Health Insurance Market Share [2022-2028] to succeed in USD 3.0386 Trillion [CAGR 5.5%]

0
8

Fortune Business Insights

According To Fortune Business Insights, The Global Health Insurance Market Size Is Projected To Reach USD 3.0386 Trillion By 2028, Exhibiting A CAGR Of 5.5% During Forecast Period; Health Insurance Market to Witness a Positive Impact attributable to Increasing Launch of Policies during COVID-19 Pandemic

Pune, India, May 23, 2022 (GLOBE NEWSWIRE) — The worldwide medical insurance market size is about to succeed in USD 3.0386 Trillion by 2028. Fortune Business Insights™ presented this information in a recent study, titled, ““Health Insurance Market, 2021-2028.” The study further mentions that the market stood at USD 1.9666 Trillion in 2020. It will exhibit a CAGR of 5.5% within the forecast period between 2021-2028. Several government and personal agencies are introducing recent schemes to draw more customers. In December 2020, for example, ICICI Lombard unveiled its latest ‘ICICI Lombard Complete Health Insurance’ featuring unique advantages and health plans.

Medical health insurance covers medical expenses incurred during treatment of any disease, injury, or other mental & physical impairment. It acts as compensation in exchange for a monthly/semi-annual/annual premium or a payroll tax to offer healthcare advantages. The insurer is obliged to cover medical expenses for the policy holder up till the tenure and coverage of the policy. Depending on the policy, the coverage may vary for various aspects, including diseases, age group, government policies, and others.

Request a Sample Copy of the Research Report: Health Insurance Market Size

https://www.fortunebusinessinsights.com/enquiry/sample/health-insurance-market-101985

Segmentation-

Private Providers Segment to Dominate Backed by Their Increasing Presence

Based on end-users, the market is split into individuals and corporates. By the network provider, it’s segmented into provider organizations (PPOs), point of services (POS), health maintenance organization (HMOs), and exclusive provider organizations (EPOs). Based on insurance type, it’s segregated into medical insurance, critical illness insurance, and others. Here’s a transient note of the service provider criterion:

Story continues

  • By Service Provider: The market is bifurcated into private providers and public providers. Amongst them, the private providers segment is anticipated to dominate by way of the medical insurance market share throughout the forthcoming years. This growth is attributable to the surging entrance of those providers in developing economies worldwide.

Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2022 to 2029 CAGR

6.6%

2028 Value Projection

USD 3,038.6 billion

Base 12 months

2020

Market Size in 2022

USD 2,088.5 billion

Historical Data for

2017-2019

No. of Pages

135

Segments covered

By Product Type, By Application, By Age Group, By Service Provider, By Network Provider, By Geography, By End-User

Growth Drivers

Key aspects contributing to the market growth in the course of the forecast period are the increasing prevalence of chronic diseases and growing treatment costs

Launch of Latest Policies, Mergers, Acquisitions, and Partnerships to Propel Growth

Key Trends

These are plans with the next deductible than any traditional insurance plan. The monthly premium is normally lower, but one pays more health care costs themselves before the insurance company starts to pay its share (your deductible). A high deductible plan (HDHP) could be combined with a health savings account (HSA), allowing one to pay for certain medical expenses with money free from federal taxes.

The enrolment number for these plans continues to grow YoY, as many employees feel the necessity to combat the rising healthcare prices. Rising consumerization may proceed to drive the tremendous growth of voluntary advantages amongst employees, and subsequently, the HDHPs are gaining popularity, with the intention to manage costs. The big group market with greater than 50 employees stays the most well-liked setting for HDHP and HAS enrolment, in response to AHIP. In 2017, 82% of enrolment occurred in large employer settings, followed by the small-employer market (11%) and the person market (7%)

Insurers can not deny coverage for pre-existing conditions, charge higher premiums based on health status or gender, revoke coverage when someone gets sick or impose annual or lifetime limits. About 54 million people have a pre-existing condition that would have resulted in them being denied coverage within the pre-ACA individual market. Private insurers now must cover a big selection of preventive services at no out-of-pocket costs to consumers. This includes advisable cancer and chronic condition screenings, immunizations, and other services. Nearly 150 million individuals are enrolled in employer plans or through individual market insurance that must provide these free preventive services.

To get to know more in regards to the short-term and long-term impact of COVID-19 on Health Insurance Market Size, please visit: https://www.fortunebusinessinsights.com/health-insurance-market-101985

Growth Aspects:

The medical insurance market trends is accelerating in rural areas at a faster rate because it offers quite a few advantages similar to reimbursing the insured person’s illness treatment cost and paying a lump sum amount in prolonged case. As well as, customers in rural areas are more aware of medical insurance comprehensive coverages, similar to in-patient hospitalization expense, pre-hospitalization & post-hospitalization expenses, ambulance expenditures, and domiciliary hospitalization costs, which drives the market growth. Furthermore, doctors and teachers in rural areas have increased the attention of medical insurance policy, which is propelling the expansion of the medical insurance market. Moreover, government organizations, similar to bank and co-operative bank, play a big role to extend the penetration of medical insurance products in rural areas because it delivers inexpensive insurance policy and streamlines the claim settlement process. Subsequently, increase in awareness of medical insurance in rural areas is propelling the expansion of the market across the globe.

Health Insurance Market Size Is Projected To Grow From USD 2.0885 Trillion In 2021 To USD 3.0386 Trillion In 2028 At A CAGR Of 5.5% In The 2021-2028 Period.

Report Coverage-

The report provides intelligent insights on recent product developments, R&D activities, and future technologies. At the identical time, it delivers elaborate details about recent investments, developments, and untapped geographies. Besides, our analysts have conducted an assessment of producing capabilities, strategies, and shares of renowned players.

Drivers & Restraints-

Emergence of Unique Healthcare Plans by Firms to Bolster Growth

The rising launch of state-of-the-art smartphone apps and recent insurance schemes by various distinguished corporations would contribute to the market growth within the near future. Allianz Care, for example, introduced its recent suite of personal medical insurance plans in November 2019. These were specially developed for contemporary families. The brand new offering provides families, couples, and personal individuals more control over their international healthcare policy. Similarly, in February 2021, Bharti AXA General Insurance launched a recent healthcare offering named Health AdvantEDGE to deliver holistic protection against high expenses related to medical emergencies amid COVID-19. Nonetheless, strict norms governing the verification of plans to stop fraudulent insurance claims may hinder growth.

Regional Insights-

Rising Prevalence of Chronic Disorders to Propel Growth in Asia Pacific

  • North America: The market on this region stood at USD 953.7 billion in 2020. It’s more likely to remain within the leading position within the upcoming years backed by the expensive nature of medical products. At the identical time, the increasing population choosing various medical insurance policies would aid regional growth.

  • Europe: Europe will remain within the second position due to increasing awareness of the advantages of possessing medical insurance plans. Also, governments of several European countries have made it mandatory for residents to have not less than one insurance policy.

  • Asia Pacific: The region is anticipated to grow rapidly over the forecast period on account of the surging cases of chronic diseases and increasing population in developing countries, similar to India and China.

Quick Buy – Health Insurance Market Size

https://www.fortunebusinessinsights.com/checkout-page/101985

Competitive Landscape-

Mergers & Acquisitions to Be the Vital Strategy of Key Firms

The worldwide market houses several renowned corporations, similar to Cigna Corporation, Centene Corporation, and United HealthCare Services, Inc. They’re mainly striving to adopt the strategy of merger and acquisition to cater to the high demand. Below is one in all the most recent industry developments:

A List Of Reputed Health Insurance Firms Operating In The Health Insurance Market Size:

  • CVS Health Corporation (Aetna health) (Woonsocket, U.S.)

  • Humana Inc (Louisville, U.S.)

  • Centene Corporation (St. Louis, U.S.)

  • Cigna Corporation (Bloomfield, U.S.)

  • United HealthCare Services, Inc (Edina, U.S.)

  • Allianz (Munich, Germany)

  • National Insurance Company Limited. (Kolkata, India)

  • Anthem Health Insurance (Indianapolis, Indiana)

  • WellCare Health Plans, Inc. (Tampa, U.S.)

  • Bupa Global (London, U.K.)

Table Of Content: Health Insurance Market Size

  • Introduction

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Prevalence of Key Disease Conditions, Key Countries, 2019

    • Technology Advances, Health Insurance

    • Latest Product Launches, Key Players

    • Key Developments, Mergers, Acquisitions, etc.

    • Impact of Covid-19 on the Market

Have Any Query? Ask Our Experts: Health Insurance Market Size

https://www.fortunebusinessinsights.com/enquiry/queries/health-insurance-market-101985

About Us:

Fortune Business Insights™ offers expert corporate evaluation and accurate data, helping organizations of all sizes make timely decisions. We tailor modern solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they’re operating in. Our reports contain a novel mixture of tangible insights and qualitative evaluation to assist corporations achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

Contact Us:

Fortune Business Insights Pvt. Ltd.

Pune, Maharashtra, India.

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: sales@fortunebusinessinsights.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here