MRFR’s custom research reports offer insights in lieu of the impact of the COVID-19 pandemic on Global Health Insurance Market which can affect at the grassroots level to the top of the chain. It outlines strategies and measures to ramp up production capacities and stay ahead of the curve.
Health Insurance Market Analysis
The global health insurance market size is predicted to touch USD 141.3 billion at a 4.1% CAGR between 2019- 2025, reveals the new Market Research Future (MRFR) report. Health insurance, simply put, is an insurance cover that pays for surgical, medical, and dental expenses incurred by the insured.
Various factors are adding to the global health insurance market share. These factors, as per the new MRFR report, include advancement in research and development activities in the medical sector, increase in per capita disposable income, growing government initiatives, increasing health expenditure, adoption of social media to create health awareness, and rising geriatric population.
On the contrary, strict rules and regulations, and poor track record of claim settlement are factors that are likely to impede the global health insurance market growth over the forecast period.
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Health Insurance Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the global health insurance market based on service providers, period, type, and demographics.
Based on demographics, the health insurance market is segmented into senior citizens, adults, and minors. Of these, the adult segment will lead the market over the forecast period for rising awareness among youths regarding health and an increase in the adult population.
Based on type, the global health insurance market is segmented into preferred provider organizations (PPO), point-of-service (POS) plans, exclusive provider organizations (EPOs), and health maintenance organizations (HMOs). Of these, preferred provider organizations will dominate the market over the forecast period as this is budget-friendly at the start.
Based on period, the health insurance market is segmented into term insurance and lifetime coverage. Of these, lifetime coverage will have a major share in the market over the forecast period as it offers the policyholder with lifetime coverage.
Based on service providers, the health insurance market is segmented into both private as well as public. The public segment is further segmented into Medicare and Medicaid. The private segment is further segmented into complimentary private health insurance, supplementary duplicate private health insurance, private health insurance, & primary private health insurance. Of these, the private segment will spearhead the market over the forecast period for the increasing number of private players and hassle-free health insurance schemes offered by them.
Health Insurance Market Regional Analysis
Based on the region, the global health insurance market report covers the recent trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will dominate the market over the forecast period for various industry players launching new insurance ideas for people’s welfare and growing awareness about chronic diseases. The US is the major contributor in the region for the expansion of health insurance coverage implemented with the Affordable Care Act.
The health insurance market in Europe is likely to possess the second-largest share during the forecast period. Factors propelling the health insurance market growth in the region include increasing geriatric population, rise in government spending on healthcare, favorable reimbursement scenario, availability of funds in innovation & research, and technological advances.
The health insurance market in the Asia Pacific region is predicted to have phenomenal growth over the forecast period. Factors fuelling the health insurance market growth in the region comprise a rise in medical tourism, uses of advanced technologies, lenient regulations, burgeoning demand for chronic disease treatment, and the launch of innovative health insurance policies. China & India are the key contributors in the region as companies in India are concentrating on the rural population while in China on the aging population. They are putting in efforts to boost health insurance penetration. Net profit margins in the region are also high, led by Singapore and Hong Kong.
The health insurance market in the MEA is predicted to have the smallest share during the forecast period for the low economic developments in African regions.
Health Insurance Market Key Players
Eminent players profiled in the health insurance market report include HealthCare International (UK), MultiNational Underwriters (US), CIGNA (US), Expacare (UK), International SOS (Asia), Aetna (US), IHI-Bupa (UK), Allianz SE (Germany), MediCare International (UK), William Russell (UK),, Blue Cross (US), and Integra Global Health Limited (UK).
Health Insurance Industry News
April 2020: With an aim to offer health insurance to all, leading insurance regulator IRDAI (Insurance Regulatory & Development Authority of India) has introduced Arogya Sanjeevani, a standard health insurance policy that must be provided by all standalone and general health insurers. Insurance companies such as Manipal Cigna, SBI General, and HDFC Ergo have already launched it, and other insurers soon may follow.
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