The global health insurance market exhibited moderate growth during 2015-2020. Health insurance protects an insured individual against financial losses arising due to a medical emergency. It covers medical treatment expenditures, such as ambulance charges, doctor consultation fees, and hospitalization, medicines and daycare procedures costs. The payout is generally either made on actual expenses incurred in the hospital using original medical bills or diagnosis of diseases without submitting bills. Health insurance also provides easy access to medical treatment with a cashless facility at network hospitals of the insurer. Apart from this, health insurance also provided tax benefits for a vast array of medical conditions. Nowadays, various health insurance companies are offering coverage for domiciliary treatment, wherein medical supervision is provided at home for specific diseases.
The increasing costs of healthcare services, in confluence with the growing prevalence of diabetes, cancer, stroke and kidney failure, represent one of the key factors escalating the demand for health insurance worldwide. Moreover, governing agencies of several countries are making it necessary for employers to provide health insurance to their employees. These agencies are also enforcing laws that mandate international health insurance for tourists. Apart from this, the rising geriatric population is promoting the adoption of government health insurance programs or schemes offered at low premium rates. Furthermore, growing health awareness and improving healthcare infrastructure are other factors bolstering the market growth. Besides this, various companies are providing cover for medical expenses incurred during the treatment of coronavirus disease (COVID-19). They are also focusing on digitizing claim processing and policy management, which is anticipated to influence the market positively in the coming years.
The market is further driven by the widespread adoption of social media for the promotion of health insurance products by various players. Social media platforms provide them with a diverse customer reach, which is anticipated to provide numerous growth opportunities for the players. Additionally, digitizing various processes in the health insurance market also aids customers in comparing multiple plans offered by numerous vendors. This enables transparent communication between the insurers and companies and provides effective disclosure of pertinent information to ultimately help the individuals make an informed decision, thereby creating a positive outlook for the market.
The rising integration of health insurance with Big Data analytics aids insurance companies in diversifying their models and strategies in an attempt to recognize the ever-evolving consumer demand. The escalating deployment of predictive analysis and scenario-based modeling in the market also enables the companies to devise customized solutions for their clientele at varied pricing options. Also, the rising adoption of cloud-based services and the increasing penetration of high-speed internet connection across the globe has facilitated real-time consultations with experienced industry experts who can help provide insightful recommendations to the customers. This rapid outbreak of the COVID-19 pandemic and the subsequent mandatory lockdowns imposed by the governments of numerous countries have provided an impetus to the demand for online insurance consultations across the globe. Some of the other factors contributing to the market growth include the widespread preference for family floater health insurance among the masses, increasing penetration of healthcare services and health insurance in the rural sections of the developing economies, and the introduction of policies that offer the benefit of free annual/bi-annual check-ups with additional customization at low premium rates. Looking forward, IMARC Group expects the market to grow at a CAGR of around 7% during 2021-2026.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global health insurance market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, provider, type, plan type, demographics and provider type.
Breakup by Provider:
- Private Providers
- Public Providers
At present, private providers dominate the market globally, accounting for the majority of the total market.
Breakup by Type:
- Life-Time Coverage
- Term Insurance
Among these, life-time health insurance holds the largest market share.
Breakup by Plan Type:
- Medical Insurance
- Critical Illness Insurance
- Family Floater Health Insurance
- Others
Medical insurance represents the leading plan type in the market.
Breakup by Demographics:
- Minor
- Adults
- Senior Citizen
Adults represent the leading demographics segment, account for the largest market share.
Breakup by Provider Type:
- Preferred Provider Organizations (PPOs)
- Point of Service (POS)
- Health Maintenance Organizations (HMOs)
- Exclusive Provider Organizations (EPOs)
In 2020, PPOs represented the largest provider type in the market.
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
North America exhibits a clear dominance in the market, accounting for the largest market share.
Competitive Landscape:
The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these key players include 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.
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Health Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Provider Type
6.1 Private Providers
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Public Providers
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Type
7.1 Life-Time Coverage
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Term Insurance
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Plan Type
8.1 Medical Insurance
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Critical Illness Insurance
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Family Floater Health Insurance
8.3.1 Market Trends
9 Market Breakup by Demographics
9.1 Minor
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Adults
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Senior Citizen
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Provider Type
10.1 Preferred Provider Organizations (PPOs)
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Point of Service (POS)
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Health Maintenance Organizations (HMOs)
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Exclusive Provider Organizations (EPOs)
10.4.1 Market Trends
10.4.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2 Asia-Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3 Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4 Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5 Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
14 Porters Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 Aetna Inc. (CVS Health Corporation)
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.1.3 SWOT Analysis
16.3.2 AIA Group Limited
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.2.3 Financials
16.3.2.4 SWOT Analysis
16.3.3 Allianz SE
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.3.3 Financials
16.3.3.4 SWOT Analysis
16.3.4 Aviva Plc
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.4.3 Financials
16.3.4.4 SWOT Analysis
16.3.5 Berkshire Hathaway Inc.
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.5.3 Financials
16.3.5.4 SWOT Analysis
16.3.6 Cigna Corporation
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.6.3 Financials
16.3.6.4 SWOT Analysis
16.3.7 International Medical Group Inc. (Sirius International Insurance Group Ltd.)
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.8 Prudential Plc
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.8.3 Financials
16.3.8.4 SWOT Analysis
16.3.9 United Health Group Inc.
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.9.3 Financials
16.3.9.4 SWOT Analysis
16.3.10 Zurich Insurance Group AG
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.10.3 Financials
16.3.10.4 SWOT Analysis
List of Figures
Figure 1: Global: Health Insurance Market: Major Drivers and Challenges
Figure 2: Global: Health Insurance Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Health Insurance Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 4: Global: Health Insurance Market: Breakup by Provider Type (in %), 2020
Figure 5: Global: Health Insurance Market: Breakup by Type (in %), 2020
Figure 6: Global: Health Insurance Market: Breakup by Plan Type (in %), 2020
Figure 7: Global: Health Insurance Market: Breakup by Demographics (in %), 2020
Figure 8: Global: Health Insurance Market: Breakup by Provider Type (in %), 2020
Figure 9: Global: Health Insurance Market: Breakup by Region (in %), 2020
Figure 10: Global: Health Insurance (Private Providers) Market: Sales Value (in Million US$), 2015 & 2020
Figure 11: Global: Health Insurance (Private Providers) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 12: Global: Health Insurance (Public Providers) Market: Sales Value (in Million US$), 2015 & 2020
Figure 13: Global: Health Insurance (Public Providers) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 14: Global: Health Insurance (Life-Time Coverage) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Health Insurance (Life-Time Coverage) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Health Insurance (Term Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Health Insurance (Term Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Health Insurance (Medical Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Health Insurance (Medical Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Health Insurance (Critical Illness Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Health Insurance (Critical Illness Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Health Insurance (Family Floater Health Insurance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Health Insurance (Family Floater Health Insurance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: Global: Health Insurance (Minor) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: Global: Health Insurance (Minor) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: Global: Health Insurance (Adults) Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: Global: Health Insurance (Adults) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: Global: Health Insurance (Senior Citizen) Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: Global: Health Insurance (Senior Citizen) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Global: Health Insurance (Preferred Provider Organizations- PPOs) Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Global: Health Insurance (Preferred Provider Organizations- PPOs) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: Global: Health Insurance (Point of Service- POS) Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: Global: Health Insurance (Point of Service- POS) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Global: Health Insurance (Health Maintenance Organizations- HMOs) Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Global: Health Insurance (Health Maintenance Organizations- HMOs) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 36: Global: Health Insurance (Exclusive Provider Organizations- EPOs) Market: Sales Value (in Million US$), 2015 & 2020
Figure 37: Global: Health Insurance (Exclusive Provider Organizations- EPOs) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 38: North America: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 39: United States: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 40: United States: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 41: Canada: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 42: Canada: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 43: North America: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 44: Asia-Pacific: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 45: China: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 46: China: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 47: Japan: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 48: Japan: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 49: India: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 50: India: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 51: South Korea: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 52: South Korea: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 53: Australia: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 54: Australia: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 55: Indonesia: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 56: Indonesia: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 57: Others: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 58: Others: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 59: Asia-Pacific: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 60: Europe: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 61: Germany: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 62: Germany: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 63: France: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 64: France: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 65: United Kingdom: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 66: United Kingdom: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 67: Italy: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 68: Italy: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 69: Spain: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 70: Spain: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 71: Russia: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 72: Russia: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 73: Others: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 74: Others: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 75: Europe: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 76: Latin America: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 77: Brazil: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 78: Brazil: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 79: Mexico: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 80: Mexico: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 81: Others: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 82: Others: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 83: Latin America: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 84: Middle East and Africa: Health Insurance Market: Sales Value (in Million US$), 2015 & 2020
Figure 85: Middle East and Africa: Health Insurance Market: Breakup by Country (in %), 2020
Figure 86: Middle East and Africa: Health Insurance Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 87: Global: Health Insurance Industry: SWOT Analysis
Figure 88: Global: Health Insurance Industry: Value Chain Analysis
Figure 89: Global: Health Insurance Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Health Insurance Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Health Insurance Market Forecast: Breakup by Provider Type (in Million US$), 2021-2026
Table 3: Global: Health Insurance Market Forecast: Breakup by Type (in Million US$), 2021-2026
Table 4: Global: Health Insurance Market Forecast: Breakup by Plan Type (in Million US$), 2021-2026
Table 5: Global: Health Insurance Market Forecast: Breakup by Demographics (in Million US$), 2021-2026
Table 6: Global: Health Insurance Market Forecast: Breakup by Provider Type (in Million US$), 2021-2026
Table 7: Global: Health Insurance Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 8: Global: Health Insurance Market: Competitive Structure
Table 9: Global: Health Insurance Market: Key Players