New York, US, June 28, 2021 (GLOBE NEWSWIRE) -- Health Insurance Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Health Insurance Market Information by Demographics, Type, Period, and Region - Forecast till 2027”, the market is estimated to reach USD 4.0 Trillion by 2027 at 6% CAGR.
Market Scope:
Medical expenses spent during the treatment of any disease, injury, or other mental or physical impairment are covered by health insurance. It serves as remuneration for providing healthcare benefits in exchange for a monthly/semi-annual/annual premium or a payroll tax. The rising expense of healthcare and the requirement for an effective flow of processes free of the inconvenient payment processes will assist to propel the health insurance market forward.
Market Drivers:
During the COVID-19 pandemic, an increase in the incidence of various diseases, such as cancer, dengue fever, and diabetes, is thought to be a major reason driving the global health insurance industry forward. Furthermore, improved claim management services and increased awareness of health insurance in rural regions are two important drivers of market growth. In addition, growing use of advanced technologies by healthcare professionals to treat chronic conditions such as cancer and cardiovascular disease is predicted to raise the cost of medical treatment. As a result, these high treatment costs become unsustainable for consumers, and hence, health insurance uptake is predicted to skyrocket in the future years.
Market Restraints:
However, a lack of understanding of the coverages included in health insurance policies, as well as a growth in the cost of health insurance premiums, are two problems that limit the health insurance market's potential.
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Competitive Landscape:
Some of the key players in the global health insurance market are:
- Integra Global Health Limited (UK)
- Blue Cross (US)
- Allianz SE (Germany)
- William Russell (UK)
- International SOS (Asia)
- MediCare International (UK)
- IHI-Bupa (UK)
- Aetna (US)
- Expacare (UK)
- MultiNational Underwriters (US)
- CIGNA (US)
- HealthCare International (UK)
COVID-19 Analysis:
The COVID-19 pandemic has had an influence on everyone's lives and business around the world. Customers have become more interested in acquiring health insurance as a result of the pandemic, since they perceive improved medical facilities and healthcare treatments as the coronavirus spreads. Due to the steep rise in medical expenditures and increased awareness of policy benefits, the unusual outbreak has spurred demand for COVID-19 specialized as well as comprehensive health insurance among individuals. Furthermore, the COVID-19 outbreak has resulted in a significant increase in hospitalizations. As a result, health insurance claims have skyrocketed. Furthermore, the global spread of this health crisis is one of the key reasons for the rise in health insurance premiums, as the scenario has put immense pressure on the market's insurance businesses.
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Market Segmentation:
The global health insurance market is segmented based on demographics, type, term, service providers, and region.
The global market for health insurance, by demographics, has been divided into minor, adult and senior citizens.
Based on type, the market has been segmented into health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans, and preferred provider organizations (PPOs).
Based on the term, the market has been segregated into lifetime coverage and term insurance. The Patient Protection and Affordable Care Act (PPACA), also known as Obamacare, made it illegal to include lifetime maximum benefit provisions in health insurance contracts that covered essential services.
The market has been divided into public and private sectors based on the service providers. Medicare and Medicaid are two types of government-sponsored health insurance. Primary private health insurance, duplicate private health insurance, complimentary private health insurance, and supplemental private health insurance are the different types of private health insurance.
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Regional Insights:
Since people are becoming more conscious of chronic diseases, the Americas have led the worldwide market for health insurance, and many players are coming up with novel insurance concepts for the benefit of individuals.
Europe was predicted to be second in the global health insurance market in 2018. During the review period, technological improvements, as well as the availability of funding opportunities in research and innovation, will assist the growth of health insurance. Other factors contributing to market expansion include a favorable reimbursement scenario, an increase in government healthcare spending, and an increase in the senior population in this region.
Due to rising market participation in launching innovative health insurance policies and the growing demand for the treatment of chronic diseases, lenient regulations, adoption of innovative technologies, and rise in medical tourism, Asia-Pacific (APAC) is expected to see phenomenal growth in health insurance throughout the forecast period. The fastest-growing regional market in APAC, fueled mostly by Chinese and Indian enterprises' efforts to improve health insurance penetration, with China focusing on its ageing population and India on its rural population. APAC has the highest net profit margins in the world, headed by smaller regional markets like Hong Kong and Singapore.
Due to limited economic development, particularly within the African region, the Middle East and Africa has the smallest share of the global health insurance market.
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