The global “health insurance market” size is set to reach USD 3,038.6 billion by 2028. Fortune Business Insights™ presented this information in a new study, titled, ““Health Insurance Market, 2021-2028.” The study further mentions that the market stood at USD 1,966.6 billion in 2020. It would exhibit a CAGR of 5.5% in the forecast period between 2021-2028. Several government and private agencies are introducing new schemes to attract more customers. In December 2020, for instance, ICICI Lombard unveiled its latest ‘ICICI Lombard Complete Health Insurance’ featuring unique benefits and health plans.
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COVID-19 Pandemic: Relaxations of Premiums May Hamper Growth
The COVID-19 pandemic has compelled various companies to strengthen their existing schemes for meeting the high demand. They have started introducing new subscriptions including COVID-19 protection coverage. But, a few authorities declared relaxations of premiums for a short duration. It may affect growth negatively in the near future. We are offering authentic research reports to help you overcome this grave situation.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/health-insurance-market-101985
Report Coverage-
The report provides intelligent insights on new product developments, R&D activities, and future technologies. At the same time, it delivers elaborate information about recent investments, developments, and untapped geographies. Besides, our analysts have conducted an assessment of manufacturing capabilities, strategies, and shares of renowned players.
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Drivers & Restraints-
Emergence of Unique Healthcare Plans by Firms to Bolster Growth
The rising launch of state-of-the-art smartphone apps and new insurance schemes by various prominent companies would contribute to the market growth in the near future. Allianz Care, for instance, introduced its new suite of private health insurance plans in November 2019. These were specially developed for modern families. The new offering provides families, couples, and private individuals more control over their international healthcare policy. Similarly, in February 2021, Bharti AXA General Insurance launched a new healthcare offering named Health AdvantEDGE to deliver holistic protection against high expenses associated with medical emergencies amid COVID-19. However, strict norms governing the verification of plans to prevent fraudulent insurance claims may hinder growth.
Private Providers Segment to Dominate Backed by Their Increasing Presence
Based on end-users, the market is divided into individuals and corporates. By the network provider, it is segmented into provider organizations (PPOs), point of services (POS), health maintenance organization (HMOs), and exclusive provider organizations (EPOs). Based on insurance type, it is segregated into medical insurance, critical illness insurance, and others. Here’s a brief note of the service provider criterion:
- By Service Provider: The market is bifurcated into private providers and public providers. Amongst them, the private providers segment is expected to dominate in terms of the health insurance market share throughout the forthcoming years. This growth is attributable to the surging entrance of these providers in developing economies worldwide.
Regional Insights-
Rising Prevalence of Chronic Disorders to Propel Growth in Asia Pacific
- North America: The market in this region stood at USD 953.7 billion in 2020. It is likely to remain in the leading position in the upcoming years backed by the expensive nature of medical products. At the same time, the increasing population opting for various health insurance policies would aid regional growth.
- Europe: Europe will remain in the second position because of the increasing awareness of the benefits of possessing health insurance plans. Also, governments of several European countries have made it mandatory for citizens to have at least one insurance policy.
- Asia Pacific: The region is expected to grow rapidly over the forecast period on account of the surging cases of chronic diseases and increasing population in developing countries, such as India and China.
Competitive Landscape-
Mergers & Acquisitions to Be the Vital Strategy of Key Companies
The global market houses several renowned companies, such as Cigna Corporation, Centene Corporation, and United HealthCare Services, Inc. They are mainly striving to adopt the strategy of merger and acquisition to cater to the high demand. Below is one of the latest industry developments:
- November 2018: Aetna and CVS Health closed the merger of USD 69 billion. This would blend the former’s insurance business with the latter’s pharmacies. Both companies aim to simplify how customers access healthcare by making it cost-effective.
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A list of reputed health insurance companies operating in the global market:
- CVS Health Corporation (Aetna health) (Woonsocket, U.S.)
- Humana Inc (Louisville, U.S.)
- Centene Corporation (St. Louis, U.S.)
- Cigna Corporation (Bloomfield, U.S.)
- United HealthCare Services, Inc (Edina, U.S.)
- Allianz (Munich, Germany)
- National Insurance Company Limited. (Kolkata, India)
- Anthem Health Insurance (Indianapolis, Indiana)
- WellCare Health Plans, Inc. (Tampa, U.S.)
- Bupa Global (London, U.K.)
- Other Players
Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Disease Conditions, Key Countries, 2019
- Technology Advances, Health Insurance
- New Product Launches, Key Players
- Key Developments, Mergers, Acquisitions, etc.
- Impact of Covid-19 on the Market
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