Health Insurance Market Research Report 2020, Size, Growth, Share, Trends and Industry Analysis by Demographics (Minor, Adult, Senior Citizens), by Type (Health Maintenance Organizations (HMOs), Exclusive Provider Organizations (EPOs), Point-Of-Service (POS) Plans and Preferred Provider Organizations), by Period (Lifetime Coverage and Term Insurance), by Service Providers (Public and Private) and by Region (Americas, Europe, Asia-Pacific and Middle East & Africa) – Global Forecast till 2025
Health Insurance Market Analysis
Global health insurance market is projected to touch USD 141.3 billion at a 4.1% CAGR between 2019-2025, as per the recent Market Research Future (MRFR) report. Health insurance, simply put, is an insurance that covers an insured person’s surgical and medical expenses. It is of different types namely preferred provider organizations (PPOs), point-of-service (POS) plans, exclusive provider organizations (EPOs), health maintenance organizations (HMOs), and others.
Numerous factors are adding to the global health insurance market growth. These factors, according to the recent Market Research Future report, include initiatives by the government to develop reimbursement policies for surgeries, high medical cost, rising incidence of chronic diseases, growing geriatric population, increasing healthcare expenditure and GDP, and rising participation of key players.
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On the contrary, a long time for claim reimbursement, strict regulations, and the rising price of healthcare insurance products are factors that may limit the global health insurance market growth during the forecast period.
Health Insurance Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global health insurance market based on service providers, term, demographics, and type.
By demographics, the global health insurance market is segmented into senior citizens, adults, and minors. Of these, the minor segment will lead the market during the forecast period. Most of these health insurance policies for children come at a lower premium and comprise extra benefits, including cashless hospitalization.
By type, the global health insurance market is segmented into preferred provider organizations (PPOs), point-of-service (POS) plans, exclusive provider organizations (EPOs), health maintenance organizations (HMOs), and others. POS, or point-of-service, simply put, is a form of managed-care health insurance plan which offers the policyholder with a plethora of benefits no matter they use health care providers that are out-of-network or in-network. A point-of-service merges the features of both preferred provider organizations and health maintenance organizations. Zero deductibles and low co-pays are the key benefits of using point-of-service insurance plans. As opposed to PPO plans which restricts advantages to in-network providers within a specific state or territory, point-of-service does not have such local restrictions. A PPO is basically a medical care arrangement where medical facilities and medical care arrangements offer cost-effective services to subscribed clients. An EPO is similar to that of an HMO where the covered healthcare will be limited to specific health providers. Except in case of emergency situations, no coverage for care will be received from non-network providers. HMO is an organization or network which offers health insurance for an annual or monthly fee. Of these, HMO will have a major share in the market during the forecast period.
By period, the global health insurance market is segmented into term insurance and lifetime coverage. Of these, life-time coverage will have the largest share in the market during the forecast period.
By service providers, the global health insurance market is segmented into private and public. The public segment is again segmented into Medicaid and Medicare. The private segment is again segmented into supplementary private health insurance, complimentary private health insurance, duplicate private health insurance, and primary private health insurance. Of these, the public service provider will dominate the market during the forecast period.
Health Insurance Market Regional Analysis
By region, the global health insurance market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, the Americas will have the lions share in the market during the forecast period for several industry players introducing new insurance ideas for people’s welfare and rising awareness about chronic diseases. The US is a major contributor in the region.
The global health insurance market in Europe is predicted to hold the second-largest share over the forecast period. Factors adding to the health insurance market growth in the region include an increase in the geriatric population, the rising expenditure made by the government on healthcare, favorable reimbursement scenario, availability of ample funding opportunities in R&D, and constant technological advances.
The global health insurance market in the APAC region is predicted to have phenomenal growth over the forecast period. Factors adding to the health insurance market growth in the region include an increase in medical tourism, the use of innovative technologies, lenient regulations, burgeoning demand for chronic disease treatment, and rising participation of key players in introducing advanced health insurance policies. China and India are the key contributors in this region for India, concentrating on the rural population and China on the aging population.
The global health insurance market in the MEA will have a minimal share in the market over the forecast period for the low economic development in the African region.
Health Insurance Market Key Players
Notable players profiled in the global health insurance market report include HealthCare International (UK), CIGNA (US), MultiNational Underwriters (US), Expacare (UK), Aetna (US), IHI-Bupa (UK), MediCare International (UK), International SOS (Asia), William Russell (UK), Allianz SE (Germany), Blue Cross (US), and Integra Global Health Limited (UK).
Health Insurance Industry News
February 2020: Bajaj Allianz has recently launched its latest health insurance scheme that has an unlimited sum insured. This scheme will cover in-patient hospitalization as well as treatment devoid of any sub-limit.
Table Of Contents
Chapter 1. Executive Summary
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Overview
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
Chapter 5. Market Factor Analysis
…Continued
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