DUBLIN--(BUSINESS WIRE)--The "Health and Medical Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global health & medical insurance market is expected to grow from $385.24 billion in 2020 to $390.54 billion in 2021 at a compound annual growth rate (CAGR) of 1.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $653.4 billion in 2025 at a CAGR of 13.7%.
Major players operating in the health & medical insurance industry are undergoing strategic partnerships and collaborations to expand their consumer base and geographical presence which is likely to be a leading trend in the health & medical insurance market. For instance, in January 2020, Cigna, a health service company, and Oscar, a US-based technology-driven health insurance company announced a partnership to provide commercial health solutions to small businesses. Moreover, in August 2019, Aditya Birla Health Insurance Company Limited, a subsidiary of Aditya Birla Capital collaborated with Axis Bank to provide comprehensive health insurance solutions to its customers.
The health & medical insurance market covered in this report is segmented by type into hospitalization insurance; hospital daily cash benefit insurance; critical illness insurance; domiciliary insurance; others. It is also segmented by a service provider into private; public and by demographics into minor; adults; senior citizen.
The increase in the prevalence of chronic diseases and the expected rise in the geriatric population contributed to the growth of the health & medical insurance market. The elderly population is growing rapidly and is expected to continue, thereby generating a high demand for health & medical insurance to reduce the burden of healthcare expenditure. According to the World Health Organization (WHO), the world's population aged 60 years and above is projected to increase from 900 million in 2015 to 2 billion by 2050. Moreover, according to the United States Census Bureau, the population aged 65 and over is expected to reach 83.7 million by the end of 2050 in the USA. The probable surge in the aging population suffering from chronic and other diseases requires critical monitoring and surgical procedures, which contributes to the health & medical insurance market.
The long waiting period for pre-existing diseases and an increase in premium with age limit the growth of the health & medical insurance market. The greatest disadvantage of health & medical insurance is cost. The probability of health problems rises with an increase in age and hence the premium amount also goes up with age. Many individual policies can cost several hundred dollars a month and family coverage can be even higher.
For instance, in 2020, the average national cost for health insurance in the USA is $456 for an individual and $1,152 for a family per month. Moreover, several medical insurance plans have a waiting period of up to 2-3 years for pre-existing diseases. In addition to this, many health insurance policies do not provide coverage for all types of diseases and conditions. Hence, the premium and long waiting period with health & medical insurance have a negative impact on market growth and expected to restrain the health and medical insurance market during the forecast period.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider health and medical insurance market, and compares it with other markets.
Markets Covered:
1) By Type: Hospitalization Insurance; Hospital Daily Cash Benefit Insurance; Critical Illness Insurance; Domiciliary Insurance; Others 2) By Service Provider: Private; Public 3) By Demographics: Minor; Adults; Senior Citizen
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Mentioned
- Allianz Group
- UnitedHealth Group Incorporated
- AIA Group Limited
- Anthem Inc.
- AXA Equitable Life Insurance Company
- China Life Insurance Company Limited
- Cigna
- HCSC Group
- State Farm Group
- Zurich Insurance Group
- Berkshire Hathaway Inc.
- Prudential plc
- Nippon Life Insurance Company
For more information about this report visit https://www.researchandmarkets.com/r/qs2bub
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