Specialist Medical Practices in the UK Industry Market Research Report Now Updated by IBISWorld

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The Specialist Medical Practices industry is expected to continue to grow over the five years through 2018-19 as an ageing population forces the government to continue to increase NHS expenditure but only in a constrained way in light of austerity measures. Offsetting this is Britons’ annoyance with an oversubscribed NHS which is likely to mean more opt for private specialist care in coming years, helping to inflate industry revenue.

IBISWorld industry market research
Symptoms ease: The private sector grows as the government fails to cough up NHS funding

An ageing, ailing population is behind sustained demand for the services provided by Specialist Medical Practices. Natural bodily decline is inducing health problems for more Britons, placing growing pressure on national health-care services. As British health care is overwhelmingly public, budgetary allotments of the government's National Health Service (NHS) have a decisive effect on industry revenue. According to IBISWorld industry analyst Robert Scotton, “the economic downturn of 2008 squeezed government budgets and resulted in curtailment of the rate at which health-care expenditure had been growing”. However, household budgets were also hit by the downturn and many who may once have invested in private health care turned to public provisions in the interest of cost-cutting.

Though NHS budgets continued to grow, albeit at a reduced rate, they were insufficient to cater to rapidly rising demand. In an effort to reign in health-care expenditure and yield some of the burden to the private sector, the government oversaw wide-ranging NHS reform in 2013. The uncertainty introduced by this shakeup and frustration with an inundated public health-care system has recently encouraged patients to return to lucrative private sector treatment, bolstering industry bottom line. As a result, industry revenue is expected to grow at a compound annual rate of 1.6% over the five years through 2013-14, to reach £9.0 billion. For the 2013-14 financial year itself, subdued revenue growth of 0.7% is forecast.

Britain's economic recovery is happening in unison with a gradual recovery in household disposable income. Scotton adds, “annoyance with an oversubscribed NHS is likely to mean more Britons opt for private specialist care in coming years, helping to inflate industry revenue”. Demand for industry services is expected to remain strong into the future, driven predominantly by the elderly. Medical advancements are also likely to boost demand as new treatments and less invasive remedies are made available. This will force continued growth in NHS expenditure, though the government is likely to limit this to as great an extent as possible, squeezing a key revenue stream. Nevertheless, industry revenue is expected to continue to over the five years through 2018-19.

There are no dominant players in the Specialist Medical Practices industry as the majority of specialists run independent practices from either the private sector, or loosely affiliated with the NHS. This is reflected in the low level of industry concentration. The largest four operators in the industry are estimated to account for less than 5.0% of total industry revenue.

For more information on the Medical Specialist Practices industry, including latest industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation’s largest publisher of industry research.

IBISWorld industry Report Key Topics

This industry includes medical consultation and treatment in the field of specialised medicine by medical specialists and surgeons. It also includes family planning centres that provide medical treatment such as sterilisation and termination of pregnancy, without accommodation.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
International Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on many UK industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in London, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.co.uk or call (020) 7222 9898.

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Danielle Goodman
IBISWorld
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