Healthcare Insurance Market Size, Share | Growth Trends, Key Players and Competitive Strategies – Forecast to 2028
Global Healthcare Insurance Market: Global Size, Trends, Competitive, Historical & Forecast Analysis to 2021-2027, Growing awareness regarding the benefits of healthcare insurance in rural areas and increasing prevalence of chronic diseases globally are some of the major factors driving the growth of the Global Healthcare Insurance Market.
Healthcare Insurance Market is valued at USD 2456.7 Billion in 2020 and is Anticipated to reach USD 4237.7 Billion by 2027 with a CAGR of 8.1% over the forecast period.
Scope of Global Healthcare Insurance Market Report
The term ‘Healthcare Insurance’ relates to a type of insurance that essentially covers medical expenses. Healthcare insurance protects an insured individual against financial losses arising due to a medical emergency. A healthcare insurance policy like other policies may be a contract between an insurer and a private / group during which the insurer agrees to supply specified insurance cover at a particular “premium” subject to terms and conditions laid out in the policy. There are four different types of healthcare insurance plans such as preferred provider organization (PPO) plan, Health savings account (HSA)-qualified plan, health maintenance organization (HMO) plan, and indemnity plans. It covers medical treatment expenditures, such as ambulance charges, doctor consultation fees, hospitalization charges, medicines, and daycare procedure costs. The payout is commonly either made on real charges incurred in the clinic using original medical bills or resolution of conditions without submitting bills. Healthcare policy offers a cumulative bonus and also contains a provision for reimbursement of the cost of health checkups. The first healthcare insurance began in Texas in 1929. Blue Cross, helped cover the costs of a hospital stay. Dallas-area teachers were some of the first to benefit from hospital expense coverage in return for a 50-cent monthly premium.
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Key Players of Global Healthcare Insurance Market Report:
The major players in the healthcare insurance market are:
- Aetna Inc. (CVS Health Corporation)
- AIA Group Limited
- Allianz SE
- Aviva Plc.
- Berkshire Hathaway Inc.
- Cigna Corporation
- International Medical Group Inc. (Sirius International Insurance Group Ltd.)
- Prudential Plc.
- United Health Group Inc.
- Zurich Insurance Group AG.
- Bajaj Allianz General Insurance Company
- U.S., Canada
- Germany, France, the U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
The Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA
The Healthcare Insurance Market Segmentation:
The global healthcare insurance market is segmented based on the service provider, type, network provider, age group, period, and regional & country level. Based on the service provider, the global healthcare insurance market is classified into private and public. Based on type, the market is classified into hospitalization insurance, critical illness insurance, income protection insurance, and medical insurance. Based on network provider, the market is classified into health maintenance organization [HMO], preferred provider organization [PPO], and exclusive provider organization [EPO]. Based on age group, the global healthcare insurance market is classified into minor, adult, and senior citizens. Based on the period, the market is classified into life insurance and term insurance.
- Private provider
- Public provider
- Hospitalization Insurance
- Critical Illness Insurance
- Income Protection Insurance
- Medical Insurance
By Network Provider:
- Health Maintenance Organization [HMO]
- Preferred Provider Organization [PPO]
- Exclusive Provider Organization [EPO]
By Age Group:
- Senior Citizens
- Life Insurance
- Term Insurance
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Growing Awareness regarding the Benefits of Healthcare Insurance in the Rural Areas and the Increasing Prevalence of Chronic Diseases Globally is Driving the Market Growth
Growing awareness regarding the benefits of healthcare insurance in rural areas and the increasing cost of healthcare services are driving the growth of the global healthcare insurance market. Nearly 68% of India’s population resides in rural areas and out of these approximately 36% of people buy healthcare insurance. The Healthcare insurance market is accelerating in rural areas as it offers numerous benefits such as reimbursing the insured person’s illness treatment cost and paying a lump sum amount in prolonged cases. In addition, customers in rural areas are more aware of health insurance comprehensive coverage, such as ambulance expenditures, domiciliary hospitalization, and costs in-patient hospitalization expense, pre-hospitalization & post-hospitalization expenses. And, supportive government initiatives also supplement the market growth. For instance; in India the government launched an insurance policy named Aam Aadmi Bima Yojana under this insurance scheme buyer’s family earns approximately Rs30, 000 and on accident or disability insurance holder gets Rs75000.
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