The effect of the pandemic has reiterated the need for insurance coverage especially that of the health insurance market. Health Insurance Market Size was valued at USD 62.95 billion in 2021 and is projected to grow from USD 69.23 Billion in 2022 to USD 147.70 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.80% during the forecast period (2022 - 2030).
The presence of strong and well-established contenders in the market is predicted to motivate the Health Insurance Market trends in the impending period. Moreover, the uncertainty around the situation created by the pandemic is estimated to spur consumers to plan their future healthcare plans seriously, motivating the health insurance market.
Key Players
Some of the key players in the global health insurance market areIntegra Global Health Limited (UK), Blue Cross (US), Allianz SE (Germany), William Russell (UK), International SOS (Asia), MediCare International (UK), IHI-Bupa (UK), Aetna (US), Expacare (UK), MultiNational Underwriters (US). CIGNA (US), HealthCare International (UK)
Segmentation
The segmentation of the global health insurance market has been done into type, demographics, term, service providers and region.
The global market for health insurance, by demographics, is segmented into minor, adult and senior citizens. According to Insurance Sweden 2017, about 643,000 employed people between the age of 16-64 had private health insurance in Sweden.
Based on type, the market is segmented into health maintenance organizations (HMOs), exclusive provider organizations (EPOs), point-of-service (POS) plans, health insurance chatbot and preferred provider organizations (PPOs).
Based on the period, the market is segmented into life-time coverage and term insurance. The healthcare status of the population is directly linked with the economic development of a country. According to the World Bank, the global healthcare expenditure as a percentage of GDP rose from 9.52% in 2010 to 9.9% in 2015. Factors such as the rise in disposable income and increasing per capita is expected to propel the global health insurance market.
Detailed Regional Analysis
The regional examination of the health insurance market report includes the Americas, Africa, Europe, Asia Pacific, and the Middle East. The Americas health insurance market led the global market due to the collective understanding among the people about persistent ailments and many companies are launching new insurance concepts for the wellbeing of the individuals. Technical improvements, along with the obtainability of funding prospects in research and innovation will back the advance of health insurance throughout the forecast period. The influences such as a promising repayment scenario, increase in government spending on healthcare, and an upsurge in the geriatric population in this region can be credited to the health insurance market development. The Asia Pacific health insurance market is anticipated to observe phenomenal development in health insurance during the forecast period owing to the mounting contribution of market companies in introducing advanced health insurance strategies and the mounting demand for the handling of chronic diseases, implementation of innovative technologies, relaxed regulations, and an upsurge in medical tourism.
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