The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The global health insurance market reached a value of US$ 2,864 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 6.9% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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.
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 provider, type, plan type, demographics and provider type.
Breakup by Provider:
At present, private providers dominate the market globally, accounting for the majority of the total market.
Breakup by Type:
Among these, life-time health insurance holds the largest market share.
Breakup by Plan Type:
Medical insurance represents the leading plan type in the market.
Breakup by Demographics:
Adults represent the leading demographics segment, account for the largest market share.
Breakup by Provider Type:
In 2020, PPOs represented the largest provider type in the market.
Breakup by Region:
North America exhibits a clear dominance in the market, accounting for the largest market share.
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.
|Base Year of the Analysis||2020|
|Segment Coverage||Provider, Type, Plan Type, Demographics, Provider Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global health insurance market was valued at US$ 2,864 Billion in 2020.
We expect the global health insurance market to exhibit a CAGR of 6.9% during 2021-2026.
Increasing prevalence of chronic diseases that need hospitalization, along with the rising healthcare costs, are some of the factors catalyzing the global health insurance market.
Sudden outbreak of the COVID-19 pandemic has led to the growing demand for healthcare insurance policies to provide cover for medical expenses incurred during the hospitalization for treating the coronavirus infection.
Based on the provider, the global health insurance market can be segmented into private providers and public providers. Currently, private providers hold the majority of the total market share.
Based on the type, the global health insurance market has been segregated into life-time coverage and term insurance, where life-time health insurance currently represents the largest segment.
Based on the plan type, the global health insurance market can be categorized into medical insurance, critical illness insurance, family floater health insurance, and others. Among these, medical insurance exhibits a clear dominance in the market.
Based on the demographics, the global health insurance market has been bifurcated into minor, adults, and senior citizen. Currently, adults represent the largest segment.
Based on the provider type, the global health insurance market can be divided into preferred provider organizations (PPOs), point of service (POS), health maintenance organizations (HMOs), and exclusive provider organizations (EPOs). Amongst these, preferred provider organizations (PPOs) currently account for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global health insurance market 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.
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