Pune, India, Feb. 02, 2022 (GLOBE NEWSWIRE) -- The global Health Insurance market size to grow from USD 2,088.5 billion in 2021 to USD 3,038.6 billion in 2028 at a CAGR of 5.5% in the forecast period. The global health insurance market size is set to gain momentum from the rising development of online sales channels by various firms through social media and digital marketing. In November 2019, for instance, Solv introduced a mobile app to help customers keep track of their insurance and book appointments.
Inclusion of COVID-19 Protection Coverage to Affect Growth Positively
The COVID-19 pandemic has exposed the gaps in the healthcare systems worldwide. At the same time, it has highlighted the significance of universal health coverage (UHC). Health insurance has become the need of the house as several companies including COVID-19 protection coverage in their schemes to fulfil the high demand. We are providing authentic research reports to help you select the best strategy to regain business confidence.
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Individuals Segment to Remain at Forefront Stoked by Rising Benefits of These Plans
The market is segmented based on service providers, insurance type, network providers, end-users, and geography. By service providers, it is divided into public providers and private providers. Based on insurance type, it is segregated into critical illness insurance, medical insurance, and others. On the basis of network providers, it is fragmented into exclusive provider organizations (EPOs), health maintenance organizations (HMOs), point of services (POS), and preferred provider organizations (PPOs). By end-users, it is bifurcated into individuals and corporates. Amongst these, the individuals segment is set to generate the largest market share in the forthcoming years. This growth is attributable to the increasing number of benefits offered by such plans.
Increasing Adoption of Sedentary Lifestyle to Augment Growth
The surging aging population across the globe is one of the major factors responsible for the health insurance market growth in the upcoming years. The geriatric population is majorly suffering from various chronic diseases, such as arthritis, type 2 diabetes, cancer, and heart disease. Also, the increasing adoption of sedentary lifestyles would also propel growth. The National Cancer Institute, for instance, declared that in 2020, approximately 606,520 people died of cancer in the U.S. Besides, 1,806,590 new cases of cancer were diagnosed worldwide. Hence, the spurring treatment cost would accelerate the demand for these type of insurance policies. However, the lack of awareness of such policies, especially in developing economies may obstruct growth.
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Favorable Reimbursement Policies to Help North America Dominate
Geographically, North America held USD 953.7 billion in terms of the health insurance market share in 2020. It is set to retain its leading position throughout the forthcoming years because of the increasing initiatives by government bodies to provide cost-effective Medicaid and Medicare. At the same time, the presence of favorable reimbursement policies would boost regional growth.
On the other hand, Europe is anticipated to remain in the second position owing to the rising awareness about the advantages of using health insurance plans. In Asia Pacific, the introduction of novel schemes by state and central governments would aid growth.
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The Report Lists the Key Companies in the Global Market
- CVS Health Corporation (Aetna health) (Woonsocket, U.S.)
- Humana Inc (Louisville, U.S.)
- Centene Corporation (St. Louis, U.S.)
- Cigna Corporation (Bloomfield, U.S.)
- United HealthCare Services, Inc (Edina, U.S.)
- Allianz (Munich, Germany)
- National Insurance Company Limited. (Kolkata, India)
- Anthem Health Insurance (Indianapolis, Indiana)
- WellCare Health Plans, Inc. (Tampa, U.S.)
- Bupa Global (London, U.K.)
- Other Players
Global Health Insurance Market Segmentation:
By Service Provider:
- Private Providers
- Public Providers
By Product Type:
- Medical Insurance
- Critical Illness Insurance
By Network Provider:
- Preferred Provider Organizations (PPOs)
- Point of Services (POS)
- Health Maintenance Organization (HMOs)
By End User:
- Corporates
- Individuals
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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