With 9.50% CAGR, Health Insurance Market Size Worth USD 3.619 Trillion by 2028 - Global Industry Trends, Share, Value, Growth, Analysis & Forecast Report by Facts & Factors

[219+ Pages Report] The size & share of the Global Health Insurance Market is predicted to grow at around 3.619 USD Trillion by 2028 with a compound annual growth rate (CAGR) of roughly 9.50% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Aetna Inc., Aia Group Limited, Allianz, AssicurazioniGenerali S.P.A., Aviva, Axa, Cigna, Ping An Insurance (Group) Company Of China Ltd., Unitedhealth Group, Zurich, and others.

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DUBLIN, Ireland, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Health Insurance Market Size, Share, Growth Analysis Report By Insurance Type (Disease Insurance, Medical Insurance), By Coverage (Preferred Provider Organizations (PPOs), Point Of Service (POS), Health Maintenance Organizations (HMOS), Exclusive Provider Organizations (EPOS)), By End User Type (Group, Individuals), By Age Group (Senior Citizens, Adult, Minors), By Service Provider (Public and Private), By Distribution Channel (Direct Sales, Brokers/Agents, Banks, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Health Insurance Market size & share was valued at approximately USD 2.10 trillion in 2021. The market is expected to grow above a CAGR of 9.50% and is anticipated to reach over USD 3.619 trillion by 2028.”

The report analyses the Health Insurance market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Health Insurance market.

What areHealth Insurance? How big is the Health Insurance Industry?

  • Market Overview:

Any medical costs incurred during the treatment of a sickness, accident, or other mental or physical disability is covered by health insurance. The provision of healthcare benefits is compensation in exchange for a monthly, semi-annual, or yearly premium or payroll tax. The insurer must pay the policyholder's medical costs up to the policy's coverage and duration. Depending on the insurance, the range may vary, including illnesses, age group, government laws, etc.

Health insurance packages come with a wide range of features and benefits. It provides financial security for the policyholder against particular medical procedures. Health insurance benefits include reimbursement, pre- and post-hospitalization coverage, cashless hospitalization, and several add-ons. Any financial damages resulting from a medical emergency are protected for those with health insurance. It covers expenses such as ambulance fees, doctor visits, hospital stays, medicine, and childcare procedures related to getting medical treatment.

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Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
  • About 219+ Pages Research Report (Including Recent Research)
  • Provide detailed chapter-by-chapter guidance on Request
  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
  • Includes Tables and figures have been updated
  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Industry Major Players, Historical and ForecastGrowth, Porter's 5 Forces Analysis
  • Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Market Growth Drivers

One of the leading causes driving up the need for health insurance globally is the rising expense of healthcare services, combined with the increasing incidence of diabetes, cancer, stroke, and renal failure. Additionally, companies are now required by numerous nations' regulatory bodies to offer their worker's health insurance. Further, these organizations are enforcing the regulations that require travelers to have foreign health insurance.

In addition, the growing elderly population is also encouraging people to enroll in government health insurance plans or schemes with low premium costs. Other elements supporting market expansion include rising health consciousness and bettering healthcare infrastructure.

Key questions answered in this report:

  • What is the market size and growth rate forecast for Health Insurance industry?
  • What are the main driving factors propelling the Health Insurance Market forward?
  • What are the leading companies in the Health Insurance Industry?
  • What segments does the Health Insurance Market cover?
  • How can I receive a free copy of the Health Insurance Market sample report and company profiles?

Browse the full “Health Insurance Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/health-insurance-market

Health Insurance Market: COVID-19 Impact Analysis

It is widely believed that one of the primary factors that are contributing to the expansion of the global health insurance market is the rise in the prevalence of a number of diseases during the COVID-19 pandemic. These diseases include cancer, dengue fever, and diabetes. Enhancing the quality of claim management services and increasing awareness of the need for health insurance in rural areas are two other major reasons for the growth of the industry.

The potential of the Health Insurance Market is, however, being held back by two issues: a lack of awareness regarding the coverage provided by health insurance policies, and an increase in the cost of insurance premiums.

Key Insights from Primary Research

  • As per the analysis, the Health Insurance market is likely to grow above a CAGR of around 9.50% between 2022 and 2028.
  • The Health Insurance market size was worth around US$ 2.10 trillion in 2021 and is estimated to hit approximately US$ 3.619 trillion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
  • By insurance type, the medical insurance category dominated the market in 2021.
  • By distribution channel, the direct sales category dominated the market in 2021.
  • On the basis of region, North America dominated the global health insurance market in 2021.

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Health Insurance Market: Segmentation Analysis

The global health insurance market is segregated based on insurance type, coverage, end-user type, age group, distribution channel, and region. The market is divided into disease and medical insurance based on insurance type. Among these, medical insurance held significant growth in 2021.

Based on coverage, the market is classified into preferred provider organizations (PPOs), point of service (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOS). Preferred provider organization (PPOs) led the market in 2021 and is expected to maintain their dominance during the forecast period.

Based on end-user type, the market is segmented into groups and individuals. Individuals segments will dominate the market in 2021. The age group market is segmented into senior citizens, adults, and minors. In 2021, the adult segment will dominate the market. The market is classified into private and public providers based on the service provider. The private part will dominate the market in 2021. Based on the distribution channel, the market is classified into direct sales, brokers/agents, banks, and others. Direct sales will dominate the market in 2021.

Regional Analysis:

The global health insurance market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. In 2021, North America will command the most significant global health insurance market share. The need for health insurance is rising due to rising medical costs and a rise in the number of childcare treatments.

During the projected period, North America is expected to lead the worldwide market for health insurance. Regional growth will be fueled by government programs to make Medicare and Medicaid affordable and expand the population's access to health insurance. The region's good healthcare reimbursement rules and high medical product costs boost market expansion.

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Report Scope:

Report Attribute Details
Market Size in 2021 USD 2.10 Trillion
Projected Market Size in 2028 USD 3.619 Trillion
CAGR Growth Rate 9.50% CAGR
Base Year 2021
Forecast Years 2022-2028
Key Market Players Aetna Inc., Aia Group Limited, Allianz, AssicurazioniGenerali S.P.A., Aviva, Axa, Cigna, Ping An Insurance (Group) Company Of China Ltd., Unitedhealth Group, Zurich, and Others
Key Segment By Insurance Type, Coverage, End-user Type, Age Group, Service Provider, Distribution Channel, and Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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Competitive Players

The report contains qualitative and quantitative research on the global health insurance market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Some of the main players in the global Health Insurance market include:

  • Aetna Inc. 
  • Aia Group Limited 
  • Allianz 
  • AssicurazioniGenerali S.P.A. 
  • Aviva 
  • Axa 
  • Cigna 
  • Ping An Insurance (Group) Company Of China Ltd. 
  • Unitedhealth Group 
  • Zurich. 

Recent Industry Developments:

  • August 2020: To assist businesses in planning and researching secure overseas travel, Foreign Medical Group, Inc. (IMG) has increased its range of products. The new support programs offered by the business were developed to help customers make plans for 2020 and beyond.

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The global Health Insurance market is segmented as follows:

By Insurance Type

  • Disease Insurance
  • Medical Insurance

By Coverage

  • Preferred Provider Organizations (PPOs)
  • Point Of Service (POS)
  • Health Maintenance Organizations (HMOS)
  • Exclusive Provider Organizations (EPOS)

By End-user Type

  • Group
  • Individuals

By Age Group

  • Senior Citizens
  • Adult
  • Minors

By Service Provider

  • Public
  • Private

By Distribution Channel

  • Direct Sales
  • Brokers/Agents
  • Banks
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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Key Offerings:

  • Market Size, Trends, & Forecast by Revenue | 2022−2028
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis by Insurance Type, Coverage, End-user Type, Age Group, Service Provider, Distribution Channel, and Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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