Dublin, July 13, 2021 (GLOBE NEWSWIRE) -- The "Hospitalization Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global hospitalization insurance market is expected to grow from $84.78 billion in 2020 to $86.39 billion in 2021 at a compound annual growth rate (CAGR) of 1.9%.
Hospitalization Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global hospitalization insurance market as it emerges from the COVID-19 shut down.
Major players in the hospitalization insurance market are Aetna, Anthem Health Insurance, Blue Cross Blue Shield Companies, Cigna, Humana, HCSC, Highmark, Kaiser Permanente, UnitedHealth Group, and Wellcare.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $147.88 billion in 2025 at a CAGR of 14.4%.
The hospitalization insurance market consists of sales of hospitalization insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting hospitalization insurance policies providing coverage for hospital confinement due to illness, accidents, intensive care of convalescence. Only goods and services traded between entities or sold to end consumers are included.
The hospitalization insurance market covered in this report is segmented by a service provider into private, public. It is also segmented by the network into preferred provider organizations (PPOs), point of service (POS), health maintenance organizations (HMOs), exclusive provider organizations (EPOs), others and by demographics into minors, adults, senior citizens.
The exclusion of various medical treatments from the health policy is expected to limit the growth of the hospitalization insurance market in the coming years. The exclusion is a policy clause that excludes coverage for certain types of disorders. Insurers use exclusions to break out coverage for factors they are not willing to insure.
For example, most insurance companies, such as Royal Sundaram General Insurance Co. Limited, policy bazaar and few others do not offer compensation for the use of alternative therapies for the treatment of medical problems. Many insurance benefits do not offer compensation for expenses associated with childbirth and pregnancy. Similarly, infertility and abortion care expenses are not included under these insurance plans. Therefore, the exclusion of various medical treatments from the health policy restrains the growth of the hospitalization insurance market.
In January 2020, HDFC ERGO, a joint venture firm between HDFC and ERGO International AG, one of the insurance subsidiaries of Munich Re Group, acquired a majority stake in Apollo Munich Health Insurance company for about $200 million (Rs. 1485.15 crores). The acquisition is expected to provide HDFC ERGO an opportunity to grow by increasing its footprint and distribution network, and it's a strategic objective, and Apollo Munich is renamed as HDFC ERGO.
The growing adoption of health insurance policies by individuals during COVID-19 is expected to fuel the growth of the hospitalization insurance market over the forecast period. The demand for health insurance policies has seen a massive spike during the coronavirus pandemic. The rise in the number of COVID-19 positive cases people has made individuals more conscious of the value of buying health insurance.
For instance, the officials from the Health Insurance company, Policybazaar stated that in March 2020 (from March 6 to March 31) they experienced a rise of 20-30% over 25 days in terms of sales of health insurance policies when compared with sales in February. More specifically, the number of health policies distributed in March was nearly 45,000, compared with roughly 36,000 in January and February 2020. Therefore, the growing adoption of health insurance policies during COVID-19 contributes to the growth of the hospitalization insurance market.
The integration of blockchain in health insurance is a key trend gaining popularity in the hospitalization insurance market. The incorporation of blockchain in health insurance provides many benefits such as enhancing integrity and protection by offering better control of patient data, reducing regulatory and enforcement costs, and maximizing interactions between health practitioners, insurance providers, and insurers.
Key Topics Covered:
1. Executive Summary
2. Hospitalization Insurance Market Characteristics
3. Hospitalization Insurance Market Trends And Strategies
4. Impact Of COVID-19 On Hospitalization Insurance
5. Hospitalization Insurance Market Size And Growth
5.1. Global Hospitalization Insurance Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Hospitalization Insurance Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Hospitalization Insurance Market Segmentation
6.1. Global Hospitalization Insurance Market, Segmentation By Service Provider, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Private
- Public
6.2. Global Hospitalization Insurance Market, Segmentation By Network, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Preferred Provider Organizations (PPOs)
- Point Of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
- Others
6.3. Global Hospitalization Insurance Market, Segmentation By Demographics, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Minors
- Adults
- Senior Citizens
7. Hospitalization Insurance Market Regional And Country Analysis
7.1. Global Hospitalization Insurance Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Hospitalization Insurance Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- Aetna
- Anthem Health Insurance
- Blue Cross Blue Shield Companies
- Cigna
- Humana
- HCSC
- Highmark
- Kaiser Permanente
- UnitedHealth Group
- Wellcare
- Centene Corporation
- Allianz Care
- BMI Healthcare
- Broadstone Corporate Benefits Limited
- HBF Health Limited
- Healthcare International Global Network Ltd
- Aditya Birla Health Insurance
- Bajaj Allianz Health Insurance
- Bharti AXA Health Insurance
- HDFC ERGO General Health Insurance
- Kotak Mahindra Health Insurance
- Oriental Health Insurance
- Reliance Health Insurance
- SBI Health Insurance
For more information about this report visit https://www.researchandmarkets.com/r/ltiq8e