Newark, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the health insurance market will grow from USD 1892.01 Billion in 2022 to USD 4658.94 Billion by 2032. The health insurance market is witnessing a rise in consumer demand due to the high surge in healthcare costs. The increase in the percentage of the senior population and the increasing burden of diseases will lead to substantial growth in the health insurance market.
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Key Insight of the Health Insurance Market
North America to account for the largest market size during the forecast period.
North America will have the most major health insurance market share during the forecast period. The factors supporting the growth of the regional health insurance market include state agencies' initiatives to promote insurance awareness and an increase in healthcare spending across the region. The growing prevalence of age-related diseases in the region provides lucrative opportunities to health insurance companies.
The diseases insurance segment is expected to augment the market during the forecast period.
The insurance type segment is divided into medical insurance and disease insurance. The diseases insurance segment is expected to augment the market during the forecast period. Disease insurance protects against severe and long-term illnesses that necessitate costly medical treatment. Most health insurance policies include critical illness rider coverage for an extra premium, which assists the insured in covering exorbitant hospitalization and treatment costs.
The health management organization segment is expected to augment the market during the forecast period.
The network provider segment is divided into exclusive provider organization, health management organization, preferred provider organization and point of service. The health management organization segment is expected to augment the market during the forecast period. A health maintenance organization is a network or organization that charges a monthly or annual fee for health insurance coverage.
The adult segment is expected to augment the market during the forecast period.
The age group segment is divided into minors, adults and senior citizens. The adult segment is expected to augment the market during the forecast period. The adult population is becoming more vulnerable to chronic illnesses due to their unhealthy lifestyle. With increasing disposable income, the number of consumers opting for health insurance is rising.
The private segment is expected to augment the market during the forecast period.
The service providers segment is divided into public and private. The private segment is expected to augment the market during the forecast period. Private insurance companies provide insurance plans that cover an individual's emergency medical expenses from daycare operations, hospitalization, road ambulance services, organ donor expenses, alternative treatment, and so on.
The online broker segment is expected to augment the market during the forecast period.
The distribution channel segment is divided into banks, brokers/agents, direct sales, online brokers, hospitals and clinics and others. The online broker segment is expected to augment the market during the forecast period. Many online booking websites offer several types of health insurance suited for different age groups. Also, online booking websites allow comparing insurance plans and purchasing the best-suited ones.
Market Dynamics
Driver: Increasing hospitalization cost
One of the most essential advantages of health insurance coverage is that it covers hospitalization expenditures, whether due to an accident or illness. Health insurance coverage covers expenses incurred when receiving hospital treatment for any sickness. Any medical expenses incurred due to an accident are covered by health insurance coverage. With advancements in treatment methodology, several surgeries no longer necessitate overnight hospitalization. Health insurance plans are designed to assist policyholders in such situations by covering such treatments without traditional hospitalization. For example, health insurance policies pay for hospitalization fees but also account for expenses made before hospitalization for a specified number of days ranging from 15 to 60 days before treatment.
Restraint: Longer waiting periods
One of the most significant drawbacks of health insurance is that it only covers pre-existing conditions after a waiting period. This means the user cannot file a claim for pre-existing conditions when they purchase the insurance. Instead, they must wait a certain amount before filing a claim for pre-existing conditions. Generally, health insurance plans cover pre-existing conditions after a three or four-year waiting period.
Opportunity: Rise in government initiatives
Governments throughout the world are working to provide people with high-quality healthcare. The government take measures for the people's welfare from time to time. It includes raising medical awareness, promoting health insurance options and maintaining proper infrastructure. The local government takes such actions from time to time. The Central or State Governments back public insurance policies to provide adequate health coverage at a low cost. These kinds of health insurance policies are frequently provided on an annual basis. Thus, in the global economy, the coverage of health insurance policies or programmes is improving as publicly sponsored health insurance schemes are specially designed for socioeconomically disadvantaged persons and older citizens.
Challenges: Lack of awareness
Many consumers want to avoid investing in health insurance policies, even if it provides them with advantages. As a result, health insurance awareness is a significant issue, especially in underdeveloped countries. Consumers view health insurance to be an outlay of money.
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Some of the major players operating in the health insurance market are:
• Aetna Inc.
• Allianz
• AIA Group Limited
• ASSICURAZIONI GENERALI S.P.A.
• AXA
• Aviva
• Cigna
• UnitedHealth Group
• Ping An Insurance
• Company of China, Ltd.
• Bupa
• Now Health International
• Cigna
• Centene Corporation
• Allianz Care
• MAPFRE
• Oracle
Key Segments Cover in the Market:
By Insurance Type:
• Medical Insurance
• Diseases Insurance
By Network Provider:
• Exclusive Provider Organization
• Health Management Organization
• Preferred Provider Organization
• Point of Service
By Age-Group:
• Minors
• Adults
• Senior Citizens
By Service Providers:
• Public
• Private
By Distribution Channel:
• Banks
• Brokers/Agents
• Direct Sales
• Online Brokers
• Hospitals and Clinics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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