Health Insurance Market Size, Share, Trends, Growth

 

Health Insurance Market

The Health Insurance Market is expected to reach USD 3.1 trillion by 2027, growing at a CAGR of 9.7% over the forecast period (2020-2027).

The factors driving the growth of Health Insurance Market includes rising prevalence of cancer, dengue, and diabetes around the world, growing awareness amongst consumers about the benefits of health insurance in rural areas, and increasing cost of medical services. According to the report published by World Health Organization (WHO), the cases of dengue worldwide have increased from 505,430 cases in 2000 to 5.2 million in 2019, which will boost the demand for health insurance in the approaching years. Moreover, the growing ageing population, increasing number of daycare procedures, availability of affordable insurance plans, rise in the launch of attractive health insurance plans by insurance companies and expansion of the healthcare sector, are some of the additional factors supplementing the Health Insurance Market share. In addition, the increasing investments by leading players on research and development, sedentary lifestyles, strategic mergers, and acquisitions between the key industry players, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, the growth of Health Insurance Market is hindered attributed strict regulations imposed by Governments to verify insurance claims.

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The major players operating in the Health Insurance Market are China Life Insurance (Overseas) Company Limited, Cigna, Health Care Service Corporation, ASSICURAZIONI GENERALI S.P.A, Allianz, Anthem, Inc., Highmark Inc., United HealthCare Services, Inc. AIA Group Limited, and WellCare Health Plans, Inc., among others.

Based on Providers, the Private Providers segment is predicted to expand at a significant CAGR during the forecast period

Private health provides flexible treatment options and offers advanced treatment solutions to their subscribers, are some of the factors responsible for the segment’s growth.

Based on Insurance Type, the Insurance Type segment is projected to grow at a remarkable CAGR over the forecast period

As per the Health Insurance Market Trends, increasing number of road accidents, rise in the cost of medical treatments and Government initiatives to promote woman’s health insurance, are propelling the growth of the segment.

Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period

Rise in the number of chronic diseases, availability of low-premium term insurance plans, attractive insurance policies offered by private players, rapid urbanization, increasing per capita income and high population growth rates, are some of the important factors augmenting the Health Insurance Market size in Asia-Pacific.

Key Development

  • In 2020, Highmark Inc. and HealthNow New York Inc. announced affiliation agreement to serve the communities situated in North-eastern and Western New York and Highmark’s Pennsylvania, Delaware, and West Virginia regions.

Market Segmentation

Segmentation by Providers

  • Private Providers
  • Public Providers

Segmentation by Insurance Type

  • Disease Insurance
  • Medical Insurance
  • Income Protection Insurance

Segmentation by Coverage Type

  • Lifetime Coverage
  • Term Coverage

Segmentation by Demographics

  • Minors
  • Adults
  • Senior Citizens

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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