Global Health Insurance Market is Anticipate to Reach at a CAGR of 4.7% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Health Insurance Market by Type (Hospitalization Insurance, Critical Illness Insurance, Income Protection Insurance, Medical Insurance), Service Provider (Private, Public), Network Provider (Health Maintenance Organization, Preferred Provider Organization, Exclusive Provider Organization, Others), Demographics (Minors, Adults, Senior Citizens), Time Period (Life Insurance, Term Insurance), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global health insurance market is expected to grow from USD 1465.8 billion in 2019 to USD 2021.62 billion by 2027, at a CAGR of 4.7% during the forecast period 2020-2027. North America dominated the market in the year 2019. This growth is ascertained to the availability of policies that offer maximum coverage for several diseases, increasing GDP in the region, leading policy providers like Medicare in the U.S., and increasing awareness regarding the health insurance policies. The market in the Asia-Pacific region in projected to witness significant growth, owing to the availability of cost-effective term insurance plans, increasing demand for healthcare policies, and appropriate healthcare services reimbursement.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are Blue Cross Blue Shield Companies, Anthem Health Insurance, Wellcare and United Healthcare, Humana, Aetna, Kaiser Permanente, Highmark, HCSC, AXA Equitable Life Insurance Company, and Cigna. In September 2018, IRDAI approved Cigna Corporation to collaborate with the Manipal Group. This collaboration will increase sales of health policies.
This study delivers a comprehensive analysis of type, service provider, network provider, demographics, time period, and region. The type segment includes hospitalization insurance, critical illness insurance, income protection insurance, and medical insurance. The medical insurance segment holds the largest market share, cashless claim benefits and government’s initiatives regarding women’s health. The income protection insurance is expected to witness significant growth, owing to the protection benefits like overseas assistance, children benefits, elective surgery, and chronic injury or trauma. The service provider segment is classified into private and public. The private segment holds the largest share in the market, owing to private providers offering prompt referral to advanced treatment options, consultants, and quick and flexible treatment time in private hospitals. The public segment is expected to witness significant growth, owing to an increasing preference for public insurance as it is cost-effective and helps patients with out-of-pocket expenditures. Based on network providers, the market is classified into health maintenance organizations, preferred provider organizations, exclusive provider organizations, and others. Health maintenance organization (HMO) holds the largest market share, reducing hospital visits and reduced hospitalization costs. Preferred provider organization (PPO) is expected to witness significant growth due to well-managed healthcare plans that offer patients flexibility. On the basis of demographics, the market is segmented into minor, adults, and senior citizens. The minor segment holds the largest market share, as special health insurance policies are developed for children, and child health policies are available at lower costs. The adult’s health insurance segment is expected to witness significant growth due to the increasing prevalence of lifestyle diseases in the adult population. The time period segment includes life insurance and term insurance. The life insurance segment holds the largest market share, owing to the permanent coverage and guaranteed death benefits. Term insurance is anticipated to grow, owing to lower initial cost as compared to life insurance and high coverage level.
The factors influencing the market growth are increasing geriatric population, high medical costs, government initiatives for developing reimbursement policies for surgical procedures, and the need for an efficient flow of processes without any inconvenience caused due to the payment process. The factors restraining the market growth are the exclusion of various expensive medical treatments from the policy and increased cost of healthcare insurance products. The introduction of advanced and innovative technology in health settings will provide market growth opportunities.
About the report:
The global health insurance market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire