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The global health insurance market was valued at US$ 2,864 Billion in 2020.
We expect the global health insurance market to grow at 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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