Report ID: SQMIG40O2004
Report ID:
SQMIG40O2004 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
170 |
Figures:
79
Healthcare Insurance Market size was valued at USD 2.6 trillion in 2019 and is poised to grow from USD 2.71 trillion in 2023 to USD 4 trillion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).
A health insurance plan is an agreement between a company and a consumer. In exchange for payment of a monthly premium, the company agrees to pay all or part of the insured person's healthcare costs. The agreement is typically for one year, wherein the insurer is liable for paying particular expenses related to illness, injury, pregnancy, or preventative care. It is a type of insurance that covers all types of surgical costs as well as medical assistance incurred as a result of an injury or illness. It provides financial assistance to the policyholder by covering all medical expenses incurred while the policyholder is hospitalised for treatment. It also covers both pre and post-hospitalization expenses.
Factors driving market growth include rising healthcare costs, the prevalence of chronic diseases, and rising disposable income. Furthermore, the federal government plays a crucial role in defining all aspects of the health-care industry. For example, the Affordable Care Act (ACA) in the United States focuses on expanding health coverage to low-income individuals. The act's aim is to strengthen the quality of healthcare services while also lowering the cost of care, thereby expanding insurance coverage. However, the cost of insurance premiums is greater in the lot of instances, depending on the insurance plan, impeding market growth.
US Healthcare Insurance Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATIONHealthcare Insurance Market size was valued at USD 2.6 trillion in 2019 and is poised to grow from USD 2.71 trillion in 2023 to USD 4 trillion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).
healthcare insurance market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'UnitedHealth Group Incorporated', 'Anthem Inc.', 'Aetna Inc.', 'Cigna Corporation', 'Humana Inc.', 'Centene Corporation', 'HCSC Insurance Services Company', 'Highmark Inc.', 'Kaiser Permanente', 'WellCare Health Plans Inc.', 'Molina Healthcare Inc.', 'Health Net Inc.', 'Blue Shield of California', 'Bright Health Inc.', 'Oscar Health Inc.', 'Allianz SE', 'AXA S.A.', 'Bupa Group', 'Zurich Insurance Group Ltd.', 'Prudential plc'
The development of new treatments and drugs for diseases including cancer, diabetes, and cardiovascular disease is predicted to propel the healthcare insurance market. People who are aware of such new and revolutionary treatments tend to purchase a healthcare insurance policy, resulting in driving the market growth during the forecast period.
With the introduction of new products by health insurers, the market is evolving and a new trend is emerging. Several companies offer various policies, such as single disease packages, which encompasses only one disease, such as high blood pressure, diabetes, and cancer, and can be added to standard insurance. These companies offer consumers flexibility, making it easier to transfer from one insurance company to another.
The North American healthcare insurance market is expected to lead the market due to greater understanding of the benefits of healthcare insurance, rising disposable income, rising disease occurrence, rising geriatric population, increased demand for the latest surgeries and drugs, and steadily increasing healthcare expenditure.
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Report ID: SQMIG40O2004