The UK's private healthcare market reached a record value of £12.4 billion in 2023, largely driven by long NHS waiting lists.

The NHS waiting list peaked at 7.77 million in September 2023, a significant increase from 4.57 million in late 2019.

Health Secretary Wes Streeting emphasized the urgent need to utilize the private sector to address NHS waiting times, labeling the delays as potentially life-threatening.

To alleviate the healthcare backlog, the NHS paid for nearly £3.5 billion worth of private procedures.

In 2023, the NHS spent £2.1 billion in private hospitals, up from £1.9 billion in 2022, which constituted nearly a third of private hospital revenues.

Additionally, the NHS spent £1.5 billion at private clinics, funding 445,000 procedures out of a total of 1.3 million performed by private facilities.

As demand for services increased, more patients opted for private healthcare, leading to a notable rise in private medical insurance uptake.

Cataract surgery emerged as the most common procedure in private healthcare, with costs around £2,000 for private patients.

The number of eye clinics has expanded since 2020, with private cataract surgeries now surpassing NHS-funded procedures.

Specialties with the longest NHS waits, particularly ophthalmology and orthopaedics, are experiencing significant growth in private healthcare utilization.

Total revenues in the independent healthcare sector increased by £1 billion compared to 2022, according to LaingBuisson research.

Major players in the private healthcare market include Spire Healthcare, Circle Health Group, HCA Healthcare UK, Nuffield Health, and Ramsay Health Care UK.