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.
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.
Segmentation by suppliers
Segmentation by type of insurance
Income protection insurance
Segmentation by coverage type
Segmentation by demographics
Segmentation by region
Rest of APAC
the United States of America
The rest of Europe
United Arab Emirates
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This press release was published on openPR.