Global Health Insurance Market Size to Reach USD 5.66 Trillion in 2032 | Emergen Research

Increasing GDP, healthcare expenditure, and elderly populations, while innovative insurance products, mergers, and acquisitions further fuel this growth.


Vancouver, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global health insurance market size was USD 3.30 Trillion in 2022 and is expected to register a rapid revenue CAGR of 5.6% during the forecast period.  A recently released market research report highlights key factors influencing this growth. Several factors have been identified as driving the market's impressive revenue surge. Firstly, the increase in Gross Domestic Product (GDP), healthcare expenditure, and the aging population, combined with a rising prevalence of chronic illnesses, cost of medical care, and government initiatives for surgical reimbursement policies, have played pivotal roles.

A significant boost in the market is also attributed to various healthcare insurance companies' Research & Development (R&D) initiatives aimed at developing new products. Mergers and acquisitions within the industry have added momentum to this growth. For instance, Future Generali India introduced a health insurance product named DIY Health, and Humana acquired Inclusa, a Medicaid managed care organization in Wisconsin. Implementation of advanced technology for easier access to health insurance has made it more accessible and convenient. PhonePeInsurance Broking Services and the Maharashtra government in India have taken significant steps in this direction.

The high cost of health insurance, driven by medical inflation, is a key factor that could potentially restrain market revenue growth. Additionally, the approval rate during the insurance claim filing process has been a significant challenge, as nearly 50% of participants in a survey expressed difficulties. Understanding health insurance policies and other obstacles like fund deductions and complex paperwork have been reported as obstacles in claiming insurance.

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In the health insurance sector, the critical illness segment claimed the largest revenue share in 2022. Critical illness insurance offers protection against a variety of life-threatening conditions, including cancer, stroke, heart attack, and renal failure. As the prevalence of such conditions increases, these insurance programs play a crucial role in providing comprehensive coverage, reducing the financial burden on patients. The income protection segment is also poised for steady growth, offering financial security for individuals and their families in case of catastrophic events.

In terms of service providers, the public segment is expected to dominate the market. Government agencies are implementing public insurance policies, targeting individuals from low- and middle-income brackets. These policies aim to reduce the direct costs of healthcare services for these populations, fostering access to healthcare. Conversely, the private segment is projected to experience fast revenue growth due to factors such as an aging population, a rise in chronic diseases, and increased disposable income in emerging countries.

The senior citizens segment is anticipated to be the largest revenue contributor in the global health insurance market, as the elderly population relies on health insurance to cover the costs of medical care. Policies for senior citizens offer comprehensive coverage and various benefits.

North America led the global health insurance market in 2022, attributed to increasing healthcare expenditure, infrastructure enhancement, and government-supported initiatives. The Asia Pacific market is expected to exhibit the fastest revenue growth rate, primarily driven by acquisitions, alliances, and rising product launches. In Europe, the prevalence of chronic and lifestyle illnesses, along with increasing healthcare costs, continues to drive the market.

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Scope of Research

Report DetailsOutcome
Market Size in 2022USD 3.30 Trillion
CAGR (2023–2032)5.6%
Revenue Forecast To 2032USD 5.66 Trillion
Base Year For Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredInsurance type, service provider, insured type, coverage type, insurance network, and distribution channels
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledAllianz, Elevance Health, Inc., Centene Corporation, Aetna Inc., Kaiser Foundation Health Plan, Inc., Cigna Healthcare, Highmark Health, United Health Group, Jubilee Holdings, and Ottonova
Customization Scope10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global health insurance market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective health insurance products. Some major players included in the global health insurance market report are:

  • Allianz
  • Elevance Health, Inc.
  • Centene Corporation
  • Aetna Inc.
  • Kaiser Foundation Health Plan, Inc.
  • Cigna Healthcare
  • Highmark Health
  • United Health Group
  • Jubilee Holdings
  • Ottonova

Strategic Development

  • On 23 September 2023, Mayo Clinic Healthcare, a renowned healthcare provider, and Bupa, the leading health insurer in the UK, entered into a two-year agreement to provide healthcare services to Bupa's clientele at the London facility of Mayo Clinic Healthcare. This agreement facilitates the provision of healthcare services at Mayo Clinic Healthcare in London to Bupa's health insurance customers in the UK. These services include consultations, diagnostics, endoscopy, Magnetic Resonance Imaging (MRI), and Computed Tomography (CT) services. Mayo Clinic Healthcare offers an additional clinical evaluation service for Bupa clients who may potentially derive advantages from innovative Chimeric Antigen Receptor (CAR)-T cell therapy.
  • On 22 February 2023, Amazon acquired One Medical. For the past 15 years, One Medical has delighted consumers with its seamless in-office and 24/7 virtual care services, on-site labs, and programs for preventive care, chronic care management, common illnesses, and mental health concerns. Amazon and One Medical aim to deliver exceptional healthcare to more people to achieve better health outcomes, better care experiences, and more value within a better care team environment.  

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For the purpose of this report, Emergen Research has segmented the global health insurance market on the basis of insurance type, service provider, insured type, coverage type, insurance network, and distribution channel:

  • Insurance Type Outlook (Revenue, USD Billion; 2019-2032)
    • Hospitalization
    • Income Protection
    • Critical Illness
    • Medical Insurance
  • Service Provider Outlook (Revenue, USD Billion; 2019-2032)
    • Public
    • Private
  • Insured Type Outlook (Revenue, USD Billion; 2019-2032)
    • Senior Citizens
    • Adults
    • Minors
  • Coverage Type Outlook (Revenue, USD Billion; 2019-2032)
    • Term Coverage
    • Lifetime Coverage
  • Insurance Network Outlook (Revenue, USD Billion; 2019-2032)
    • Health Maintenance Organization (HMO)
    • Preferred Provider Organization (PPO)
    • Exclusive Provider Network (EPO)
  • Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
    • Agents/Brokers
    • Banks
    • Direct Marketing
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Russia
      8. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. India
      5. ASEAN Countries
      6. Oceania
      7. Rest of APAC
    • Latin America
      1. Brazil
      2. Mexico
      3. Rest of LATAM
    • Middle East & Africa
      1. GCC Countries
      2. Israel
      3. Turkey
      4. South Africa
      5. Rest of Middle East & Africa

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