Dublin, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The "Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global health insurance market reached a value of US$ 1,590 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 2426.6 Billion by 2027, exhibiting a CAGR of 7.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor
Health insurance protects an insured individual against financial losses arising due to a medical emergency. It covers medical treatment expenditures, such as ambulance charges, doctor consultation fees, and hospitalization, medicines and daycare procedures costs. The payout is generally either made on actual expenses incurred in the hospital using original medical bills or diagnosis of diseases without submitting bills. Health insurance also provides easy access to medical treatment with a cashless facility at network hospitals of the insurer. Apart from this, health insurance also provided tax benefits for a vast array of medical conditions. Nowadays, various health insurance companies are offering coverage for domiciliary treatment, wherein medical supervision is provided at home for specific diseases
The increasing costs of healthcare services, in confluence with the growing prevalence of diabetes, cancer, stroke and kidney failure, represent one of the key factors escalating the demand for health insurance worldwide. Moreover, governing agencies of several countries are making it necessary for employers to provide health insurance to their employees. These agencies are also enforcing laws that mandate international health insurance for tourists. Apart from this, the rising geriatric population is promoting the adoption of government health insurance programs or schemes offered at low premium rates. Furthermore, growing health awareness and improving healthcare infrastructure are other factors bolstering the market growth. Besides this, various companies are providing cover for medical expenses incurred during the treatment of coronavirus disease (COVID-19). They are also focusing on digitizing claim processing and policy management, which is anticipated to influence the market positively in the coming years
The market is further driven by the widespread adoption of social media for the promotion of health insurance products by various players. Social media platforms provide them with a diverse customer reach, which is anticipated to provide numerous growth opportunities for the players. Additionally, digitizing various processes in the health insurance market also aids customers in comparing multiple plans offered by numerous vendors. This enables transparent communication between the insurers and companies and provides effective disclosure of pertinent information to ultimately help the individuals make an informed decision, thereby creating a positive outlook for the market
The rising integration of health insurance with Big Data analytics aids insurance companies in diversifying their models and strategies in an attempt to recognize the ever-evolving consumer demand. The escalating deployment of predictive analysis and scenario-based modeling in the market also enables the companies to devise customized solutions for their clientele at varied pricing options.
Also, the rising adoption of cloud-based services and the increasing penetration of high-speed internet connection across the globe has facilitated real-time consultations with experienced industry experts who can help provide insightful recommendations to the customers. This rapid outbreak of the COVID-19 pandemic and the subsequent mandatory lockdowns imposed by the governments of numerous countries have provided an impetus to the demand for online insurance consultations across the globe.
Some of the other factors contributing to the market growth include the widespread preference for family floater health insurance among the masses, increasing penetration of healthcare services and health insurance in the rural sections of the developing economies, and the introduction of policies that offer the benefit of free annual/bi-annual check-ups with additional customization at low premium rates
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global health insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on provider, type, plan type, demographics and provider type
Breakup by Provider:
- Private Providers
- Public Providers
At present, private providers dominate the market globally, accounting for the majority of the total market
Breakup by Type:
- Life-Time Coverage
- Term Insurance
Among these, life-time health insurance holds the largest market share
Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
- Others
Medical insurance represents the leading plan type in the market
Breakup by Demographics:
- Minor
- Adults
- Senior Citizen
Adults represent the leading demographics segment, account for the largest market share
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
In 2021, PPOs represented the largest provider type in the market
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these key players include Aetna Inc. (CVS Health Corporation), AIA Group Limited, Allianz SE, Aviva Plc, Berkshire Hathaway Inc., Cigna Corporation, International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc. and Zurich Insurance Group AG
Key Question Answered in this Report
1. What is the size of the global health insurance market?
2. What is the expected growth rate of the global health insurance market?
3. What are the key factors driving the global health insurance market?
4. What has been the impact of COVID-19 on the global health insurance market?
5. What is the breakup of the global health insurance market based on the provider?
6. What is the breakup of the global health insurance market based on the type?
7. What is the breakup of the global health insurance market based on the plan type?
8. What is the breakup of the global health insurance market based on the demographics?
9. What is the breakup of the global health insurance market based on the provider type?
10. What are the key regions in the global health insurance market?
11. Who are the key players/companies in the global health insurance market?
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Health Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Provider
6.1 Private Providers
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Public Providers
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Type
7.1 Life-Time Coverage
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Term Insurance
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Plan Type
8.1 Medical Insurance
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Critical Illness Insurance
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Family Floater Health Insurance
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Demographics
9.1 Minor
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Adults
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Senior Citizen
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Provider Type
10.1 Preferred Provider Organizations (PPOs)
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Point of Service (POS)
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Health Maintenance Organizations (HMOs)
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Exclusive Provider Organizations (EPOs)
10.4.1 Market Trends
10.4.2 Market Forecast
11 Market Breakup by Region
12 SWOT Analysis
13 Value Chain Analysis
14 Porters Five Forces Analysis
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 Aetna Inc. (CVS Health Corporation)
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.1.3 SWOT Analysis
16.3.2 AIA Group Limited
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.2.3 Financials
16.3.2.4 SWOT Analysis
16.3.3 Allianz SE
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.3.3 Financials
16.3.3.4 SWOT Analysis
16.3.4 Aviva Plc
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.4.3 Financials
16.3.4.4 SWOT Analysis
16.3.5 Berkshire Hathaway Inc.
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.5.3 Financials
16.3.5.4 SWOT Analysis
16.3.6 Cigna Corporation
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Financials
16.3.6.4 SWOT Analysis
16.3.7 International Medical Group Inc. (Sirius International Insurance Group Ltd.)
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.8 Prudential Plc
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.8.3 Financials
16.3.8.4 SWOT Analysis
16.3.9 United Health Group Inc.
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.9.3 Financials
16.3.9.4 SWOT Analysis
16.3.10 Zurich Insurance Group AG
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.10.3 Financials
16.3.10.4 SWOT Analysis
For more information about this report visit https://www.researchandmarkets.com/r/86c3f2
