Personal Injury Market Growth: The Personal Injury Market Continues To Rise Year On Year
Personal injury claims are on the rise, and this is good news for both legal professionals that work in this area as well as their clients. Let’s look at what this increase represents, what claims are most common, and whether this trend is set to stay for good.
Figures you need to know
This year the personal injury market is predicted to hit $42.3 billion, with annual growth of 1.9 per cent projected for 2022. Interestingly, the number of attorneys specialising in personal injury cases is set to remain consistent over this period, which means more work will be available to specialist lawyers as claims increase.
Workplace fatalities are actually falling at the moment, according to BLS stats. Even so, thousands of people are still killed and tens of thousands injured in the fulfilment of their professional duties each year. This of course contributes to the continued growth of the personal injury market.
Key types of claim covered by personal injury lawyers
Expert attorneys deal with all sorts of claims, of which workplace injuries and fatalities are just one example. From road traffic accidents, including those involving cars, motorcycles, bicycles and pedestrians, to claims relating to psychological distress and trauma that comes with dangerous situations and debilitating injuries, the entirety of a client’s body and mind can be encompassed by the work of personal injury attorneys.
Cases can also be brought against physicians and healthcare facilities in the case of medical malpractice, such as misdiagnosis of a serious condition, or errors that occur during surgery. In addition, everything from product liability relating to consumer goods, to criminal assault, is part and parcel of the personal injury market.
Market pressures explored
There are a number of factors that contribute to the ebb and flow of the personal injury market, and it is interesting to note that while growth is on the cards at the moment, this comes after a somewhat turbulent period.
Market size peaked in 2017, and fell back over the following years, meaning that it is only just recovering at the moment. The sheer amount of competition is partly responsible for this state of affairs, with personal injury lawyers vying for the custom of claimants nationwide and having to offer better prices than their rivals in order to secure cases.
On the positive side, from an industry perspective, the increase in personal injury claims means that more and more people are not just being made aware of their rights to compensation if they are involved in an accident for which they were not liable, but that they are actually taking advantage of the legal services offered to them.
One of the reasons for this rise is the anticipated increase in auto accidents. While modern cars are much safer than ever before, there are still worrying trends that reflect an uptick in accidents, even at a time when autonomous anti-collision features are being introduced.
Future trends unpicked
The personal injury market is intriguingly intertwined with the nation’s economy as a whole, and its prosperity is certainly contingent on the continued growth in other sectors.
It will be interesting to see whether this persists at a time when remote working is more common, and so fewer people are commuting by car or other means of transport from which so many claims result. Likewise, as car safety improves to the point that self-driving autos are the norm, this could radically shake up the personal injury market, even if this takes a decade or more to gain traction.