According to the latest report by IMARC Group, titled "Health Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global health insurance market reached a value of US$
1,714.0 Billion in 2022. Health insurance provides coverage for medical and surgical expenses incurred from injury or illness. It covers various treatment expenditures partly or entirely, such as hospitalization costs, medicines, doctor consultation fees, ambulance charges, and daycare. Health insurance offers a cashless medical treatment facility, tax benefits, and quicker reimbursements during emergencies. These plans are generally offered by an employer, wherein premiums are partially paid by employees and the rest is covered by the company.
Global Health Insurance Market Trends:
The increasing prevalence of chronic diseases, especially amongst the geriatric population, and inflating costs of healthcare services are primarily driving the global health insurance market growth. Governments of various nations are enforcing laws to provide health insurance to tourists, which is acting as another growth-inducing factor. Moreover, rapid technological advancements and digitization in healthcare processes, such as the adoption of cloud-based services and high-speed internet, have enabled transparent communication between involved parties, which is further fueling the market growth. The sudden outbreak of the coronavirus disease (COVID-19) has led several companies to cover the expenses incurred by employees during the treatment of this disease, which, in turn, is creating a positive outlook for the market. Looking forward, the market is expected to grow at a CAGR of 7.11% during 2023-2028.
- Based on the provider, the market has been bifurcated into private and public providers. At present, private providers account for the majority of the total market share.
- On the basis of the type, the market has been segmented into life-time coverage and term insurance. Among these, life-time health insurance holds the largest market share.
- Based on the plan type, the market has been classified into medical, critical illness, family floater health insurance, and others. Currently, medical insurance represents the leading plan type in the market.
- On the basis of the demographics, the market has been segregated into minors, adults, and senior citizens. Adults represent the leading segment, accounting for the largest market share.
- Based on the provider type, the market has been divided into Preferred Provider Organizations (PPOs), Point of Service (POS), Health Maintenance Organizations (HMOs), and Exclusive Provider Organizations (EPOs). At present, PPOs represent the leading provider type in the market.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Aetna Inc. (CVS Health Corporation), AIA Group Limited, Allianz SE, Aviva Plc, Berkshire Hathaway Inc., Cigna Corporation, International Medical Group Inc. (Sirius International Insurance Group Ltd.), Prudential Plc, United Health Group Inc. and Zurich Insurance Group AG.
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