Medico-Legal and Insurance Services Market hit by COVID-19
30 Jun 2021
Medico-legal market down by almost 20%
IRN Research’s Medico-Legal and insurance Services Report 2021, shows that the COVID-19 lockdowns caused a significant decline in personal injury case numbers and a significant slowdown in personal injury case progression, leading to a decline in the market. IRN estimate that the medico-legal and insurance services (MLIS) market, including payments to individual, freelance and self-employed medical experts and case managers declined by 18% in 2020 compared with 2019. The market is anticipated to fall again in 2021 by around 10%. The premium end of the market – i.e., high-value catastrophic injuries – declined but held up better than the rest of the market in 2020 and is expected to return to growth in 2021.
Medico-legal market shows signs of recovery but challenges remain
Now that COVID lockdowns and restrictions are coming to an end, the MLIS market is set to recover. The main downsides for the future are the new Whiplash reforms, which are likely to have a net negative impact on the lower end of the market. Moreover, even if volumes recover, companies operating in this market face a number of challenges, key of which are:
- Continued pressure on margins as competition intensifies, with larger groups growing in market power.
- Potential long-term changes to working practices because of COVID-19 (e.g., some permanent shift to home working, more remote medical assessments and online physiotherapy sessions)
- Greater need for financial resources to invest in new IT systems to improve client and freelance/contractor engagement with MLIS firms.
About the medico-legal report
This report looks at the Medico-Legal and Insurance Services (MLIS) market. MLIS are a range of medical and medical-related services offered to legal services companies, insurers and possibly to employers. For this reason, MLIS companies are often staffed and run by doctors, nurses and physiotherapists. The range of services offered can be split into two broad categories:
- Medical evidence (ME)
- Rehabilitation and allied medical services (RAMS)
This report looks at the market structure, recent developments and market drivers, the key players, the market size and trends and the future.