Health and Medical Insurance Providers Industry
Description
While medical advancements have increased the average age of human beings, it is also true that people get affected by a variety of diseases these days. This is why the need for good health and medical insurance becomes vital. Such insurances cover healthcare expenses and help patients recover without the burden of high hospital charges. There are different health and medical insurance providers who have multiple plans for their customers. The plans vary based on the income and the age of the person.
The prevalence of chronic diseases and the high rising costs of medical expenses are two major reasons why the global health and medical insurance providers industry is projected to grow well in the future. The lifestyle related diseases are on a rise too in people of varied ages. All these, combined with the governments trying to create better healthcare processes are factors that promote the growth of this market. The free and subsidized healthcare that governments provide to their citizens is, however, considered a restraining factor for this industry’s growth.
As of 2016, the global health and medical insurance providers market was valued at USD 1.1 trillion. With a CAGR of 8.6%, the industry is projected to grow to USD 1.6 trillion by the year 2020. With almost 97 tables and deep insights about the different market conditions, this report is a boon for all stakeholders of this market to take business related decisions. This report splits up the market based on different factors and analyzes its growth at a global, regional and individual industry level.
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Market Segmentation
This report segments the market based on the type of health and medical insurance providers and their areas of usage. The segmentation is very detailed and explanations on the different types and their potential demand in the coming years are explained in the report. This study also goes on to talk about the different areas of application. It includes data on the areas that will create the biggest demand for these insurance providers. The key players in the market are also analyzed and their SWOT analysis is a part of this study. The growth rate and revenues generated by these key players are also investigated.
Regional Analysis
North America will be the largest player in the global health and medical insurance providers market based on its demand and availability of insurances. This will be followed by Western Europe and Asia-Pacific. In Asia-Pacific, countries like India and China will rule the market. The increasing private and public investment in healthcare infrastructure and the policies of the governments in creating better healthcare processes will both drive this industry to higher levels here. The economic development in growing countries will also create a higher demand for insurance providers.
Industry News
According to the Insurance Regulatory and Development Authority of India (IRDA), customers’ claims cannot be rejected by insurance companies if they have been covered by insurance for a minimum of eight years. This is a part of the standardization guidelines released in October 2019.
Mentioned Key Players :
Company Profiles
Unitedhealth Group
Anthem Inc.
Allianz Se
Aetna Inc.
Humana Inc.
Continued…
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