The global health insurance market size is set to gain momentum from the rising development of online sales channels by various firms through social media and digital marketing. In November 2019, for instance, Solv introduced a mobile app to help customers keep track of their insurance and book appointments. This information is given by Fortune Business Insights™ in a new report, titled, “Health Insurance Market, 2021-2028.” The report further states that the market was USD 1,966.6 billion in 2020. It is projected to grow from USD 2,088.5 billion in 2021 to USD 3,038.6 billion in 2028 at a CAGR of 5.5% in the forecast period.
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Global Health Insurance Market report covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Inclusion of COVID-19 Protection Coverage to Affect Growth Positively
The COVID-19 pandemic has exposed the gaps in the healthcare systems worldwide. At the same time, it has highlighted the significance of universal health coverage (UHC). Health insurance has become the need of the house as several companies including COVID-19 protection coverage in their schemes to fulfil the high demand. We are providing authentic research reports to help you select the best strategy to regain business confidence.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Individuals Segment to Remain at Forefront Stoked by Rising Benefits of These Plans
The market is segmented based on service providers, insurance type, network providers, end-users, and geography. By service providers, it is divided into public providers and private providers. Based on insurance type, it is segregated into critical illness insurance, medical insurance, and others. On the basis of network providers, it is fragmented into exclusive provider organizations (EPOs), health maintenance organizations (HMOs), point of services (POS), and preferred provider organizations (PPOs). By end-users, it is bifurcated into individuals and corporates. Amongst these, the individuals segment is set to generate the largest market share in the forthcoming years. This growth is attributable to the increasing number of benefits offered by such plans.
Report Coverage-
The report includes notable activities in estimating the current market share. Extensive secondary research was conducted to procure data about peer industries. Our next step involved exhaustive primary research to authenticate these sizing, assumptions, and findings with a large number of industry experts. We have also used bottom-up and top-down research approaches to calculate the size of this market.
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Increasing Adoption of Sedentary Lifestyle to Augment Growth
The surging aging population across the globe is one of the major factors responsible for the health insurance market growth in the upcoming years. The geriatric population is majorly suffering from various chronic diseases, such as arthritis, type 2 diabetes, cancer, and heart disease. Also, the increasing adoption of sedentary lifestyles would also propel growth. The National Cancer Institute, for instance, declared that in 2020, approximately 606,520 people died of cancer in the U.S. Besides, 1,806,590 new cases of cancer were diagnosed worldwide. Hence, the spurring treatment cost would accelerate the demand for these type of insurance policies. However, the lack of awareness of such policies, especially in developing economies may obstruct growth.
Favorable Reimbursement Policies to Help North America Dominate
Geographically, North America held USD 953.7 billion in terms of the health insurance market share in 2020. It is set to retain its leading position throughout the forthcoming years because of the increasing initiatives by government bodies to provide cost-effective Medicaid and Medicare. At the same time, the presence of favorable reimbursement policies would boost regional growth.
On the other hand, Europe is anticipated to remain in the second position owing to the rising awareness about the advantages of using health insurance plans. In Asia Pacific, the introduction of novel schemes by state and central governments would aid growth.
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Key Players Focus on Launching New Programs to Compete in Market
The global market contains some of the dominant companies that are mainly focusing on taking strategic initiatives to increase their shares. To do so, they are introducing new smartphone apps, launching unique programs, and participating in collaborations. Below is one of the latest industry developments:
- September 2019: The German Private Health Insurance Association (PKV) launched ‘Heal Capital,’ a new venture capital fund. All the participating firms in the association will provide USD 119.5 million to accelerate the quality of medical care through digitalization in Germany.
A list of prominent healthcare insurance providers 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 Contents:
- 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
- Global Health Insurance Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Provider
- Private Providers
- Public Providers
- Market Analysis, Insights and Forecast – By Product Type
- Medical Insurance
- Critical Illness Insurance
- Others
- Market Analysis, Insights and Forecast – By Network Provider
- Preferred Provider Organizations (PPOs)
- Point of Services (POS)
- Health Maintenance Organization (HMOs)
- Exclusive Provider Organizations (EPOs)
- Market Analysis, Insights and Forecast – By End User
- Corporates
- Individuals
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Health Insurance Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Provider
- Private Providers
- Public Providers
- Market Analysis, Insights and Forecast – By Product Type
- Medical Insurance
- Critical Illness Insurance
- Others
- Market Analysis, Insights and Forecast – By Network Provider
- Preferred Provider Organizations (PPOs)
- Point of Services (POS)
- Health Maintenance Organization (HMOs)
- Exclusive Provider Organizations (EPOs)
- Market Analysis, Insights and Forecast – By End User
- Corporates
- Individuals
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Service Provider
- Private Providers
- Public Providers
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- Canada
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- Market Analysis, Insights and Forecast – By Service Provider
- Private Providers
- Public Providers
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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