Selbyville, Delaware, June 07, 2019 (GLOBE NEWSWIRE) --
Hospitalization insurance segment of medical insurance market held more than 20% revenue share in 2018 and will witness robust growth during the analysis timeframe. Availability of reimbursement plans for an individual member as well as family health insurance schemes are expected foster the segmental growth. Moreover, daily cash benefits plans surge the demand for health insurance that will further enhance business growth.
Private segment was valued over USD 530 billion in 2018 and will have substantial growth over the forecast period. Rising importance regarding insurance schemes in developing economies will enhance greater demand for segmental growth. Numerous benefits associated with ambulance expenses, secondary and tertiary care hospitalization provided by private health insurance firms is expected to boost the demand.
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Adult segment of medical insurance market accounted for over 55% revenue share in 2018 and is expected to experience significant growth over the coming years owing to high risk of chronic diseases among adults. Change in lifestyle is the major concern in adults thus, increases risk of acquiring new diseases. Moreover, the population is inclined towards chronic diseases and other cardiac diseases that requires hospitalization. To minimize health risk and health expenses, adults opt for various life insurance schemes to avoid financial instability. Such factors render positive impact on segmental growth.
Global Medical Insurance Market is set to achieve 4.2% CAGR from 2019 to 2025; according to a new research report by Global Market Insights, Inc. Various government initiatives undertaken for health insurance policies should propel the industry growth. Initiatives by different programs such as the State Children’s Health Insurance Program, Medicaid, Life programs, Department of Defense, TRICARE among others will foster business growth. Increasing healthcare expenditure should boost health insurance industry growth. As per Centers for Medicare & Medicaid Services (CMS) National Health Expenditure (NHE) data 2017, NHE grew to USD 3.5 trillion that accounted for 3.9%. However, claim reimbursement takes longer time that may hamper the medical insurance market growth to some extent.
Rising prevalence of chronic diseases across the globe due to changing lifestyle will fuel health insurance market growth during the forecast timeline. Risk of acquiring chronic diseases increases owing to lack of physical activity, changing dietary habits and many other factors dependent on lifestyle changes thus upsurges the need for health insurance. According to CDC data reviewed in April 2019, six in ten adults are affected with chronic disease in the U.S. Additionally, factors such as poor nutrition, excessive alcohol use, tobacco consumption and lack of physical activity are major lifestyle risks of chronic diseases. Above-mentioned factors are expected to drive medical insurance market growth.
Browse key industry insights spread across 210 pages with 138 market data tables & 10 figures & charts from the report, “Global Health Insurance Market Size” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/health-insurance-market
Term insurance segment of health insurance market was valued more than USD 855 billion in 2018. These policies have lower initial cost as compared to premium life insurance schemes. It provides ample amount of coverage at correct time for families with financial crises. Such polices are fully designed for financial needs when required in circumstances. These factors help to gain more segmental revenue.
Preferred Provider Organization (PPO) segment of medical insurance market held over USD 200 billion revenue in 2018 and will witness robust growth during the analysis timeframe. Segment growth is attributed to low cost of the insurance plans offered by PPO. PPOs allow easy access to benefits of the scheme and individuals are also assigned with primary healthcare professional that reduces hospital visits for minor health issues. Above mentioned factors propel the segmental growth.
Senior citizens segment will grow over 2% during the forecast timeline. Majority of geriatric population suffers from chronic diseases. Since, most of elderly people are dependent, they usually cannot afford expensive treatments. Therefore, increasing adoption of cost-effective public healthcare plans providing reimbursement on various procedures for elderly people that elevates the business growth.
Life insurance segment of health insurance market was valued more than USD 400 billion in 2018 and will enhance robust growth. Numerous benefits such as lower premium, rising cash values augments the segmental growth. Life insurance offers different policies that are flexible in terms of policyholder’s needs. Moreover, investing in life insurance is an effective method of saving income tax that should positively impact its demand in foreseeable future.
North America medical insurance market was valued at over 30% revenue share in 2018 owing to presence of numerous providers coupled with growing prevalence of chronic diseases. Moreover, insurance providers formulate various policies for minimizing the healthcare expenditure that should propel regional growth over the coming years.
Major industry players in the medical insurance market include Aetna, Alliance, Cigna, Blue Cross Blue Shield Companies, HCSC, Humana, Kaiser Permanente, Highmark, Wellcare and United Healthcare. Prominent industry players undertake various initiatives for maintaining their financial stability. For instance, in April 2019, Wellcare expanded its Medicaid programs to three different countries. This expansion will provide firm to expand its territorial coverage along with better outcome for various patients in financial crises.
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