USD 1589.32 billion
Report ID: SQSG40N2001 | Region: Global | Published Date: September, 2022 | Pages: 157
Global Health Insurance market size was valued at USD 1589.32 billion in 2021, and it is expected to reach a value of USD 2577.25 billion by 2028, at a CAGR of more than 7.15% over the forecast period (2022- 2028).
Health insurance protects an insured person from financial losses caused by a medical emergency. It pays for medical treatment costs such as ambulance fees, doctor consultation fees, hospitalisation, medicines, and day-care procedures. The pay-out is typically based on actual hospital expenses incurred using original medical bills or disease diagnosis without submitting bills. Health insurance also provides easy access to medical treatment with a cashless facility at the insurer's network hospitals. However apart from that, health insurance provided tax advantages for a wide range of medical conditions. Various health insurance companies now provide coverage for domiciliary care, which is medical supervision provided at home for specific diseases.
The rising prevalence of chronic diseases and rising treatment costs are key factors driving health insurance market growth during the forecast period. Furthermore, rising awareness, an increase in the number of offerings with evolved healthcare policies, and the launch of new government schemes would all contribute to growth. Some of the schemes offered by the Indian government include Ayushman Bharat, Awaz Health Insurance Scheme, and Aam Aadmi Bima Yojana. Medicare and Medicaid insurance are provided by the federal and state governments in the United States. Similarly, other countries provide various insurance plans for their citizens. Furthermore, the use of the internet aids growth by making the purchasing and renewing process simple.
Global Market Size
USD 1589.32 billion
more than 7.15% CAGR
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The global health insurance market is segmented based on the service provider, product type, network provider, end user and region. Based on the service provider, it is segmented into private providers, and public providers. Based on product type, it is segmented medical insurance, and critical illness insurance. Based on the network provider, it is segmented into preferred provider organizations (PPOS), point of services (POS), and health maintenance organization (HMOS). Based on end user, it is segmented corporates, and individuals. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Service Provider
The global health insurance market is segmented based on service provider into private providers, and public providers. During the forecast period, the private providers segment is expected to dominate the market in terms of health insurance market share. This is due primarily to the growing penetration of private providers in developing regions or countries. Furthermore, private providers are offering innovative policies with all of the benefits, which is increasing public preference. The public providers segment is expected to grow favourably during the industry forecast period due to low premium costs and the requirement of basic medical insurance in many countries such as Germany, Denmark, and others. In addition, the introduction of new government programmes for the low- and middle-income classes would aid segmental growth.
Analysis by Product
The global health insurance market is segmented based on product into medical insurance, and critical illness insurance. Due to the increasing adoption of a sedentary lifestyle, the surging obese population with multiple health issues, and rising accidental cases, the medical insurance segment is expected to account for the largest market share during the forecast period. The critical illness insurance segment is the second-largest contributor. Chronic diseases such as cancer, heart disease, diabetes, and others are becoming more common, which would support segmental growth. According to the World Health Organization, 17.9 million people worldwide suffer from cardiovascular diseases (CVDs) each year. The other product type is income protection insurance, which has a lower CAGR due to low demand.
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The global health insurance market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to dominate the global health insurance market. Government initiatives to provide low-cost Medicare and Medicaid insurance, as well as increase the population covered by health-care policies, are expected to drive regional growth. Furthermore, the high cost of medical products in this region, as well as favourable healthcare reimbursement policies, support market growth. Europe is expected to be the second-largest market during the forecast period, owing to stringent federal laws requiring citizens to have at least one health insurance policy. Furthermore, rising public awareness of the importance of insurance plans will drive market growth in this region.
Due to the increasing penetration of private providers in this region and the increasing launch of schemes by central and state governments, the Asia Pacific market is expected to be the fastest-growing market with the highest CAGR during the forecast period. Furthermore, the rising prevalence of chronic diseases and densely populated countries such as China and India would support market growth. Due to the limited penetration of insurance companies in these regions, the emerging markets of Latin America and the Middle East and Africa are expected to account for lower market shares during the forecast period.
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United Healthcare Services, Inc., Centene Corporation, and Anthem Health Insurance dominate the global health insurance industry's competitive landscape, accounting for the majority of market share. Cigna Corporation, Humana Inc., and WellCare Health Plans, Inc. are some of the other major players in the global market. These key players are implementing a variety of strategic initiatives in order to increase their market share in this sector. For example, in September 2019, CCI approved Napean Opportunities LLP and Honey Wheat's acquisition of shares in State Bank of India (SBI) General Insurance. These strategic steps are taken by businesses in order to increase their market revenue share during the forecast period.
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According to our global health insurance market analysis, The rising cost of healthcare services, combined with the rising prevalence of diabetes, cancer, stroke, and kidney failure, is one of the primary factors driving up demand for health insurance around the world. Furthermore, several countries' governments are making it mandatory for employers to provide health insurance to their employees. These agencies are also enforcing laws that require tourists to have international health insurance. Aside from that, the growing geriatric population encourages the use of government health insurance programmes or schemes with low premium rates. Growing health awareness and improved healthcare infrastructure are two other factors driving market growth.
|Market size value in 2021||USD 1589.32 billion|
|Market size value in 2028||USD 2577.25 billion|
|Growth Rate||more than 7.15%|
|Forecast period||2022- 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Health Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Health Insurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG40N2001