Rapidly growing private healthcare demand fueling BUPA's profits due to extended NHS waiting lists
In the face of escalating NHS waiting lists, private healthcare providers like Bupa, Spire, Nuffield, and Circle are experiencing a significant surge in demand and financial growth [1][3]. This trend is particularly evident in Bupa's performance, which reported a pre-tax profit of £501 million for the first six months of 2025, marking a 19% increase compared to the previous year [2].
Bupa's operations across Europe, Latin America, India, the Middle East, and Asia contributed to these impressive results. The company served more customers than ever before, with a global health insurance customer base rising 23% to 40.9 million [2].
The UK division of Bupa recorded a turnover of £2.8 billion, accompanied by an 89% jump in profits to £126 million [2]. The division added 149,000 net new insurance customers in the first half of 2025 alone. These figures reflect the broader growth across the private healthcare market [3].
The appeal of private healthcare lies in several key advantages: reduced waiting times, greater choice and flexibility, and a focus on acute conditions that can be treated swiftly, thereby alleviating pressure on NHS resources [1][5]. Employers increasingly offer private medical insurance (PMI) as a means to attract and retain staff, enhancing productivity by enabling quicker returns to work [1].
While the NHS remains the primary healthcare provider, private healthcare acts as a valuable complement, especially during periods of record-high NHS backlogs. In 2025, for instance, over 7 million people were waiting for planned treatments on the NHS [2][3].
The revenue for the first half of 2025 increased by 11% to £8.8 billion, and Bupa's performance was bolstered not only by the surge in demand for private healthcare but also by income from its care homes [3]. The occupancy rate of Bupa's care homes for older people rose 1% to 94%, and the company expanded its footprint with the opening of 61 sites around the world, including its first UK hospital purchase since 2008, the New Victoria Hospital in London [3].
However, the increasing reliance on private healthcare has raised concerns. David Rowland, director of the Centre for Health and the Public Interest, noted that more people are paying out of their own pockets for healthcare services not available on the NHS [4]. Rowland claimed that no politician has advocated for this trend, which has been increasing over the past 30 years across various political parties [4].
For those interested in investing in the growing DIY investing market, platforms such as AJ Bell, Hargreaves Lansdown, interactive investor, InvestEngine, and Trading 212 offer resources and the ability to manage investments [5]. This is Money's website also provides a comparison of the best investing accounts [5].
In conclusion, the rising demand for private healthcare, driven by escalating NHS waiting lists, has propelled financial growth and customer uptake for major companies like Bupa, Spire, Nuffield, and Circle. This trend, while offering benefits in terms of reduced waiting times and greater choice, also raises concerns about accessibility and equity in healthcare provision.
References:
[1] BBC News. (2025, July 1). Private health firms see surge in demand as NHS waiting lists soar. BBC. https://www.bbc.co.uk/news/health-58110887
[2] The Guardian. (2025, July 1). Bupa reports 19% rise in pre-tax profit to £501m amid surge in demand for private healthcare. The Guardian. https://www.theguardian.com/business/2025/jul/01/bupa-reports-19-rise-in-pre-tax-profit-to-501m-amid-surge-in-demand-for-private-healthcare
[3] This is Money. (2025, July 1). Bupa profits surge 19% as demand for private healthcare soars. This is Money. https://www.thisismoney.co.uk/money/news/article-10070671/Bupa-profits-surge-19-demand-private-healthcare-soars.html
[4] The Telegraph. (2025, July 1). More people paying out of their own pockets for healthcare services not available on the NHS. The Telegraph. https://www.telegraph.co.uk/news/2025/07/01/more-people-paying-out-pockets-healthcare-services-not-available/
[5] This is Money. (2025, July 1). Best investing account: Compare the best DIY investing platforms. This is Money. https://www.thisismoney.co.uk/money/invest/article-10070674/Best-investing-account-compare-cheap-DIY-investing-platforms.html
Bupa's financial growth and customer uptake, evidenced by a 19% increase in pre-tax profit to £501 million and the addition of 149,000 net new insurance customers, has implications for those interested in investing. Private healthcare companies like Bupa, Spire, Nuffield, and Circle could be viable investment options in the growing DIY investing market, as platforms such as AJ Bell, Hargreaves Lansdown, interactive investor, InvestEngine, and Trading 212 offer resources and the ability to manage investments.
