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Global Health Insurance Market Size to Grow at a CAGR of 6.20% in the Forecast Period of 2023-2028

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The ‘Global Health Insurance Market Size Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global health insurance market, assessing the market on the basis of its segments like provider, insurance type, insurance plan, coverage type, demographics, end user, and major region.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Health Insurance Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

  • Historical Market Size (2022): USD 1.49 trillion
  • Forecast CAGR (2023-2028): 6.20%
  • Forecast Market Size (2028): USD 2.12 trillion

The global health insurance market is being driven by the growing burden of chronic diseases, infused by the rising geriatric population, sedentary lifestyles led by the working population, and fast-paced working environments causing a lack of balanced diet among the masses. Health insurance helps patients cope with rising medical costs by offering coverage for critical illnesses, easy cashless claims, tax savings, and added protection for future healthcare issues. Moreover, the increasing health awareness is giving rise to a more health-oriented population, which is further fuelling the health insurance market growth.

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The increasing scalability of health insurance schemes across rural and semi-urban areas is likely to pose as an opportunity in the health insurance market in the forecast period. Improving healthcare infrastructure in these areas is expected to enhance the accessibility of health insurance policies among the population. Meanwhile, the rising number of out-patient facilities in hospitals and clinics is leading to the emergence of more convenient health insurance schemes offering reimbursement on all the equipment and medicines used by out-patients. Furthermore, rapid development of hospitals and ambulatory surgical centres across developing and developed economies is further expanding the growth opportunities for the market for health insurance.

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Health Insurance Industry Definition and Major Segments

Health insurance refers to a type of medical coverage which reimburses healthcare expenses incurred by the policy holder due to reasons such as illnesses or accidents. Typically, health insurance involves an agreement under which a company pays costs billed to policy holders related to hospitalisation, medicine, or doctor consultation, among others. This type of insurance can be of different types depending upon the nature, age, and preference of a patient.

Read Full Report with Table of Contents@ https://www.expertmarketresearch.com/reports/health-insurance-market

Based on provider, the market is bifurcated into:

  • Public
  • Private

By insurance type, the market is categorised into:

  • Disease Insurance
  • Medical Insurance
  • Others

On the basis of insurance plan, the market is divided into:

  • Health Maintenance Organisation (HMO)
  • Preferred Provider Organisation (PPO)
  • Exclusive Provider Organisation (EPO)
  • Point of Service (POS)
  • Health Savings Account (HSA)
  • Others

Based on coverage type, the market is categorised into:

  • Lifetime Coverage
  • Term Coverage

By demographics, the market is classified into:

  • Minors
  • Adults
  • Senior Citizens

Based on end user, the market is segmented into:

  • Corporates
  • Individual
  • Others

On the basis of region, the market is categorised into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Health Insurance Market Trends

The key trends in the global health insurance market include the growing adaptability of health insurers with modern technological tools, such as big data analytics, artificial intelligence (AI), internet of things (IoT), and digital health informatics, among others. In addition, increasing accessibility of health insurance via mobile applications, coupled with the heightening adoption of smartphones and other portable devices is playing a pivotal role in the market for health insurance.

Over the forecast period, the health insurance market is expected to be bolstered by the mandatory provision of health insurance in corporate firms belonging to private or government sectors. Growing collaborations between healthcare companies and enterprises to enable employees to avail the benefits of health insurance is being witnessed in urban offices.

In regional terms, North America holds a significant share of the market for health insurance. Expensive healthcare systems across countries such as the United States is generating the demand for health insurance in the region. Strong foothold of leading insurers in this region is boosting the accessibility of health insurance, leading to greater revenue for the market. Furthermore, the increasing prevalence of diabetes mellitus, and cancer, among other chronic conditions is aiding the market for health insurance in North America.

Key Market Players

The major players in the global health insurance market report are:

  • AWP Health & Life SA
  • United HealthCare Services, Inc.
  • Anthem Insurance Companies, Inc.
  • Aetna Inc.
  • Centene Corporation
  • Assicurazioni Generali S.P.A
  • Life Insurance Corporation of India
  • The Cigna Group
  • Health Care Service Corporation
  • Humana Inc.
  • others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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