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How much is the Health Insurance market worth?

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.

What is Health Insurance?

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.

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What are Health Insurance market’s key drivers?

  • Increasing Prevalence of Chronic Diseases
  • Increasing GDP and Healthcare Expenditure Across the Globe
  • Government Initiatives for Developing Reimbursement Policies for Surgical Procedures
  • High Medical Costs

Segmentation Analysis:

How much market share of Health Insurance was held by provider segment in 2019?

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.

How much market share of Health Insurance was held by insurance segment in 2019?

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.

How much market share of Health Insurance was held by coverage segment in 2019?

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.

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Regional Analysis:

Which region is predicted to have the largest share in the Health Insurance market?

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.

Which are the prominent Health Insurance Key Players across the globe?

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.

 

Table of Contents (TOC)
1. Global Health Insurance Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter’s Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global Health Insurance Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global Health Insurance Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Rest of North America
7.2. Europe
7.2.1. Europe Regional Market Size and Trend Analysis
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Italy
7.2.1.5. Spain
7.2.1.6. Russia
7.2.1.7. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
7.3.1.1. China
7.3.1.2. Japan
7.3.1.3. India
7.3.1.4. Australia
7.3.1.5. Southeast Asia
7.3.1.6. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
7.4.1.1. Brazil
7.4.1.2. Mexico
7.4.1.3. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
7.5.1.1. Saudi Arabia
7.5.1.2. South Africa
7.5.1.3. UAE
7.5.1.4. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments

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