Increase in healthcare expenses, compulsory provision of healthcare insurance for public as well as private sectors, and rise in prevalence of chronic diseases drive the growth of the global health insurance market.
According to the report, the global health insurance industry size was estimated at $3,153 billion in 2018 and is expected to garner $4,475 billion by 2026, registering a CAGR of 4.4% during the forecast period. The report offers a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in healthcare expenses, compulsory provision of healthcare insurance for public as well as private sectors, and surge in prevalence of chronic diseases are the major factors fueling the growth of the global health insurance market. On the other hand, stringent regulations, longer time for claim reimbursement and lack of awareness of healthcare insurance in rural region restrain the growth to some extent. However, innovation in healthcare insurance products is expected to pave the way for multiple opportunities in the near future.
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The public service providers segment to dominate by 2026-
The public service providers segment contributed to more than half of the total market share in 2018 and is expected to retain its top status during the forecast period. The private service providers segment, on the other hand, is projected to grow at the fastest CAGR of 4.5% by 2026.
The medical insurance segment to rule the roost-
The medical insurance segment garnered the lion’s share in 2018, holding more than two-fifths of the total market. Simultaneously, the income protection segment would cite the fastest CAGR of 4.9% during the estimated period.
North America to lead the trail in terms of revenue-
Based on geography, North America accounted for nearly one-third of the total market revenue in 2018 and is expected to retain its dominance throughout 2019–2026. Simultaneously, the Asia-Pacific region is would register the fastest CAGR of 4.9% till 2026.
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Frontrunners in the industry-
- Dai-ichi Life Holdings, Inc.
- New York Life Insurance Company
- Prudential plc
- Kaiser Foundation Group of Health Plans
- Life Insurance Corporation of India
- Nippon Life Insurance Company
- Berkshire Hathaway Inc.
Scope of the Report:
|Market size available for years||2019 – 2026|
|Base year considered||2020|
|Forecast period||2020 – 2026|
|Forecast units||Value (USD)|
|Segments covered||By Provider, Insurance Type, Coverage Type, and Network|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
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