Acumen Research and Consulting, recently published report “Health Insurance Market - Global Industry Analysis, Size, Share and Forecast, 2019 - 2026”.
LOS ANGELES, May 22, 2019 (GLOBE NEWSWIRE) -- The Global Health Insurance Market is estimated to grow at CAGR above 4 % over the forecast time frame 2019-2026 and reach the market value around USD 1.5 Trillion by 2026.
In the coming years, increasing healthcare spending will increase growth in the health insurance market. Persons with cancer and other chronic conditions may need surgery that increases health care costs. In 2018, for example, new cases of cancer diagnosed in the US alone were about 1.6 million, according to the American Cancer Society. Increasing chronic disease prevalence combined with increased healthcare expenditure is expected to boost industry growth. In addition, health insurance plans are available to patients who are unable to provide surgery and advanced treatment options. Demand for health insurance policies rises above-mentioned aspects.
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Government initiatives in developing economies should always foster business growth for people to provide effective health insurance policies. For example, the government of India is providing benefit for populations below the poverty line (BPL) in National Health Insurance schemes such as the Rashtriya Swasthiya Bima Yojana (RSBY) that suppress hospitalization costs. In addition, recent plans to provide BPL households with coverage in a cost-effective way, these factors stimulate business growth. However, a poor claims settlement record can cause complications and limit the growth of the industry.
In 2018, the health insurance market in North America accounted for over 33 percent of revenue and is expected to grow during the forecast period. The regional business growth is driven by increased awareness on the availability of multi-value health insurance policies. In addition, a favorable health insurance regulatory landscape in the US has a positive impact on growth in the industry.
The private sector in the health market in 2018 was worth more than $530 billion and is going to be experiencing robust growth. Patients receiving treatment from quaternary, tertiary and secondary health care institutions are provided with this financial support. Furthermore, private insurance plans are designed to make customers more flexible in their choice of doctors and therapies. In the coming years, the above factors will encourage segmental growth.
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In 2018, hospital insurance covered over 20 percent of revenue share and by 2025 will have a substantial CAGR. Insurance providers work with major hospitals to reimburse them for costly operations and advanced treatments. The introduction of special refund policies for the full family health insurance covered by diseases by companies such as Cigna and Medicare further stimulates segmental growth.
In 2018, the Preferred Provider Organization (PPO) segment generated more than US$ 200 billion in revenue and will see strong growth over time. The growth of the segment is due to the low cost of the PPO insurance plans. PPOs allow easy access to the benefits of the scheme, and primary healthcare professionals are also assigned to reduce hospital visits for minor issues of health. Factors above are driving growth in the segment.
During the forecast period, the segment of senior citizens of the health insurance market will grow by about 2 %. The majority is chronically ill in geriatric populations. Since most older persons are dependent, costly treatments are not usually possible. Consequently, more cost-efficiency public health plans are being introduced to reimburse elderly citizens for various procedures which increase their business expansion.
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In 2018, the Life Insurance market segment was valued at over USD 400 billion and will increase strong growth. It will increase growth. Seversive growth is increased by a variety of benefits like lower premium, higher cash values. Life Insurance provides various policies which are flexible with respect to the requirements of the policyholder. Investing in life insurance is also an effective way of saving taxes that should have a positive impact in the foreseeable future on your demand.
Key Players & Strategies
Participants in the prominent industries include Anthem Health Insurance, Aetna, Blue Cross Blue Shield Companies, Cigna, Highmark and HCSC, Humana, Wellcare and United Healthcare. These players are implementing a number of strategic initiatives that will contribute to their potential market share. In addition, authorization for cooperation with major hospitals by regulatory authorities will increase the company's revenues. Cigna Corporation was given IRDAI approval for collaboration with the Manipal Group in September 2018, for example. Sales of health policies will be increased through this partnership.
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