Global Health Insurance Market Set to Witness Promising Growth - GlobeNewswire
Delhi, NCR, Jan. 04, 2022 (GLOBE NEWSWIRE) -- The global health insurance market is growing at a high CAGR due to the increasing prevalence of chronic diseases and high treatment costs. Additionally, the market is driven by the growing number of injuries and accidents and the increasing awareness regarding policy benefits….
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the health insurance market was worth USD 1.8 trillion in 2020. According to the study, the market is estimated to grow at a CAGR of 9.8%, earning revenue of around USD 3.4 trillion by the end of 2027. The global health insurance market is gaining significant traction due to the increasing prevalence of various healthcare issues and chronic illnesses, coupled with surging medical expenses across the globe. Furthermore, favorable government policies are also contributing to the market’s growth. For instance, with the Affordable Care Act, Americans have gained new rights and benefits, including the ability to get health insurance for more children. It also grants free access to recommended preventive services. However, the market also has its own share of drawbacks. For instance, complications in claiming reimbursement and increasing fraud cases in the health insurance market may act as a major restraint for market growth.
Market Growth Drivers
Growing Demand for Individual Insurance Policy is Driving the Global Health Insurance Market
Based on coverage types, the health insurance market is grouped into individual and family segments. The individual coverage segment accounts for the largest share in the health insurance market owing to the increasing number of adults opting for health insurance. Moreover, the rising prevalence of various chronic diseases, such as diabetes, liver disease, cardiac diseases, etc., among the adult population is a major driver for the individual coverage segment. On the other hand, the family coverage segment is also popular, especially in developed countries, as this type of policy facilitates tax savings, which proves to be economical.
Increased Health Insurance Awareness in Rural Areas
The health insurance industry is growing at a faster rate in the rural areas as it offers various benefits, including reimbursement of the insured person's disease treatment costs and a lump sum payment in the event of a long-term illness. Rural consumers are also becoming more knowledgeable about health insurance coverages such as in-patient hospitalization, pre- and post-hospitalization charges, ambulance charges, and domiciliary hospitalization, which supports market growth. Moreover, doctors teachers in rural areas have raised health insurance policy awareness, moving the health insurance market forward. In addition, government entities such as institutions and cooperative banks play a vital role in improving the penetration of health products and services in rural areas by providing affordable insurance policies and facilitating the claim settlement process. Thus , rising awareness of health insurance in rural areas is moving the global industry forward.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/health-insurance-market-bwc20041/report-sample
Increase in Health-insurance Premiums are Expected to Stifle Market Growth
Increasing healthcare costs, such as the cost of drugs, hospital admission fees, and numerous other treatments have led to an increase in insurance premiums. The majority of consumers around the world are also affected by chronic diseases such as heart ailments, Alzheimer's disease, and diabetes. Chronic diseases are treated at a huge cost by healthcare professionals. Insurance companies are therefore, responsible for addressing the high claim settlement costs that impede market growth. Additionally, longer reimbursement claim processing times may hinder the health insurance industry's progress. It can be therefore, difficult for patients to receive their claims on time. In addition, when a claim is filed late, insurance companies may reject or delay it.
Impact of COVID-19 on the Global Health Insurance Market
As a result of the high medical expenditures and increased awareness of the benefits of health insurance policies, the global health crisis caused by the coronavirus has accelerated the demand for COVID-19-specific and comprehensive health insurance policies among individuals. Moreover, with rising incidences of COVID-19 cases and uncertainty surrounding patients’ health, the demand for health insurance witnessed a sharp surge during the pandemic. For instance, there were only 13% of Britons with private medical insurance prior to the pandemic, but a rise in young people purchasing medical insurance policies has resulted in the average age dropping from 40 to 33 since 2020. Furthermore, to provide relief to patients affected by the coronavirus, many countries implemented a wide array of health insurance policies and laws to provide assistance to their citizens. Thus, the pandemic also changed people's attitudes about medical and health insurance policies, and they learned the importance and advantages of such policies.
Furthermore, many insurance companies launched Coronavirus Health Insurance to tap on the market opportunity and offer assistance for COVID-19 treatment. This emerged as the major driving factor for the market growth. Furthermore, the prevalence of other health issues also registered a surge during this period, thereby driving the health insurance market during the forecast period.
The Lifetime Health Insurance Coverage Segment Holds the Largest Market Share in the Global Health Insurance Market
The health insurance market is categorized into term and lifetime segment based on the term of coverage. The lifetime health insurance segment holds the largest market share due to its conveniences over term health insurance policies. Lifetime policies guarantee benefits even in the unfortunate event of death. Furthermore, such policies are not required to be renewed every year. To attract customers, insurers also offer discounted premiums for long-term plans, and often charge less for young people seeking insurance. On the other hand, term health insurance policies are also popular among middle-income groups of developing countries because of their affordable premium rates.
For more info Please visit press release of Global health insurance market: https://www.blueweaveconsulting.com/press-release/global-health-insurance-market-growing-significantly-to-garner-usd-3-4-trillion-by-the-end-of-2027
The Senior Citizen Segment Holds the Major Market Share in the Global Health Insurance Market
Global health insurance market is categorized into minor, adult, and senior citizens segments based on demographics. As a result of the growing geriatric population and the prevalence of chronic and other medical conditions, the senior citizen segment holds the largest market share. Many health insurance providers also offer special policies for senior citizens over 60 that address their specific healthcare needs. In addition, the government of various countries offers tax exemptions for senior citizens' health insurance, helping the market grow.
However, the adult health insurance policy segment is also gaining traction due to the growing prevalence of health issues among working adults. Furthermore, adult health insurance policies are also gaining traction due to the prevalence of medical issues among working adults. Obesity, diabetes, heart disease, and other lifestyle disorders have a significant prevalence among the adult population, raising future health risks. As a result, adults are more susceptible to chronic diseases, which may necessitate long-term medical care. Thus, a huge percentage of adults are purchasing health insurance policies in order to offset rising healthcare expenses and avoid future financial troubles, which in turn is driving market growth.
The Asia-Pacific is Projected to Witness the Highest CAGR During the Forecast Period
North America, Europe, Asia-Pacific, Latin America, and Middle-East Africa make up the global health insurance market. Among these regions, North America dominates the health insurance market. However, the Asia-Pacific is projected to witness the highest CAGR during the forecast period due to the presence of a largely untapped market in the region. As a result, insurance companies in this region are concentrating their efforts on promoting health insurance benefits to the general people. Furthermore, increasing disposable income and healthcare expenditure, especially in China and India, are also emerging as major driving factors for the market's growth.
Global Health Insurance Market - Competitive Landscape
The leading players in the health insurance market are Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc., Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna, Inc., Apollo Munich Health Insurance, International Medical Group, Kaiser Permanente, Jubilee Holding Limited, Highmark Inc, BMI Healthcare, Vitality Corporate Services Limited, Centene Corporation, Assicurazioni Generali S.P.A., Anthem Insurance Companies, Inc., and other prominent players.
The global health insurance market is highly concentrated due to the presence of established players enjoying consumer loyalty and trust. Therefore, the market is very dense for new entrants. The market participants often engage in partnerships with healthcare facilities to boost their health insurance sales and expand their market revenue. Furthermore, market strategies, such as mergers, acquisitions, collaborations, and joint ventures are also prominent in the global health insurance market.
The growing use of Big Data analytics in health insurance helps insurance companies to diversify their models and strategies to compete with ever-changing consumer demand. Predictive analytics and scenario-based modelling are becoming more common in the market, allowing companies to offer bespoke solutions to their clients at a variety of price points. Furthermore, as cloud-based services become more widely used and high-speed internet penetration becomes more widely available worldwide, it is enabling health insurance companies to provide their clients with real-time consultations with seasoned industry professionals who can offer insightful recommendations regarding the best health insurance policies.
Don’t miss the business opportunity of the global health insurance market. Consult our analysts to gain crucial insights and facilitate your business growth.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the global health insurance market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent global health insurance market technology trends and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
- In November 2021, Oscar Health Inc., an American health insurance company, announced its collaboration with Emory Healthcare, an extensive healthcare system in Georgia, US, to offer technology-connected health insurance and care in US cities including Atlanta and Columbus.
- In October 2021, SBI General Insurance, a leading Indian Insurance Company, announced its technological collaboration with Google Pay, offering its clients to buy health insurance through the google pay app.
Scope of the Report
Base Year – 2020
Forecast – 2021 – 2027Facts Covered Revenue in USD Trillion Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia Product Service/Segmentation By Type of Insurance Provider, By Type of Scheme, By Type of Coverage, By Term of Coverage, By Demographics, By Region Key Players Cigna Corporation, AIA Insurance Group, UnitedHealth Group Inc., Allianz SE, Zurich Insurance Group Ltd., Express Scripts Holding Company, AXA, Aviva plc, Aetna, Inc., Apollo Munich Health Insurance, International Medical Group, Kaiser Permanente, Jubilee Holding Limited, Highmark Inc, BMI Healthcare, Vitality Corporate Services Limited, Centene Corporation, Assicurazioni Generali S.P.A., Anthem Insurance Companies, Inc., and other prominent players.
Please Find Below Some Related Report
- India Car Insurance Market, Opportunity and Forecast, 2018-2028
- India Life Insurance Market, Opportunity and Forecast, 2018-2028
- India Health Insurance Market, Opportunity and Forecast, 2017-2027
- Global Insurtech Market, Opportunity and Forecast, 2017-2027
- Vietnam Fintech Market, Opportunity and Forecast, 2017-2027
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting Research Pvt. Ltd +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662 [email protected] https://www.blueweaveconsulting.com/ https://www.linkedin.com/company/blueweaveconsulting/