U.K. Health Insurance Market, By Type (Product, and Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assurance, and Others), Level of Coverage (Bronze, Silver, Gold, and Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (Point of Service (POS), Exclusive Provider Organization (EPOS), Indemnity Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), and Others), Demographics (Adults, Minors, and Senior Citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, and Others) Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, and Others), Industry Trends and Forecast to 2029.
U.K. Health Insurance Market Analysis and Size
Health insurance policy consists of several types of features and benefits. It provides financial coverage to policyholders against certain treatments. Health insurance policy offers advantages including cashless hospitalization, coverage of pre and post-hospitalization, reimbursement, and various add-ons. The U.K. health insurance market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market.
Data Bridge Market Research analyses that the U.K. health insurance market is expected to reach a value of USD 134,376.64 million by 2029, at a CAGR of 4.7% during the forecast period. The product segment accounts for the largest offering segment in U.K. health insurance market. The U.K. health insurance market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (Product, and Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assurance, and Others), Level of Coverage (Bronze, Silver, Gold, and Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (Point of Service (POS), Exclusive Provider Organization (EPOS), Indemnity Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), and Others), Demographics (Adults, Minors, and Senior Citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, and Others) Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, and Others).
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Country Covered
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U.K.
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Market Players Covered
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Bupa, Cigna, AXA, Vitality (a subsidiary of Discovery Limited), Allianz Care (a subsidiary of Allianz SE), Aviva, AIA Group Limited, Saga, Exeter Friendly Society Limited, Pru Life UK, Freedom Health Insurance, General and Medical Finance Ltd, and American International Group, Inc.
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Market Definition
Health insurance is a type of insurance that provides coverage for all kinds of surgical expenses as well as medical treatment incurred from an illness or injury. It applies to a comprehensive or limited range of medical services providing the coverage of full or partial costs of specific services. It provides financial support to the policyholder as it covers all the medical expenses when the policyholder is hospitalized for treatment. It also covers pre as well as post-hospitalization expenses.
In the health insurance plan, several types of coverage are available, which is cashless or reimbursement claim. The cashless benefit is available when the policyholder takes treatment from the network hospitals of the insurance company. If the policyholder takes treatment from hospitals that are not in the list network, in that case, the policyholder meets all the medical expenses and then claims the reimbursement from the insurance company by submitting all the medical bills.
U.K. Health Insurance Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:
Drivers
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Increasing cost of medical services
A rise in the cost of medical services across the globe and in the U.K. is expected to act as a driver for the U.K. health insurance market. This allows many consumers to take life insurance to cover the medical cost in case of medical needs for consumer health or their family.
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Growing number of daycare procedures
Most health insurance companies are now covering the procedures of daycare in their insurance plans. For the claim of such types of surgery, there is no compulsion to spend 24 hours in the hospital, which is the minimum stay in the hospital to claim insurance. This has allowed the growing number of daycare procedures to boost the growth of the U.K. health insurance market.
Opportunity
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Advantages of health insurance policies
In health insurance plans, the policyholder gets reimbursement for their medical expenses, such as hospitalization, surgeries, and treatments arising from the injuries. A health insurance policy is a type of agreement between the policyholder and the insurance company, where the insurance company agrees to guarantee payment for the treatment costs in case of future medical issues, and the policyholder agrees to pay the amount of premium according to the insurance plan. Thus, the increasing advantages of health insurance policies are expected to act as an opportunity for market growth.
Restraint/Challenge
- High cost of insurance premiums
Health insurance covers all types of medical treatment costs. It provides financial support to the policyholder since it covers all the medical expenses when the policyholder is hospitalized for treatment. Health insurance also covers pre as well as post-hospitalization expenses. To purchase health insurance, the policyholder has to pay insurance premiums regularly to keep the health insurance policy active. The cost of insurance premiums is high in most cases based on the insurance plan, which may hamper the market's growth.
COVID-19 Impact on U.K. Health Insurance Market
COVID-19 significantly impacted various industries as almost every country has opted for the shutdown of every facility except the ones dealing in the essential goods segment. The government took some strict actions, such as the shutdown of facilities and the sale of non-essential goods, blocked international trade, and many more to prevent the spread of COVID-19. This boosted the U.K. health insurance market, as the consumers were availing of insurance to avoid huge capital payments at hospitals just in case of medical needs. Hence, COVID-19 impacted positively for the U.K. health insurance market.
Recent Developments
- In August 2020, International Medical Group, Inc. (IMG) enhanced its product offerings to support organizations with the necessary planning and research for safe international travel. The company's unique, new assistance services were designed to support clients as they make plans for 2020 and beyond. This development helped the company to sustain and thrive in a pandemic.
- In February 2019, Now Health International announced that they had launched their SimpleCare plans in the international market. The new plans of SimpleCare are designed to provide affordable international health insurance for the cost-conscious person. By launching a new product, the company enhanced its business in the international market, such as the U.K. market, and generated more revenue.
U.K. Health Insurance Market Scope
The U.K. health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
U.K. Health Insurance Market, By Type
- Product
- Solutions
On the basis of type, the market is segmented into product and solutions.
U.K. Health Insurance Market, By Services
- Inpatient treatment
- Outpatient treatment
- Medical Assurance
- Others
On the basis of services, the market is segmented into inpatient treatment, outpatient treatment, medical assurance, and others.
U.K. Health Insurance Market, By Level of Coverage
- Bronze
- Silver
- Gold
- Platinum
On the basis of the level of coverage, the market is segmented into bronze, silver, gold, and platinum.
U.K. Health Insurance Market, By Service Providers
- Private health insurance providers
- Public health insurance providers
On the basis of service providers, the market is segmented into private health insurance providers and public health insurance providers.
U.K. Health Insurance Market, By Health Insurance Plans
- Point of service (POS)
- Exclusive provider organization (EPOS)
- Indemnity health insurance
- Health savings account (HSA)
- Qualified small employer health reimbursement arrangements (QSEHRAS)
- Preferred provider organization (PPO)
- Health maintenance organization (HMO)
- Others
On the basis of health insurance plans, the market is segmented into point of service (POS), exclusive provider organization (EPOS), indemnity health insurance, health savings account (HSA), qualified small employer health reimbursement arrangements (QSEHRAS), preferred provider organization (PPO), health maintenance organization (HMO), and others.
By Demographics
- Adults
- Minors
- Senior citizens
On the basis of demographics, the U.K. health insurance market is segmented into adults, minors, and senior citizens.
By Coverage Type
- Lifetime Coverage
- Term Coverage
On the basis of coverage type, the U.K. health insurance market is segmented into lifetime coverage and term coverage.
By End User
- Corporates
- Individuals
- Others
On the basis of end user, the U.K. health insurance market is segmented into corporates, individuals, and others.
By Distribution Channel
- Direct Sales
- Financial Institutions
- E-Commerce
- Hospitals
- Clinics
- Others
On the basis of distribution channel, the U.K. health insurance market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics, and others.
U.K. Health Insurance Market Regional Analysis/Insights
The U.K. health insurance market on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel, as referenced above.
In 2022, the U.K. health insurance market is expected to grow due to factors such as the advantages of health insurance policies and increasing healthcare expenditure.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of U.K. brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and U.K. Health Insurance Market Share Analysis
The analytical laboratory services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, U.K. presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to U.K. health insurance market.
Some of the major companies providing insurance services in the U.K. health insurance market are Bupa, Cigna, AXA, Vitality (a subsidiary of Discovery Limited), Allianz Care (a subsidiary of Allianz SE), Aviva, AIA Group Limited, Saga, Exeter Friendly Society Limited, Pru Life UK, Freedom Health Insurance, general and medical finance ltd, American International Group, Inc. among others.
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