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Health Insurance Market size was valued at USD 2098.41 billion in 2019 and is poised to grow from USD 2240.85 billion in 2023 to USD 3793.4 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

United Healthcare Services, Inc., Centene Corporation, and Anthem Health Insurance dominate the 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 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. 'Allianz', 'UnitedHealth Group Inc.', 'Anthem Inc.', 'Aetna Inc.', 'Cigna Corporation', 'Humana Inc.', 'Bupa Group', 'AXA S.A.', 'Zurich Insurance Group Ltd.', 'Munich Re Group', 'Ping An Insurance (Group) Company of China Ltd.', 'China Life Insurance Company Limited', 'Prudential plc', 'MetLife Inc.', 'Dai-ichi Life Holdings Inc.', 'Manulife Financial Corporation', 'Assicurazioni Generali S.p.A.', 'Aviva plc', 'AIA Group Limited', 'The Chubb Corporation'

One of the key driving factors that would fuel the health insurance market is the growing geriatric population. A large proportion of the elderly population suffers from one or more chronic diseases, such as heart disease, cancer, type 2 diabetes, or arthritis, which increases the demand for HI policies among this age group. Furthermore, the adoption of sedentary lifestyles among the adult population is increasing the patient pool with various chronic diseases. According to the National Cancer Institute, approximately 1,806,590 new cancer cases will be diagnosed in 2020, with 606,520 people dying from the disease in the United States.

Market evolution is causing a new trend in the health insurance market with the launch of new products by health insurers. Several companies offer various policies, such as single disease packages that cover only one disease, such as high blood pressure, diabetes, and cancer, and can be added to standard insurance. Customers benefit from the flexibility provided by these companies, making it easier to transfer from one insurance company to another. Furthermore, the widespread use of the internet has made insurance distribution more convenient. Online sales of insurance policies have become the most convenient distribution channel for businesses because they allow customers to compare different policies and make better decisions.

The 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 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.

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Global Health Insurance Market

Product ID: SQMIG40N2008

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