According to TechSci Research, The global health insurance market was valued USD1721 billion in 2020 and is forecast to grow at CAGR of 8.55%. The global health insurance market is driven by the growing prevalence of chronic diseases such as diabetes, cardiovascular diseases, renal disorders, cancer, among others, and has drastically increased the patient pool and rate of hospitalization. This in turn increases the healthcare expenditure incurred by the patients, thereby increasing the demand for healthcare policies covering critical illnesses and treatments. Additionally, mandates about health insurance of employees in different private and public sectors are further expected to fuel the market growth. Furthermore, the sudden outbreak and spread of the COVID-19 pandemic has made many health insurance policy provider companies expand coverage for the disease in healthcare policies, especially in the United States. Also, Chinese healthcare insurance provider companies are now providing coverage for the after-effects of COVID-19 in their insurance plans as it has been identified that the disease causes long-term organ damages. Moreover, the adoption of advanced techniques and treatment options in the healthcare industry is further expected to create lucrative opportunities for the market growth through 2026F.
The unhealthy lifestyle patterns of people have resulted in an increase in the number of people suffering from chronic illnesses and an increase in the number of road accidents, and healthcare costs such as high medication costs, among other things. The expansion of the global health insurance sector has been fueled by rising GDP in many countries. Increased demand for health insurance has resulted from increasing costs of quality healthcare and medical services, especially in private hospitals. If a person does not have benefits, hospital care expenses are enough to deplete a person’s savings. This necessitates the purchase of health insurance.
The global health insurance market is segmented into type of insurance provider, type of coverage, term of coverage, mode of purchase, end-users, company and region. Based on type of insurance providers, the global health insurance market can be categorized into public, private, and standalone health insurers. Among these, the public segment is expected to dominate the market since they provide affordable treatment options which do not include extra deductibles. Based on the term of coverage, the market can be grouped into lifetime and term. Out of these, the lifetime segment is expected to dominate the market owing to the growing prevalence of chronic diseases.
In terms of region, the global health insurance market has been segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, Asia-Pacific is expected to witness significant growth in the overall health insurance market owing to the increasing healthcare expenditure and expensive health facilities in the region. Additionally, increasing demand for health insurance policies, especially in countries like China and India, is expected to drive the market in highly populated countries over the coming years.
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Major players operating in the global health insurance market include UnitedHealth Group, CVS Health, Anthem Inc., Cigna Corporation, Allianz Group, AXA Equitable Life Insurance Company, and others. The companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021E
Forecast Period: 2022F-2026F
Objective of the Study:
- To analyze the historical growth in the market size of the global health insurance market from 2016 to 2020.
- To estimate and forecast the market size of the global health insurance market from 2021E to 2026F and growth rate until 2026F.
- To classify and forecast global health insurance market based on type of insurance provider, type of coverage, term of coverage, mode of purchase, end users, company and regional distribution.
- To identify dominant region or segment in the global health insurance market.
- To identify drivers and challenges for global health insurance market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global health insurance market.
- To identify and analyze the profile of leading players operating in global health insurance market.
- To identify key sustainable strategies adopted by market players in global health insurance market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, vendors and presence of all major players across the globe.
TechSci Research calculated the market size of global health insurance market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Health insurance service providers, vendors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to health insurance
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, vendors, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global health insurance market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Global Health Insurance Market, By Type of Insurance Provider:
- Standalone Health Insurers
- Global Health Insurance Market, By Type of Coverage:
- Global Health Insurance Market, By Term of Coverage:
- Global Health Insurance Market, By Mode of Purchase:
- Insurance Agent
- Direct Company Representatives
- Online Portal
- Global Health Insurance Market, By End Users:
- Senior Citizens
- Global Health Insurance Market, By Region:
- North America
- United States
- South Korea
- United Kingdom
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America
Company Profiles: Detailed analysis of the major companies present in global health insurance market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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