The new report by Expert Market Research titled, Global Health Insurance Market Share, Size, Growth, Trends, Scope, Report and Forecast 2023-2028’, gives an in-depth analysis of the global health insurance market, assessing the market based on its segments like provider, insurance type, insurance plan, coverage type, demographics, end-use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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 geriatric population has been growing, notably in developed economies such as Europe and the United States. Because of the decline in body functioning, the aged population is more vulnerable to chronic and acute illnesses.
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Elderly people need better and more frequent monitoring of their health conditions. Their therapy may also require costly surgical treatments that are difficult to pay. As a result, there is a growing demand for the health insurance industry. The rising number of disease cases and public awareness of health issues are expected to boost the health insurance industry in the near future.
Health Insurance Industry Definition and Major Segments
Individuals who purchase health insurance have financial leverage to cover medical expenses such as consultation fees with a physician and treatment costs for a disease or injury.
This can help the health-insured person save a significant amount of money that would otherwise have been spent on hospitalisation and other expenses.
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Based on provider, the market is bifurcated into:
- Public
- Private
Based on insurance type, the market is divided into:
- Disease Insurance
- Medical Insurance
- Others
Based on insurance plan, the market is categorised into:
- Health Maintenance Organisation (HMO)
- Preferred Provider Organisation (PPO)
- Exclusive Provider Organisation (EPO)
- Point of Service (POS)
- Health Savings Account (HSA)
Based on coverage type, the market is segmented into:
- Lifetime Coverage
- Term Coverage
Based on demographics, the market is divided into:
- Minors
- Adults
- Senior Citizens
Based on end use, the market is bifurcated into:
- Corporates
- Individual
- Others
On the basis of regional markets, the industry is divided into:
- North America
- United States of America
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Others
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Others
- Latin America
- Brazil
- Argentina
- Mexico
- Others
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- South Africa
- Others
Health Insurance Market Trends
The ease of access to multiple health insurance policies in North America is driving the region to be one of the industry leaders in health insurance. The United States is a significant contributor to the health insurance sector due to its favourable terrain and the presence of several big businesses in the country. Health insurance is also extensively supplied by companies in the United States as part of employment benefits, which contributes to the country’s health insurance industry growth.
Meanwhile, the Asia Pacific health insurance business is likely to increase significantly in the future years. This is due to the vast population and rising economy of nations like China and India. The region’s health insurance demand is being boosted by increased health awareness and improved medical infrastructure.
Key Market Players
The major players in the market 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, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments, mergers and acquisitions, among other latest developments of these market players.
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