Global Health Insurance Market to Grow at 7.11% During 2023-2028, Impelled by High Healthcare Costs

October 04, 2021

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.

Market Summary:

  • 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.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group

USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal

Global Health Insurance Market to Grow at 7.11% During 2023-2028, Impelled by High Healthcare Costs
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More