Dallas, Texas, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The global health insurance market is expanding as a result of factors such as the rising cost of healthcare services, the high prevalence of lifestyle disorders, and the demand for an effective process flow that does not cause inconveniences owing to payment processes. Additionally, governments all over the world are taking steps to finance the health insurance business on various levels, providing profitable prospects to market participants. An insured person's financial losses due to a medical emergency are protected by health insurance. The costs of hospitalization, medications, and daycare procedures are all covered as well as medical treatment expenses such ambulance fees, doctor consultation prices, and hospitalization costs. Typically, the payout is calculated based on real hospital charges reported on the initial medical bills or, in cases where diseases have been diagnosed without submitting bills. With a cashless capability at the insurer's network hospitals, health insurance also offers simple access to medical care. In addition to this, a wide range of medical disorders were covered by tax benefits from health insurance. At a CAGR of 9.9% over the forecast period, the global health insurance market is anticipated to increase from USD 2255 billion to USD 5275 billion in 2030.
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The world's old population has grown, especially in developed nations like the United States and Europe. Older people are more susceptible to both chronic and acute illnesses because of the reduction in bodily function. The condition of an elderly person's health needs to be better and more frequently monitored. Additionally, this therapy can necessitate pricey, difficult-to-afford surgical procedures. Consequently, there is a rising need for the health insurance sector. In the foreseeable future, it is anticipated that the global health insurance market would grow as sickness cases and public awareness of health issues rise. The globalization of the health insurance industry in recent years has been aided by the rising GDPs of many countries. The rising per capita incomes, the growth of the middle class, and the increasing number of people with a reasonably high income have all benefited health insurance firms. Increased healthcare service costs and a greater prevalence of lifestyle diseases as compared to prior years are two important factors that are fueling the expansion of the global health insurance market. The expansion of the global health insurance market in the aforementioned forecast period will also be aided by governments adopting various steps to fund the industry on a global basis.
Report coverage & details:
| Base Year | 2022 |
| Historical Data | 2020-2021 |
| Market Size in 2030 | USD 5275 Billion |
| CAGR | CAGR of 9.9% during 2021-2030 |
| Segment Covered | By Age Group, By End User Type, By Coverage, By Service Provider, By Distribution Channel, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | AIA Insurance Group, Cigna Corporation, Allianz SE, UnitedHealth Group Inc., Apollo Munich Health Insurance, Zurich Insurance Group Ltd., Express Scripts Holding Company, Aetna, Inc., AXA, Aviva plc and International Medical Group |
The largest global health insurance market share will be controlled by North America in 2021. Health insurance is becoming more important as a result of increased medical expenditures and an increase in the number of paediatric treatments. During the predicted period, North America is expected to dominate the global market for health insurance. Government initiatives to increase the population's access to health insurance and lower the cost of Medicare and Medicaid will spur regional growth. Market expansion is aided by the region's favourable healthcare reimbursement policies and high medical product prices.
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Table Of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Competitive Landscape
5. By Age Group, 2022-2030 (USD Million)
• Senior Citizens
• Adult
• Minors
6. By End User Type, 2022-2030 (USD Million)
• Group
• Individuals
• By Insurance Type
• Disease Insurance
• Medical Insurance
7. By Coverage, 2022-2030 (USD Million)
• Preferred Provider Organizations (PPOs)
• Point Of Service (POS)
• Health Maintenance Organizations (HMOS)
• Exclusive Provider Organizations (EPOS)
8. By Service Provider, 2022-2030 (USD Million)
• Public
• Private
9. By Distribution Channel , 2022-2030 (USD Million)
• Direct Sales
• Brokers/Agents
• Banks
• Others
10. Regional Overview, 2022-2030 (USD Million)
11. Company Profiles
9. Appendix
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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