Medico Legal and Insurance Services 2019 Market Trends Report
23 May 2019
The UK Medico-Legal and Insurance Services Market Trends Report is the third edition of an annual Legal Market Report from IRN Research. It provides an overview of the UK market for firms that provide medical expertise (ME) and rehabilitation and allied medical services (RAMS) to the legal and insurance sectors.
Medico Legal and Insurance Market Current Trends
The medico-legal and insurance services market (MLIS) is estimated to generate around £760 million in gross revenue for ME and RAMS firms that operate in the market. While the market has continued to grow in recent years, the rate of annual increase is slowing. Competition for market share is intensifying as is the competition for medical expertise and medical skills. In this environment, some of the smaller players have been forced out of the market, forced to merge or been taken over by larger rivals. At the same time, some of the established mid and low-end market players have sought to move up market into the higher margined catastrophic injury sector.
Medico Legal and Insurance Market Future Trends
While IRN Research still expects that the mid and upper segments of the market will grow over the coming years, the prospects for the low-end of the market (i.e. soft tissue, whiplash type injuries from road traffic accidents) looks poor. New legislative changes from April 2020, are likely to make a severe dent on this sector of the market, which will call into question the long-term viability of RTA-focused operators and some of the smaller MedCo medical reporting organisations.
The report (87pp, PDF), is available directly from IRN Research, priced at £200. UK sterling price is plus VAT so total price is £240.