax in the Spring Budget 2023.
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In the United Kingdom, healthcare is publicly funded and mainly financed by taxes. However, the country has a separate private healthcare system wherein medical care is obtained through private health insurance. Normally, this is paid as part of a healthcare plan that is supported by the employer or by the patient directly.
There is a huge backlog of patients waiting for treatments and procedures as a result of the COVID-19 pandemic's significant burden on the NHS. Long waiting times combined with a severe shortage of doctors, nurses, and other critical healthcare personnel have put the national health service at a critical point. Thus, driving many individuals to purchase private health insurance. For instance, in March 2023, UK insurance provider Aviva Plc stated that the National Health Service has been under pressure since the pandemic, and this has raised the demand for private health insurance. Sales of health insurance increased by 14%, and it is anticipated that this trend will continue as more people look for alternatives to the NHS.
Several government initiatives are further expected to boost market growth over the forecast period. For instance, to help more businesses, and maintain workers employed, the Association of British Insurers (ABI) proposed reforms to the pension tax relief system and the health insurance tax in the Spring Budget 2023.
UK Health Insurance Market Report Highlights
- Based on type, the market is segmented into public and private health insurance providers.
- The public segment dominated the market in 2022, as all permanent residents of the UK are provided with healthcare through the National Health Service (NHS). In 2021 about 83% of total healthcare expenditure was covered by the government in the UK.
- The private sector is predicted to undergo maximum growth due to NHS's poor access and quality of care. Limited coverage provided by government plans is also one of the major factors contributing to market growth.
- The private segment is further sub-segmented into company-paid PMI (private medical insurance), company-paid self-insured, and individual. The company paid PMI held the largest market share in 2022 and is further expected to continue its dominance over the forecast period.
- Based on demographics, the market is segmented into minors, adults, and seniors.
- The adult segment held the largest market share in 2022, as the majority of adults are covered by health insurance, most commonly through private plans offered by their employers.
- The senior segment is expected to grow at the fastest rate over the forecast period, owing to the growing geriatric population in the country.
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Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.1.1. Type
1.1.2. Demographics
1.1.3. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Commodity flow analysis (Model 1)
1.6.1.1. Approach 1: Commodity flow approach
1.6.2. Volume price analysis (Model 2)
1.6.2.1. Approach 2: Volume price analysis
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
1.9.1. Objective 1
1.9.2. Objective 2
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Type outlook
2.2.2. Demographic outlook
2.3. Competitive Insights
Chapter 3. UK Health Insurance Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Increasing awareness about the need for health insurance
3.4.1.2. Rise in the out-of-pocket expenses for medical treatments
3.4.1.3. Growing prevalence of chronic disorders
3.4.2. Market restraint analysis
3.4.2.1. Increase in health insurance premium
3.5. UK Health Insurance Market Analysis Tools
3.5.1. Industry Analysis - Porter’s Five Forces
3.5.1.1. Supplier power
3.5.1.2. Buyer power
3.5.1.3. Substitution threat
3.5.1.4. Threat of new entrant
3.5.1.5. Competitive rivalry
3.5.2. PESTEL Analysis
3.5.2.1. Political landscape
3.5.2.2. Technological landscape
3.5.2.3. Economic landscape
3.5.3. Major Deals & Strategic Alliances Analysis
3.5.4. Market Entry Strategies
Chapter 4. UK Health Insurance Market: Type Estimates & Trend Analysis
4.1. Definitions and Scope
4.1.1. Public
4.1.2. Private
4.2. Type Market Share, 2022 & 2030
4.3. Segment Dashboard
4.4. UK Health Insurance Market by Type Outlook
4.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
4.5.1. Public
4.5.1.1. Public market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2. Private
4.5.2.1. Private market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.2. Company paid PMI
4.5.2.2.1. Company paid PMI market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.2.2. Small firm
4.5.2.2.2.1. Small firm market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.2.3. Large firm
4.5.2.2.3.1. Large firm market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.3. Company paid self-insured
4.5.2.3.1. Company paid self-insured market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.3.2. Small firm
4.5.2.3.2.1. Small firm market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.3.3. Large firm
4.5.2.3.3.1. Large firm market estimates and forecast 2018 to 2030 (USD Billion)
4.5.2.4. Individual
4.5.2.4.1. Individual paid PMI market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 5. UK Health Insurance Market: Demographics Estimates & Trend Analysis
5.1. Definitions and Scope
5.1.1. Minor
5.1.2. Adult
5.1.3. Senior
5.2. Demographic Market Share, 2022 & 2030
5.3. Segment Dashboard
5.4. UK Health Insurance Market by Demographic Outlook
5.5. Market Size & Forecasts and Trend Analyses, 2018 to 2030 for the following
5.5.1. Minor
5.5.1.1. Minor market estimates and forecast 2018 to 2030 (USD Billion)
5.5.2. Adult
5.5.2.1. Adult market estimates and forecast 2018 to 2030 (USD Billion)
5.5.3. Senior
5.5.3.1. Senior market estimates and forecast 2018 to 2030 (USD Billion)
Chapter 6. Competitive Landscape
6.1. Recent Developments & Impact Analysis, By Key Market Participants
6.2. Company/Competition Categorization
6.2.1. Innovators
6.3. Vendor Landscape
6.3.1. List of key distributors and channel partners
6.3.2. Key customers
6.3.3. Key company market share analysis, 2022
6.3.4. Cigna
6.3.4.1. Company overview
6.3.4.2. Financial performance
6.3.4.3. Product benchmarking
6.3.4.4. Strategic initiatives
6.3.5. Bupa
6.3.5.1. Company overview
6.3.5.2. Financial performance
6.3.5.3. Product benchmarking
6.3.5.4. Strategic initiatives
6.3.6. AXA Health
6.3.6.1. Company overview
6.3.6.2. Financial performance
6.3.6.3. Product benchmarking
6.3.6.4. Strategic initiatives
6.3.7. Aviva Plc
6.3.7.1. Company overview
6.3.7.2. Financial performance
6.3.7.3. Product benchmarking
6.3.7.4. Strategic initiatives
6.3.8. Vitality Health
6.3.8.1. Company overview
6.3.8.2. Financial performance
6.3.8.3. Product benchmarking
6.3.8.4. Strategic initiatives
6.3.9. Freedom Health Insurance
6.3.9.1. Company overview
6.3.9.2. Financial performance
6.3.9.3. Product benchmarking
6.3.9.4. Strategic initiatives
6.3.10. Western Provident Association
6.3.10.1. Company overview
6.3.10.2. Financial performance
6.3.10.3. Product benchmarking
6.3.10.4. Strategic initiatives
List of Tables
Table 1 List of Abbreviations
Table 2 UK health insurance market, by type, 2018 - 2030 (USD Billion)
Table 3 UK health insurance market, by demographics, 2018 - 2030 (USD Billion)
Table 4 Participant’s overview
Table 5 Financial performance
Table 6 Key companies undergoing expansions
Table 7 Key companies undergoing acquisitions
Table 8 Key companies undergoing collaborations
Table 9 Key companies launching new products/services
Table 10 Key companies undergoing partnerships
Table 11 Key companies undertaking other strategies
List of Figures
Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 Value-chain-based sizing & forecasting
Fig. 6 QFD modeling for market share assessment
Fig. 7 Market formulation & validation
Fig. 8 UK health insurance market: market outlook
Fig. 9 UK health insurance market competitive insights
Fig. 10 Parent market outlook
Fig. 11 Related/ancillary market outlook
Fig. 12 Penetration and growth prospect mapping
Fig. 13 Industry value chain analysis
Fig. 14 UK health insurance market Driver Impact
Fig. 15 UK health insurance market Restraint Impact
Fig. 16 UK health insurance market Strategic Initiatives Analysis
Fig. 17 UK health insurance market: Type Movement Analysis
Fig. 18 UK health insurance market: Type outlook and key takeaways
Fig. 19 Public market estimates and forecast, 2018 - 2030
Fig. 20 Private market estimates and forecast, 2018 - 2030
Fig. 21 UK health insurance market: Demographics Movement Analysis
Fig. 22 UK health insurance market: Demographics outlook and key takeaways
Fig. 23 Minors Market Estimates and Forecast, 2018 - 2030
Fig. 24 Adults Estimate and Forecast, 2018 - 2030
Fig. 25 Seniors Estimate and Forecast, 2018 - 2030
Fig. 26 Participant Categorization- UK health insurance market
Fig. 27 Market share of key market players in the UK health insurance market
Companies Mentioned
- Cigna
- Bupa
- AXA Health
- Aviva Plc
- Vitality Health
- Freedom Health Insurance
- Western Provident Association
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 266.4 Billion |
| Forecasted Market Value ( USD | $ 437.8 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | United Kingdom |
| No. of Companies Mentioned | 7 |
