Selbyville, Sept. 22, 2021 (GLOBE NEWSWIRE) --
According to latest report “Health Insurance Market by Service Provider (Private, Public), Type (Hospitalization Insurance, Critical Illness Insurance, Income Protection Insurance, Medical Insurance), Network Provider (Health Maintenance Organization [HMO], Preferred Provider Organization [PPO], Exclusive Provider Organization [EPO]), Age-group (Minors, Adults, Senior Citizens), Time Period (Life Insurance, Term Insurance), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of health insurance will cross $3.9 trillion by 2027.
Various government initiatives undertaken for health insurance policies should propel the market 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 the market expansion. Increasing healthcare expenditure is also expected to boost the market progression.
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The private segment in the health insurance market valued at USD 1.08 trillion in 2020. Several countries are experiencing a higher growth in the private health insurance sector with more and more private health insurers entering into the market to provide quality healthcare to a larger section with customized healthcare coverage. Also, individuals are increasingly choosing private hospitals over public, due to quality and sophisticated treatment.
The hospitalization insurance segment held more than 20.7% of the health insurance market share in 2020. This plan pays benefits when an individual is confined to a hospital whether for planned or unplanned reasons or for other medical services, depending on the policy. Also, availability of reimbursement plans for an individual member as well as family health insurance schemes are poised spur the segment growth. Moreover, daily cash benefits plans surge the demand for health insurance that will further enhance the industry growth.
The health maintenance organization (HMO) segment will reach 1.59 trillion by 2027 owing to the tremendous benefits of care and minimum cash premiums. Also, patients will have a primary care physician that can help them in dealing with minor health related problems. This reduces visits to hospitals and subsequently reduces hospitalization costs.
Senior citizen segment in the health insurance market will showcase 3% growth rate till 2027. It includes individuals over 65 years of age who are more susceptible to chronic diseases and thus lead to an increased rate of hospitalization. The healthcare insurance plans for seniors are more of a necessity especially in case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.
The term insurance segment accounted for USD 1.82 trillion in 2020. 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. Therefore, to save on costs, people usually rely on term insurance policies.
Asia Pacific health insurance market captured 26.7% of revenue share in 2020. Availability of cost-effective term insurance plans provided by national policy providers that are highly preferred in developing countries in APAC which is predicted to impel the industry expansion. For instance, the launch of National Health Protection Scheme under Ayushman Bharat, in September 2018, in order to provide coverage of up to INR 500,000 (USD 7,723) to more than 100 million vulnerable families, holds heavy expectations, which increases penetration of health insurance in India, from nearly 34% to 50%. Additionally, insurance providers formulate various policies for minimizing the healthcare expenditure that should fuel the regional growth during the forecast timeline.
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Major companies in the market include Aetna Inc, Centene Corporation, Cigna, HCSC, Kaiser Permanente, Aetna Inc (CVS Health), and United Healthcare. Prominent industry leaders undertake various initiatives for maintaining their financial stability.
Table of Contents (ToC) of the report:
Chapter 3 Health Insurance Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By service provider
3.4.2 By type
3.4.3 By network provider
3.4.4 By age-group
3.4.5 By time period
3.5 Covid-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/health-insurance-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
