The global health insurance market is experiencing growth due
to the rise in awareness of the benefits of health insurance in the
rural areas and the development of personalized and
customer-centric health insurance plans.
WILMINGTON, Del., Aug. 19,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Health Insurance Market by
Insurance Type (Disease Insurance and Medical Insurance), Coverage
(Preferred Provider Organizations (PPOS), Point of Service (POS),
Health Maintenance Organization (HMOS), and Exclusive Provider
Organizations (EPOS)), End User (Group and Individual), Age Group
(Senior Citizens, Adult and Minors), and Distribution Channel
(Direct Sales, Brokers/Agent, Banks and Others): Global Opportunity
Analysis and Industry Forecast, 2024-2032". According to the
report, the health insurance market was valued at $2.6 trillion in 2023, and is estimated to reach
$6.2 trillion by 2032, growing at a
CAGR of 9.8% from 2024 to 2032.
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Prime Determinants of Growth
The aging population, growing prevalence of chronic diseases,
and growing healthcare expenditures are the main factors
influencing the growth of the health insurance market. Insurance is
crucial for people and families to be able to afford the care they
need due to the rising cost of healthcare. The need for complete
health coverage is fueled by the need for ongoing treatment for
chronic illnesses like diabetes and heart disorders. Furthermore,
as the population ages, healthcare consumption increases, which
increases the demand for insurance. Government programs and
regulatory adjustments, such as the Affordable Care Act, which
mandates coverage and increases access to insurance, also have a
big impact. These factors together propel the health insurance
market's expansion and development.
Report Coverage and Details
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size in
2023
|
$2.6
trillion
|
Market Size in
2032
|
$6.2
trillion
|
CAGR
|
9.8 %
|
No. of Pages in
Report
|
250
|
Segments
covered
|
Type, Coverage, End
User, Age Group, Distribution Channel, and Region.
|
Drivers
|
- Rise in awareness
of health insurance in rural area
- Improving claim
management services
|
Opportunities
|
- Increase in medical
treatment cost
|
Restraints
|
- Lack of knowledge
about coverages included in health insurance policy
|
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Segment Highlights
The global health insurance market is segmented based on type,
coverage, end user, age group, and distribution channel.
Based on type, the market is bifurcated into diseases insurance
and medical insurance. The medical insurance segmented accounted
for a higher share in 2023.
Based on coverage, the market is segmented into Preferred
Provider Organizations (PPOS), Point of Service (POS), Health
Maintenance Organization (HMOS), and Exclusive Provider
Organizations (EPOS) . The PPOS segmented accounted for the largest
share in the market in 2023.
Based on end user, the market is classified into groups and
individuals. The groups segment accounted for the largest share in
the market in 2023.
Based on age group, the market is categorized into senior
citizen, adult, and minor. The adult segment accounted for the
largest share in 2023.
Based on distribution channel, the market is classified into
direct sales, brokers/agents, banks, and others. The broker/agent
segment accounted for the largest share in the global healthcare
insurance market in 2023.
Regional Outlook
Based on region, the health insurance market is segmented into
North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest share
in the global health insurance market in 2023. In both the public
and commercial sectors, health insurance is now required for
employees. The adult population has adopted health insurance at a
higher rate as a result, which is anticipated to support the
market's expansion. Furthermore, the region's health insurance
market is growing due to a number of significant factors, including
the rise in demand for employer-sponsored and individual health
insurance as well as the overall growth in health spending, which
includes both public and private program spending. Furthermore, the
majority of people in the United
States and Canada have
health insurance policies since they provide a host of advantages,
including paying for pre-hospitalization costs, covering medical
expenses, and protection against serious illnesses. These factors
are contributing to the growth of the North America health insurance
market.
Players: -
- UnitedHealth Group
- Aviva
- Cigna
- Allianz
- Aetna Inc
- AIA Group Limited
- Ping An Insurance (Group) Company of China, Ltd
- Assicurazioni Generali S.P.A
- AXA
- ZURICH
The report provides a detailed analysis of these key vendors in
the global health insurance market. These players have adopted
different strategies such as new development, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, portfolio, and strategic moves of market vendors to
showcase the competitive scenario.
Recent Development
- In December 2023, Aditya Birla
health insurance announced the launch of its new product called
ActiveOne. The product offers 100% health returns, which enables
its customers to get back the whole premium on a stipulated date as
agreed on the time the insurance was taken.
- In March 2024, Future Generali
India Insurance Company (FGII) announced the launch of its new
women's health insurance plan. The plan is expected to cater to
woman health needs in different stages of women's life stages.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market
segments, current trends, estimations, and dynamics of the health
insurance market analysis from 2024 to 2032 to identify the
prevailing health insurance market opportunities.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders make profit-oriented business
decisions and strengthen their supplier-buyer network.
- In-depth analysis of the health insurance market segmentation
assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as
global health insurance market trends, key players, market
segments, application areas, and market growth strategies.
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Health Insurance Market Report Highlights
By Insurance Type
- Disease Insurance
- Medical Insurance
By Coverage
- Preferred Provider Organizations (PPOS)
- Point of Service (POS)
- Health Maintenance Organization (HMOS)
- Exclusive Provider Organizations (EPOS)
By End User
By Age Group
- Senior Citizens
- Adult
- Minors
By Distribution Channel
- Direct Sales
- Brokers/Agent
- Banks
- Others
By Region
- North America (U.S.,
Canada)
- Europe (France, Germany, Italy, Spain,
UK, Rest of Europe)
- Asia-Pacific
(China, Japan, India,
South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America,
Middle East, Africa)
Purchase This Comprehensive Report (PDF with Insights,
Charts, Tables, and Figures) @
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