Health Insurance Market to Grow $2,934.0 Billion by 2027

ReportCrux Market Research has published a new report titled “Health Insurance Market by Provider (Public Providers, and Private Providers); by Insurance Type (Medical Insurance, Income Protection Insurance, and Disease Insurance); by Coverage Type (Term Coverage, and Lifetime Coverage); by Network (Point of Service (POS), Exclusive Provider Organizations (EPOs), Preferred Provider Organizations (PPOs), and Health Maintenance Organizations), by Demographics (Adult, Minor, and Senior Citizens); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

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Market Size 2019-2027:

According to the report, global demand for health insurance market was valued at approximately USD 2,095.0 Billion in 2019 and is expected to generate revenue of around USD 2,934.0 Billion by end of 2027, growing at a CAGR of around 4.3% between 2020 and 2027.

Market Analysis and Overview: Global Health Insurance Market

Health insurance provides financial protection on medical costs to the policyholders while they are hospitalized. Healthcare costs are incurred due to any type of sickness, accident, and other mental & physical disability due to medical referral fees and care. The health plan provides coverage for these medical costs in return for a monthly fee. The insurer is obligated to cover the policyholder's medical costs before the policy's term. The coverage can vary depending on the policy for numerous factors including age groups, illnesses, government policies and others. Rising GDP and increasing healthcare spending are beneficial for the growth of this business as people are investing enough on their healthcare spending.

In the past several years, attempts are made by many businesses to make their product offerings as straightforward as possible. This move has made it easier for consumers to compare and appreciate the insurance terms and the goods being sold. Growing geriatric population is one of the major drivers of business growth. The geriatric population base is chronically vulnerable to many diseases. In addition, people in the 65-year-old age group and above who suffer from diseases need continuous vital monitoring and surgical procedures. Owing to this unproductive portion of the community the geriatric community cannot afford costly surgical operations and lengthy hospital stays. Therefore, several insurance plans are available that have a positive effect on business growth. Health insurance offers fast reimbursement and fixed premium rates for individuals suffering from diseases. Additionally, health insurance sector growth is also due to coverage it offers on all services like small & wide procedures, and serious disease with low premium. It also offers accessible health services such as hospitalization, medical treatment, visits to clinics, immunizations, among others. Some health insurers, however, do not provide benefits for particularly expensive care and for conditions such as dental and cancer rehabilitation.

Regional and Country-level Analysis

Regionally the market is segmented into Asia Pacific, North America, Europe, Latin America and Middle East & Africa. North America held almost 36% share of the overall market. This regional growth can be attributed to increased awareness of health insurance plans in combination with high GDP. In addition, the availability in the U.S. of leading policy providers like Medicare is helping businesses grow. Asia Pacific is likely to grow at high CAGR of almost 4.8% in the forecast period due to growing prevalence of chronic illnesses. This scenario is good for the growth of industry as it raises demand for healthcare policy makers to properly reimburse healthcare services.

Segmentation Analysis:

The global market for the health insurance is segmented into provider, insurance type, coverage type, network, demographics, and region. Based on provider, the market is segmented into public providers, and private providers. The private providers segment held almost 60% share of the market in 2019 as these measures shield families from unforeseen medical problems. In addition, private insurance also provides choice to the patients to opt for services and doctors through private insurance.

Based on insurance type, the market is categorized into on medical insurance, disease insurance, and income protection insurance. The market for medical insurance held almost 53% share of the market in 2019; however, the market for income protection insurance is likely to grow at high CAGR in the forecast period. Income security insurance offers benefits such as support overseas, childcare coverage, compensation on permanent illness and elective and accident surgery. In addition, income security insurance also covers costs related to recovery thus driving its adoption globally.

Based on the coverage type, the global market for health insurance is segmented into term coverage, and lifetime coverage. From this, lifetime coverage market accounted for almost 65% share of the market in 2019. The life insurance schemes benefits include lifetime coverage and assured benefit after death. Investing in life insurance also helps working people save some amount of income tax along with these advantages.

Based on network, the market is categorized into exclusive provider organizations (EPOs), preferred provider organizations (PPOs), point of service (POS), and health maintenance organizations (HMO). The market in health maintenance organizations (HMO) is likely to grow at high CAGR in the forecast period. Patients should have a primary care doctor who will help them deal with minor health related problems. It decreases hospital visits, which ultimately lowers hospitalization costs, which are expected to stimulate growth of this sector in the market. PPOs provide well-managed healthcare plans and provide patients with greater flexibility.

Based on demographics, the market is categorized into adult, minor, and senior citizens. The market in minor sector is likely to grow at high CAGR in the forecast period. The minor section comprises population in the 0-18 year group. Health insurance companies are creating child specific plans. Some of these child health insurance plans are available at lower premium rates and provide additional benefits such as cashless hospitalization that is elevating their adoption and fostering growth in the forecast period.

TO UNDERSTAND HOW COVID-19 IMPACT IS COVERED IN THIS REPORT on Health Insurance Market

Major Key Players of 2020 Health Insurance Market Report:

Major players in health insurance market are Cigna (U.S.), Nippon Life Insurance Company (Japan), Prudential Plc (U.K.), Blue Cross Blue Shield Companies (U.S.), Kaiser Permanente (U.S.), Dai-ichi Life Holdings, Inc. (Japan), Allianz Group (Germany), HCSC (U.S.), Aetna (U.S.), and New York Life Insurance Company (U.S.) among others.

The report segments of global Health Insurance market are as follows:

By Provider

• Public Providers

• Private Providers

By Insurance Type

• Medical Insurance

• Income Protection Insurance

• Disease Insurance

By Coverage Type

• Term Coverage

• Lifetime Coverage

By Network

• Point of Service (POS)

• Exclusive Provider Organizations (EPOs)

• Preferred Provider Organizations (PPOs)

• Health Maintenance Organizations (HMOs)

By Demographics

• Adult

• Minor

• Senior Citizens

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The report highlights in-depth quantitative as well as qualitative insights, historical data, and market size projections till 2027. It also gives a perspective on manufacturers, associations, specific organizations, industries, companies, and suppliers that work to expand their business worldwide. Value chain analysis of the industry is explained in detail this providing a clear view of key mediators involved. The report studies the global Health Insurance market size from the company, major regions and countries, products type, end users and applications, background information, and also predictions to 2027.

In depth competitive landscaping, recent developments by competitors and product pipelines are covered in the report. Further, the report focuses on various strategies adopted by different key stakeholders with respect to product marketing. The consumption or sales revenue, consumption market share and its growth across the applicable regions is described in detail in the report. In addition, it also studies the sales channels and strategies that are adopted by different leading manufacturers.

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