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.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2422
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.
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2422
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 3.30 Trillion |
| CAGR (2023–2032) | 5.6% |
| Revenue Forecast To 2032 | USD 5.66 Trillion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Insurance type, service provider, insured type, coverage type, insurance network, and distribution channels |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.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 Profiled | Allianz, Elevance Health, Inc., Centene Corporation, Aetna Inc., Kaiser Foundation Health Plan, Inc., Cigna Healthcare, Highmark Health, United Health Group, Jubilee Holdings, and Ottonova |
| Customization Scope | 10 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.
Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2422
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
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of Middle East & Africa
- North America
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/health-insurance-market
Curated Reports You Shouldn't Miss: Dive In Now!
Smart Stethoscope Market Analysis By Type (Wireless Stethoscope, Wired Stethoscope), By Application (Hospitals, Ambulatory Surgical Units, Clinics, Others), By End Use, By Region, Forecast to 2027
Tissue Engineering Market Analysis By Type (Synthetic Materials, Biologically Derived Materials, Others), By Application (Orthopedics, Neurology, Cardiovascular, Cancer, Urology, Neurology, Muscoloskeletal and Spine, Cord Blood and Cell Banking, Others), By End Use, By Region, Forecast to 2027
Bioelectric Medicine Market By Product Type (Cardioverter defibrillators, Spectromolecular, Cohlear implants, Spinal cord stimulators, Brain stimulators, Sacral and vagus nerve stimulators), By Application (Arrhythmia, Pain Management, Sensorineural hearing loss, Parkinson’s disease, Tremor, Depression), By End User (Hospitals, Ambulatory Surgery Centers, Diagnostic Centers) and By Regions Forecasts to 2027
Infectious Disease Rapid Diagnostic Testing Market Size, Share, Trends, By Product & Service (Reagent & Kits, Instruments, Data Management Software, Service), By Technology, By Disease, By End-Use, and By Region Forecast to 2030
Medical Holographic Imaging Market By Product Type, By Application, By End-Users, Forecasts to 2027
Molecular Imaging Market By Type (Positron Emission Tomography, Magnetic Resonance Imaging, and Computed Tomography), By Application (Oncology, Cardiovascular Diseases, and Neurology), By End-Use, and By Region Forecast To 2030
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights
