The healthcare expenditure by voluntary health insurance schemes in the UK has seen a consistent downward trend from 2013 to 2023, standing at 2.68% of the total current health expenditure in 2023. The year-on-year variation has shown a series of declines, with a notable dip in 2016 by -14.46% followed by a small recovery in 2017 and 2018. However, the five-year CAGR from 2018 to 2023 stands at -2.1%, indicating a persistent decrease in expenditures. Looking forward, the forecasted CAGR from 2023 to 2028 is projected to be -1.32%, suggesting a continued but moderate decline with a five-year forecast growth rate of -6.44%.
Future trends to watch for:
- Potential policy changes affecting voluntary health insurance schemes.
- Shifts in consumer preferences towards different types of health coverage.
- Economic factors influencing disposable income and insurance affordability.
- Technological advancements in healthcare that may alter cost structures.
