Health insurance market expected to reach $3.1 trillion

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health insurance market

health insurance market

The health insurance market is expected to reach USD 3.1 trillion by 2027, growing at a CAGR of 9.7% over the forecast period (2020-2027).

Factors driving the growth of the health insurance market include increasing prevalence of cancer, dengue fever and diabetes across the world, increasing consumer awareness about the benefits of health insurance in rural areas and the increase in the cost of medical services. According to the report released by the World Health Organization (WHO), dengue fever cases worldwide have increased from 505,430 cases in 2000 to 5.2 million in 2019, which will boost the demand for health insurance in the years to come. Moreover, the increasing aging of the population, the increasing number of child care procedures, the availability of affordable insurance plans, the increase in the launch of attractive health insurance plans by insurance companies and the Expanding healthcare industry are some of the additional factors complementing the health insurance market share. . In addition, increasing investments by major players in research and development, sedentary lifestyles, strategic mergers and acquisitions among major industry players, increasing disposable incomes and growing population growth rates , further contributing to the growth of the market.

However, the growth of the health insurance market is hampered by strict regulations imposed by governments to verify insurance claims.

The major players operating in the health insurance market are China Life Insurance (Overseas) Company Limited, Cigna, Health Care Service Corporation, ASSICURAZIONI GENERALI SPA, Allianz, Anthem, Inc., Highmark Inc., United HealthCare Services, Inc. AIA Group Limited, and WellCare Health Plans, Inc., among others.

On the basis of vendors, the private vendor segment is expected to grow at a significant CAGR during the forecast period

Private health provides flexible treatment options and offers advanced treatment solutions to their subscribers, are some of the factors responsible for the growth of the segment.

On the basis of insurance type, the Insurance Type segment is expected to grow at a remarkable CAGR during the forecast period

According to the health insurance market trends, increasing number of traffic accidents, rising cost of medical treatment, and government initiatives to promote women’s health insurance are propelling the growth of the segment.

Based on region, Asia-Pacific region is expected to capture major market share during the forecast period

The increase in the number of chronic diseases, the availability of low-premium term insurance plans, attractive insurance policies offered by private players, rapid urbanization, rising per capita income and growth rates High demographics are some of the significant factors increasing the size of the health insurance market. in Asia-Pacific.

Key development

In 2020, Highmark Inc. and HealthNow New York Inc. announced an affiliation agreement to serve communities located in Northeastern and Western New York and the Highmark areas of Pennsylvania, Delaware and West Virginia.

Market segmentation

Segmentation by suppliers

Private providers
Public providers

Segmentation by type of insurance

Health Insurance
Medical insurance
Income protection insurance

Segmentation by coverage type

Lifetime coverage
Temporary cover

Segmentation by demographics

Minors
Adults
The elderly

Segmentation by region

Asia Pacific
China
Japan
India
Rest of APAC

North America
the United States of America
Canada

Europe
UK
Germany
France
Spain
The rest of Europe

Line
Brazil
South Africa
Saudi Arabia
United Arab Emirates

About GMI Research

GMI Research is a market research and advisory firm that provides insights and market intelligence across 12 major industries, helping our clients make effective investment and business decisions.

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This press release was published on openPR.

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