Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global health insurance market is expected to grow from USD 1465.8 billion in 2019 and to reach USD 2021.62 billion by 2027, growing at a CAGR of 4.7% during the forecast period 2020-2027.
The global health insurance market is witnessing significant growth from recent years. This growth is attributed to the increasing geriatric population, high medical costs, government initiatives for developing reimbursement policies for surgical procedures, and the need for an efficient flow of processes without any inconvenience caused due to the payment process. The increased cost of healthcare services and the high prevalence of lifestyle diseases will propel the market growth.
Health insurance is referred to as insurance that covers medical expenses that arise due to illness. These medical expenses can be related to hospitalization costs, cost of medicines or doctor consultation fees. It offers flexibility in disease or ailment coverage. For the estimation of overall risk of health and health system expenses, an insurer develops a regular finance structure like payroll tax or monthly premium, to provide money to pay for healthcare benefits that are specified in the insurance agreement. Health insurance policy is often included in employer benefit package as a means of enticing quality employees.
The global health insurance market is expected to witness significant growth, owing to the mandatory provisions of health insurance to the public and private sector, and increasing prevalence of chronic diseases like cancer, diabetes, and cardiovascular diseases. The factors restraining the market growth are the exclusion of various expensive medical treatments from the policy and increased cost of healthcare insurance products. The introduction of advanced and innovative technology in health settings will provide market growth opportunities.
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The key players operating in global health insurance market are Blue Cross Blue Shield Companies, Anthem Health Insurance, Wellcare and United Healthcare, Humana, Aetna, Kaiser Permanente, Highmark, HCSC, AXA Equitable Life Insurance Company, and Cigna. To gain a significant market share in the global health insurance market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. AXA Equitable Life Insurance Company and Cigna Corporation are some of the key players in health insurance.
- For instance, in September 2018, IRDAI approved Cigna Corporation to collaborate with the Manipal Group. This collaboration will increase sales of health policies.
Medical insurance segment dominated the market and held the largest market share of 33.17% in the year 2019
On the basis of type, the global health insurance market is segmented into hospitalization insurance, critical illness insurance, income protection insurance, and medical insurance. Medical insurance segment dominated the market and held the largest market share of 33.17% in the year 2019. This growth is attributed to the cashless claim benefits and government's initiatives regarding women's health. The income protection insurance is expected to witness significant growth, owing to protection benefits like overseas assistance, children benefits, elective surgery, and chronic injury or trauma.
Private segment dominated the market and held the largest share of 54.2% in the year 2019
On the basis of service provider, the global health insurance market is segmented into private and public. Private segment dominated the market and held the largest share of 54.2% in the year 2019. This growth is attributed to the private providers offering prompt referral to advanced treatment options, consultants, and quick and flexible treatment time in private hospitals. The public segment is anticipated to witness significant growth due to increasing preference for public insurance as it is cost-effective and helps patients with out-of-pocket expenditures.
Health Maintenance Organization (HMO) dominated the market and held the largest market share of 29.7% in the year 2019
On the basis of network providers, the global health insurance market is classified into health maintenance organizations, preferred provider organizations, exclusive provider organizations, and others. Health Maintenance Organization (HMO) dominated the market and held the largest market share of 29.7% in the year 2019. This growth is attributed to reducing hospital visits and reduced hospitalization costs. Preferred provider organization (PPO) is projected to witness significant growth due to the well-managed healthcare plans that offer more flexibility to patients.
Minors segment dominated the market and held the largest market share of 38.4% in the year 2019
On the basis of demographics, the global health insurance market is segmented into minor, adult, and senior citizens. Minors segment dominated the market and held the largest market share of 38.4% in the year 2019. This growth was attributed to special policies developed for children and lower premiums that include additional benefits like cashless hospitalization. The adult segment is anticipated to grow due to the rising prevalence of lifestyle diseases in the adult population, which may increase health risk in the future.
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Life insurance segment dominated the market and held the largest market share of 56.29% in the year 2019
On the basis of time period, the global health insurance market is segmented into life insurance and term insurance. Life insurance segment dominated the market and held the largest market share of 56.29% in the year 2019. This growth is attributed to the advantages associated with the permanent coverage and guaranteed death benefits, financial support during trauma cases, and growing tax-deferred. Term Insurance is anticipated to witness significant growth, owing to the lower initial cost as compared to permanent life insurance policies, and provides high coverage level at an appropriate time.
Regional Segment of Health Insurance Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global health insurance market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America holds the major share of 27.32% in the year 2019. This growth was due to the high GDP in the region, availability of leading policy providers in the U.S., and increasing awareness regarding the health insurance policies. The market in the Asia-Pacific region is anticipated to witness significant growth, owing to the availability of cost-effective term insurance plans, increasing demand for healthcare policies, and appropriate healthcare services reimbursement.
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About the report:
The global health insurance market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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