Allied Market Research published an exclusive report, titled, “Health Insurance Market by Distribution Channel (Direct Sales, Brokers/Agents, Banks, and Others), Insurance Type (Diseases Insurance and Medical Insurance), Coverage (Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs)), End User Type (Group and Individuals), and Age Group (Senior Citizens, Adult, and Minors): Global Opportunity Analysis and Industry Forecast, 2021-2028”. According to the report, the global health insurance market size was valued at $1.98 trillion in 2020, and is projected to reach $4.15 trillion by 2028, growing at a CAGR of 9.7% from 2021 to 2028.
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Health Insurance Market Overview:
Surge in healthcare expenses, provisions related to healthcare insurance for public & private sectors, and increase in chronic diseases propel the growth of the global health insurance market. However, stringent regulations, huge time required for claim reimbursement, and lack of healthcare insurance awareness in rural regions restrain the market growth. On the other hand, innovations related to healthcare insurance products would offer lucrative opportunities in coming years.
Health Insurance Market Segmentation:
Based on provider, the public service providers segment accounted for the highest share in 2018, contributing for more than half of the total market, due to lesser administrative costs offered in comparison to private health insurance providers. However, the private service providers segment is expected to grow at the fastest CAGR of 4.5% from 2019 to 2026, owing to private providers offering quick referral to consultants, availability of advanced treatment options, and flexible treatment time provided in private hospitals.
Based on insurance type, the medical insurance segment held the major share of the market in 2018, accounting for more than two-fifths of the global health insurance market. This is due to high costs incurred to expensive surgeries and rise in a number of road accidents. On the other hand, the income protection segment is expected to register the highest CAGR of 4.9% during the forecast period. This is due to provisions related to income protection insurance carried out in developed countries.
Based on region, North America accounted for the highest share in 2018, holding nearly one-third of the total market, owing to increase in adoption of private insurance and rise in population going through chronic illness. However, Asia-Pacific is expected to witness the highest CAGR of 4.9% from 2019 to 2026, owing to rise in awareness about benefits of healthcare insurance.
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Health Insurance Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
The report provides the SWOT analysis of the key market players including AETNA INC., AIA GROUP LIMITED, ALLIANZ, ASSICURAZIONI GENERALI S.P.A., AVIVA, AXA, CIGNA, PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD., UNITEDHEALTH GROUP, ZURICH., which gives the business overview, financial analysis, and portfolio analysis of products and services.
The latest news related to industry developments in terms of market expansions, acquisitions, growth -strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
Key Questions Answered in The Report
Q1. At what CAGR, the Global Health Insurance market will expand from 2022 – 2030?
Q2. What will be the revenue of Global industry by the end of 2030?
Q3. How can I get sample report of Health Insurance market?
Q4. Which are the factors that drives global industry Growth?
Q5. Who are the leading players in Health Insurance market?
Q6. How can I get company profiles of top ten players of Global Market?
Q7. What are the segments of Health Insurance market?
Q8. What are the key growth strategies of Health Insurance Players?
Q9. By Application, which segment is expected to exhibit the highest CAGR during 2022 – 2030?
Q10. By Region, which segment holds a dominant position in 2022 and would maintain the lead over the forecast period?
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